Forrester analyst Bert Dumars explains why marketers need innovation budgets. Did you know that only 11% of marketers set aside a budget for marketing innovation efforts? Yet 95% of these agreed that they are achieving positive ROI from their innovation programs.
Only 11% of marketers set aside a specific budget for marketing innovation efforts, and only 9% make marketing innovation a part of every marketer’s budget, according to a recent Forrester survey. Yet 95% of these marketers agreed that they are achieving positive ROI from their innovation programs. Why the disconnect? Mastering marketing innovation is getting harder and harder due to the ever-changing customer landscape caused by digital disruption, perpetually connected customers and shifting customer expectations.
In every industry, digital competitors are taking advantage of new platforms and tools to undercut competitors, get closer to customers and disrupt the traditional way of doing business. In fact, the same survey found that the majority of firms — 46% of whom generate over $1 billion in revenue per year– are still in the early stages of innovation maturity.
To keep up, Forrester maintains that the only way to compete is to evolve and innovate. But creating an innovation-driven culture is challenging.
Read more from the source: adage.com