Just Around the Bend…
Exploring Future Innovation in Digital Marketing
Companies leading the digital marketing era achieve success based on (1) the quality of their concepts, leading-edge ideas, and product creations, (2) their core competencies (the ability to deliver products and transform ideas into services), and (3) the activity of their collaborative networks. Innovation is a highly important driver for the design and achievement of long-term, business-level strategic objectives.
To ensure business survival from an organizational perspective, innovation in and of itself is necessary but insufficient in sustaining continued organizational success. Distinct product or service innovations are incapable of ensuring enduring success (determined not at an individual product level, but at an overall organizational level). For example, a business that has a quality service or product innovation will see benefits from its temporary competitive advantage, until competitors realize its source of competitiveness and recreate the innovation. Strategic content innovation, however, as part of an organization’s DNA, contributes to achieving a long-term competitive advantage, since it cannot be easily decoded or imitated by competitors.
Innovative corporate culture is an exceptionally vital core competency, enabling businesses to fine-tune their use of internal resources, rapidly adapting and responding to quickly changing market conditions. Organizations that build dynamic, flexible digital marketing ecosystems have the ability to choreograph changes as needed, quickly build new capabilities and services, and reconfigure processes crucial to ongoing market competitiveness and overall survival.
An innovative business, able to shift gears quickly and alert to changes in the marketplace, can apply dynamic new capabilities earlier and more strategically than its competitors, building and deploying its unique resources rapidly and cost-effectively. Looking ahead, two trends are apparent:
1The sheer volume of available information will continue to grow exponentially, powering the demand for synthesis. Therefore, processing power will continue to increase, and the resulting advanced analytics will be the beneficiary. Innovative, forward-thinking companies will be uniquely positioned to benefit from the insights derived from this wealth of big data.
2The importance of connecting with the customer will continue to drive new product and service development. Businesses leading the way in digital marketing innovation will produce fluid, searchable knowledge bases, providing their audiences with “insights-on-demand” capabilities.
By leveraging these trends in big data and customer journey analyses, companies can now gain access to previously-inaccessible perspectives, leading to the process, product, and organizational innovations necessary to drive future success and profitability.