Innovation and how it solves many problems for the CMO - Marketing Interactive
It could be there’s not enough sales to fill the production capacity the business invested in a few year’s ago. Or it could be that you are the challenger brand and you really need to raise the appeal of the company to attract some financial investment for the business. Whatever the reason, the MD turns to you and asks you, the CMO, what you are going to do about it. There was a time when you’d be straight on the phone to the ad agency to plan a new campaign, and then get some media booked. You might just get a blip in sales and be back to ‘square one’ in a few months time, and anyway the budgets are tight and are you really going to get funding for a new ad campaign. Nestlé created a new market in coffee consumption, leveraging proprietary internal technologies to become the icon for the best coffee worldwide with an average of 30% growth since 2000. In their recently launched study “The Future of Marketing... This included the need to invest in innovation outside of a brand’s main business to provide a new pipeline for growth. Forrester Research defines innovation as “Any transformation of a process, offering or business model that has business impact”. Source: www.marketing-interactive.com
