There are three major hurdles in marketing innovation: risk-aversion, limited talent, and an inability to measure impact, according to Gartner's latest ‘Brand Strategy and Innovation Survey 2019’ report.
According to the report, the field of marketing still lags behind in terms of innovation despite commanding 16% of marketing budgets and maturing as a core discipline. It points out measurement as the major issue to new innovation.
Gartner for Marketers Practice senior research director, Elizabeth Shaw, said: “The nature of true innovation is newness, and this takes people out of their comfort zone. Even though senior executives demand innovation, they are reluctant to move forward when the time comes to act.”
The report states that many marketing leaders express difficulties in finding the right talent for innovation. Shaw added: “Driving innovation requires a depth and breadth of skills beyond what exists in many marketing organisations. Although many marketers are taking training programs and gaining certifications through online courses to gain an edge in today’s hypercompetitive job market, hiring managers must ensure hiring and upskilling priorities align with their organisation’s strategic innovation needs.”
The analyst firm's Brand Survey report, from last month, found over one-third of the nearly 400 marketers struggling to manage a brand and the same percentage worry about keeping their brand relevant, while 30% struggle with creating a compelling brand vision. It suggests balancing brand consistency and responding to individual market needs is necessary.
In another recent study, MuleSoft found that ‘organisations must deliver the connected experiences consumers expect or risk losing their loyalty and business.’ In its research of over 9,000 consumers across seven countries, more than 82% respondents were found to have a disconnected experience across banking, insurance, retail, healthcare, or the public sector, whereas nearly 72% of those polled said they would move to a different service provider following a poor experience.
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