Marketing Innovation: Top three Barriers and Solutions to Overcome them
Marketing innovation plays a huge role in deriving a company’s brand strategy. However, companies face three major barriers to marketing innovation. Which are: being risk-averse, employing the wrong talent, and most importantly inability to measure results/analytics. These three barriers can definitely affect a company’s brand identity and reputation. For the past few years marketing has matured as a core discipline.
Thanks to social media, marketing, and advertising have now revolutionized. Social media begins with new updates, tools, and functions on a daily basis. Thus, companies need to be on top of their game! Here is how you can overcome these top three barriers to marketing innovation:
According to marketing tech news, companies majorly lag behind in innovation. This may be largely due to being risk-averse. Many companies with limited budgets do not ensue innovation or newness. The end result is, employing the same strategy over and over again. The best way to overcome this barrier is to analyze your environment.
Look out for potential threats and weaknesses. Then ensue effective risk management that will help mitigate risks. Also, start by taking baby steps. Ensue new changes and updates in your strategy to start adapting to the new environment. If a company is completely risk-averse this could threaten their survivability. Also, hugely compromise a company’s ability to learn, leverage, or devise plans.
Employing the wrong talent.
This is extremely crucial for marketing innovation. Look for individuals that have creative talent and exposure to innovation. Usually, youngsters are enthusiastic and are more willing to take risks and innovate. As compared to more experienced people that may be rigid or risk-averse. However, that isn’t usually the case. Things are changing and so are business dynamics. Balancing both innovation and marketing is the key to success towards business.
The company now requires a more integrated approach and a hybrid resource to cater marketing innovation. Make sure to instigate a more innovative culture in your company. Most importantly when you advertise a job vacancy for marketing, make sure to have a strong talent acquisition team. Marketing innovation requires talent that has the motivation to work out of their comfort zone. They aren’t reluctant to deploy new strategies and ensue a more optimistic approach.
Inability to measure results
The point is innovation won’t reap short term benefits. It’s a more long term perspective towards targeted goals. Thus, measuring innovation requires detailed analysis. This includes setting proper performance metrics, goal identification, exploration activities, and execution. This also includes measuring results from marketing campaigns as well.
Social media platforms such as Facebook, LinkedIn, Instagram, and Snapchat ensues innovation as a part of their campaigns. Measuring results is important to know whether your campaigns are getting the desired results. Such as customer engagement, leads, and conversion. Interpreting analytics can give you an edge in the already hyper-competitive business world. This is why employing the right talent is important for measuring results as well.
A brand survey report published last month reported that almost 30% to 40% of marketers struggle to keep up with the competition. This is majorly because they are unable to streamline their processes and adopt innovation. Marketing innovation requires a compelling vision and that too across the board!
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