The present times in marketing parlance can often be categorized as the ‘age of the customer’. Yet, a Gartner anchored market research clearly shows that majority of marketers rate customer experience as only the fourth most important aspect, well behind aspects such as social marketing, digital commerce and marketing analytics. Only advertising operations finished marginally below. Business consulting provided by CMO of Beaverton ratifies the concept that customer experience ought to be treated as top priority. What is new is that more than 70% of marketers have actually furnished an innovation budget.

The Boston Consulting Group conducted market research involving more than three thousand professionals and found out that about two-thirds of them believe that creativity is the most important process for any organization to thrive. Similarly, Strategy-One from the UK organized a survey across five countries and again business innovation was cited as most crucial by around 85% of the respondents. However, practical exposure suggests that top management in most firms does not dedicate enough time to the same. Also innovations may not work at one go but benefit over a period of time when annually incremental updates are added.

Clayton Christensen’s theory of disruptive innovation is gaining admirers the world over, yet it has its share of doubters most notably some contributors to the MIT Sloan Management Review. As per the latter study less than 10% of companies studied follow the pattern of disruptive business innovation . In fact numerous smaller scale firms do not possess the financial clout or technical knowhow to perform this, yet are surviving and in some cases thriving. Some industries will prove to be more vulnerable than the others in the coming future, most notably- financials, consumer goods, energy, telecom, utilities, healthcare and information technology. Not all firms are capable of innovating yet many are doing well for themselves by clinging on to the coattails of existing innovators and proving to be good copiers.

Marketing research giant Millard Brown in collaboration with business consulting firm Lambie-Nairn has proven that firms which have a strong research base tend to do well over time as they are better connected to the final customers and know when exactly to do what. Also branding is a more important aspect than advertising as however strong the campaign, unless a product had a established respect and credibility, it was likely to not perform so well.

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