Nearly three-quarters (72%) of CMOs have increased investment in marketing innovation over the past year, with many seeing it as the main path to growth.
However, while the vast majority have increased investment into innovation, 91% of the 400 CMOs surveyed across the UK, North America, France and Germany, say they struggle to measure its impact.
Senior management is also underwhelmed, with 83% of marketers saying innovation has not delivered to management’s expectations. Part of the problem is the fact there is often not a clear definition and shared understanding of what marketing innovation means.
Given 95% of CMOs have dedicated people in innovation roles and another 93% agreeing they organisation will fund high-risk initiatives, the price of getting it wrong could be high.
“Like ‘agility,’ the term ‘innovation’ has become ubiquitous in the language of modern business. However, there’s significant disagreement about what innovation actually means,” says Ewan McIntyre, co-chief of research and vice-president analyst in the Gartner Marketing practice.