San AntonioAnd December 9, 2021 /PRNewswire/ – at 8y The annual Financial Services Digital Marketing Summit in New York, CapabilitySource Financial services marketers work with an informative presentation on achieving best-in-class marketing innovations. The CapabilitySource session was hosted by the President and CEO Glenn Coward And Marketing Manager Yves BovaShared industry statistics, insights and case studies with 600 virtual summit attendees.
With an average of 21 percent of companies’ marketing budgets devoted to innovation, CapabilitySource’s offering aims to help marketers demystify and concretely define the concept.
Coward shared a series of facts, gleaned from close relationships with industry analysts, to contextualize marketing innovation and show how important it is to corporate operations today. One figure showed that 91 percent of organizations struggle to measure the impact of their innovation efforts. One of the main reasons for this is the lack of a definition of the term, which leads to insufficient metrics to measure success.
“At CapabilitySource, we define marketing innovation as new things or new ways that create value for marketers or consumers,” Coward said. “If it is not new to marketers and it is not new to consumers, then it is not a marketing innovation.”
Understanding what marketing innovation entails is essential for companies to identify and prioritize innovation opportunities that can achieve the greatest organizational impact. marketing manager Yves Bova He gave an example indicating that while marketing agencies turning into a business was in fact a change, it was not necessarily an innovation. Real innovation can be achieved by introducing a new technology to exchange work with the agency, and ultimately by offering a new way for the company and agency to interact.
The session also highlighted a Gartner case study that compared the profits of 729 companies during a 19-month recession and thereafter. While all companies interactively focused on cost reduction and optimization, the study found that 60 companies whose profits grew during the period also focused significantly on innovation.
“In times of change, there is great opportunity,” Coward said. “We have gone through a period of change over the past couple of years and this is the time to take advantage of marketing innovation and do new things in new ways. These 60 companies have taken this time and taken a chance for themselves through innovation. We can do the same now.”
To watch the full CapabilitySource session, click here.
About CapabilitySource: CapabilitySource is a marketing operations consulting firm providing technology strategy, implementation, integration, and support services with specializations in collaborative business management and marketing innovation. We help marketers of companies of all sizes use innovative approaches to solve daily operational challenges and create unique competitive advantages. Our team offers solutions that achieve up to 1 million dollars In annual cost savings while increasing marketing capacity by up to 30 percent.
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