Only 11% of marketers set aside a specific budget for marketing innovation efforts, and only 9% make marketing innovation a part of every marketer’s budget, according to a new Forrester survey. What’s more, 95% of marketers agreed, mostly agreed, or partially agreed that they are achieving positive ROI from their innovation programs, but only 27% actively review those programs. In fact, the survey finds that the majority of respondents — 46% of whom generate more than $1 billion in revenue per year — are still in the early stages of innovation maturity.
“Marketing innovation is difficult due to the ever-changing customer landscape caused by digital disruption, perpetually connected customers, and the shifting customer life cycle,” writes Forrester Vice President and Principal Analyst Bert DuMars in his new research report. “But to keep up, CMOs must understand their current marketing innovation culture.” In the report, DuMars analyzes the survey results and groups marketers according to their organizational culture based on maturity levels across three key capabilities: strategy, organization, and budget. In addition, he provides a road map for how firms can continuously monitor their innovation program, make the business case for innovation, and use customer insights to adopt an innovation-anywhere approach.
To learn more about this research, visit the full report here.