Marketing in innovation
The Prime Minister has declared that Australia must transition to an innovation economy.
So what is marketing’s role in innovation?
Let me first draw the distinction between innovative marketing and marketing’s role in innovation.
Innovative marketing involves leveraging advances in marketing sciences and technology to increase the efficiency and effectiveness of marketing programs to cut-through market clutter and more effectively reach customers. In today’s highly competitive market, marketers must continue to innovate in the way they leverage media and channels to find that edge.
But I believe marketing has a more significant role in the broader context of innovation.
The marketing cohort is in a strong position to drive and influence the innovation agenda because they are typically at the front line of business connectivity with the market. As such, they are well placed to understand the current and emerging needs of customers (be it individual or corprate). But marketing’s influence in driving innovation cannot occur in a vacuum; businesses need to engender an innovation culture which creates a ’safe’ environment for marketers and their colleagues to innovate within. Only then will we be able to make the transition to an innovation economy.