How do you define and measure marketing innovation in your industry?

1 What is Integrated Marketing?

Integrated Marketing is a strategic approach to marketing that aligns and coordinates all the elements of the marketing mix \(product, price, place, and promotion\) to create a consistent and coherent message and experience for the target audience. It aims to achieve synergy, consistency, and relevance across multiple channels and touchpoints, and to optimize the return on investment \(ROI\) of the marketing activities. Integrated Marketing can help you achieve your marketing objectives, such as increasing awareness, generating leads, converting sales, or building loyalty.

2 Why is marketing innovation important for Integrated Marketing?

Marketing innovation is essential for Integrated Marketing because it can help you create and deliver value in new and better ways, differentiate yourself from the competition, and adapt to the changing needs and preferences of your customers and stakeholders. Marketing innovation can also help you leverage the opportunities and challenges of the digital and social media landscape, where customers have more access to information, choices, and influence than ever before. Marketing innovation can help you enhance your brand image, reputation, and trust, and foster long-term relationships with your customers and stakeholders.

3 How to define marketing innovation for your industry?

Before you can accurately assess marketing innovation, you must first define what it means for your industry and organization. As there is no universal definition of marketing innovation, it is important to consider the context, objectives, and criteria of each industry and organization. To create a definition of marketing innovation, you should consider the type, source, scope, and impact of the innovation. Is it incremental, radical, or disruptive? Is it customer-driven, market-driven, or technology-driven? Is it local, regional, national, or global? Is it financial, social, environmental, or cultural? Once you have established these dimensions, you can create a definition of marketing innovation that is tailored to your industry and organization, and use it as a benchmark for setting goals and measuring performance.

4 How to measure marketing innovation for your industry?

Once you have established the parameters of marketing innovation for your industry and organization, you can select the most suitable methods and metrics to measure it. There is no single, universal way to measure marketing innovation, as it is dependent on the context, objectives, and criteria of each industry and organization. Nevertheless, some of the common methods and metrics used to measure marketing innovation include input measures, output measures, and outcome measures. Input measures track and monitor the efficiency and effectiveness of the marketing innovation process, and can help to identify any gaps or opportunities for improvement. Output measures evaluate and demonstrate the value and impact of the marketing innovation, and compare it to the goals and benchmarks. Outcome measures assess and communicate the vision and mission of the marketing innovation, and align it with the organizational values and objectives. By combining these methods and metrics, you can measure marketing innovation for your industry and organization, and use the insights and feedback to enhance and optimize your marketing innovation performance.

5 How to benchmark and report marketing innovation for your industry?

The final step in measuring marketing innovation is to benchmark and report your marketing innovation performance, and use it to inform and influence your decision-making and your stakeholder communication. Benchmarking is the process of comparing your marketing innovation performance with your own past performance, your goals and targets, your competitors, or your industry standards and best practices. Benchmarking can help you identify your strengths and weaknesses, your opportunities and threats, and your gaps and potentials for marketing innovation. Reporting is the process of presenting and sharing your marketing innovation performance with your internal and external stakeholders, such as your management, your team, your customers, your partners, or your investors. Reporting can help you showcase and celebrate your marketing innovation achievements, communicate and justify your marketing innovation strategy, and solicit and incorporate feedback and suggestions for marketing innovation.

By benchmarking and reporting your marketing innovation performance, you can enhance your marketing innovation accountability, transparency, and credibility, and foster a culture of marketing innovation in your industry and your organization.