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Innovation vs. Marketing: Balancing The Two Key Elements Of Business Success

Innovation vs. Marketing: Balancing The Two Key Elements Of Business Success

Jan 22 2014, 9:15am CST | by

Is it more critical to run an innovative company, or to have a team of marketing ninjas that get your name out there?/> The answer is simple: neither. Instead, think of marketing and innovation...

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27 weeks ago

Innovation vs. Marketing: Balancing The Two Key Elements Of Business Success

Jan 22 2014, 9:15am CST | by


Is it more critical to run an innovative company, or to have a team of marketing ninjas that get your name out there?/>

The answer is simple: neither. Instead, think of marketing and innovation like a pair of gears that work together to move your entrepreneurial success engine forward. Ideally, innovation works itself into the entirety of your business culture, and as a result it moves itself out into your marketing strategy.

In fact, this integrated approach has enabled many of the game-changing technologies we take for granted: think Google AdSense, the Toyota Prius, and even the wildly successful RPG, “World of Warcraft.” To name another example, when Nike launched Nike+ (a mobile app that works as a motivator/personal trainer), the product wasn’t developed by a single employee brainstorming in a cubicle. It was a collaborative effort between their marketing and creative departments that helped bring a brilliant idea to market. 
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The point is, there needs to be a strong connection between innovation and marketing.

The Growth Factor

The definition of modern-day marketing involves any activity that gets and keeps customers. This is different from the traditional view that marketing is specific to advertising or sales. Marketing extends to influence customer service and what’s required for the company to continue creating an advantage and benefit for the consumer.

The Growth Factor answers the question: “What can I do today to provide my clients with a greater advantage or benefit, to get them closer to the ultimate result they desire?”

This is a question best answered through a collaboration with both the marketing and innovation team. The marketing team is on the front lines of what’s working, what’s not and what’s needed, while the innovation team is on the inside providing ideas and possible solutions.

Google answered The Growth Factor question with the recent acquisition of Nest, a provider of digital smoke alarms and thermostats. Based on Google’s mission to “organize the world’s information and make it universally accessible and useful,” Nest was a logical and innovative response to provide users with a greater advantage.

Develop a Minimum Viable Product

If you build it, they “may” come – at least with a little nudge from your marketing department, who spent time ensuring the product already has a proven, demonstrated and desired component with your ideal prospects. Unfortunately, many businesses get stuck thinking that customers “will” come to new innovations and jump right in head first with a full-fledged rollout.

Sure, you’ve come up with and developed a brilliant idea, but a good idea alone does not bring customers. 

Before outlaying too much cash, the best approach is to develop your minimum viable product (MVP), take it to market, and build a ecosystem between the innovators, marketers and customers around further development and incremental innovation based on your prospects’ reactions.

Innovators and marketers must collaborate to bring this to market to test, tweak and refine the product based on feedback and response. The moment the product is identified as having a probably chance of success, a wider rollout is important.

Cultivate an Innovation Culture

Regardless of how small your business is, neither innovation nor marketing should be ignored. Furthermore, as Apple has proven time and again, real innovation is about incremental gains — not world-changing discoveries. Get your MVP into the market quickly and start generating sales.

Every business needs innovation, just as much as it requires marketing. The goal of innovation in business is to give customers the best possible products, services and experiences — which makes marketing a much simpler task./>/>

Charles Gaudet’s controversial marketing insight has earned him the title of “The Entrepreneur’s Marketing Champion” by both his clients and Insiders’ for his ability to help them out-compete, out-market and out-earn their competition. As the founder of PredictableProfits.com, he’s an expert at helping entrepreneurs radically improve their profits through a series of effective marketing strategies.

The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.

Source: Forbes Business

 
Update
10

7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakya ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into b ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejec ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Dat ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in compen ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involvin ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Schem ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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1

8 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara Skyway (Kidex) tod ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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