Innovation has become a must-have in today’s economic climate, yet agreeing on what innovation means remains a challenge. The annual Gartner CMO Spend Survey 2021 showed that 72% of CMOs have increased investments in marketing innovation over the last year. Yet 91% struggle to measure the impact of innovation and 83% say that innovation has not delivered to management’s expectations. The real problem? Many marketing organizations don’t define what innovation is and does.
“Like the term ‘agility,’ innovation has become ubiquitous in the language of modern business, but there’s significant disagreement about what innovation actually means,” says Ewan McIntyre, co-chief of research and VP analyst, Gartner. “This isn’t just arguing semantics – definitions matter when it comes to delivering on business objectives related to innovation. Misunderstanding what innovation means to your organization has consequences that impact the scope, intent and outcome of activities.”