Ever wonder why marketing innovation fails at many large companies? A recent report from Forrester suggests we should follow the money...
The article states that only 11% of marketers budget and plan for investments in innovation and experimentation. And only 27% of those who do have budget set aside for innovation actually track the impact of those investments. Only 38% of marketing leaders say they look inside and outside the company for new ideas. How about developing new talent and the marketing leaders of the future? Only 22% actively monitor and promote internal talent and just 12% have a dedicated program to develop internal marketing talent.
My takeaways from the report:
- ALL marketing executives should be looking inside and outside the company for new ideas to help reach, engage and convert new customers.
- Marketing budgets need to include funding for innovative ideas and experimentation.
- The Marketing planning process should include a full review of all investments made and the business results that each achieved.
So if you want marketing innovation, you simply have to fund it and then you have to track it!