July 2014

Mohammad Anas Wahaj | 23 jul 2014

Although most innovation in technology-driven companies is achieved and accomplished by experts in R&D, but marketers at General Electric (GE) have found ways to facilitate and contribute to the innovation mechanism. Beth Comstock, Chief Marketing Officer of GE, explains their method that can be utilized by other marketers who are seeking to create value and drive innovation in their businesses - (1) Go to new places: Be explorers and seek out new places and better the understanding of what people need and require around the world. It can help them give insights for better product development. (2) Shape the market early: Great innovations need to be explained before they are accepted. Marketers can explain, define and communicate effectively and set the stage for the innovation before it hits the market. Mantra at GE is 'Mindshare before Marketshare'. (3) Incubate new businesses and models: To promote ongoing innovation, marketers seek to find ways that have not been thought before. Integrate startup culture into the marketing DNA. It simplifies development and gets products to the market faster. (4) Invite others in: Partnerships are the path to speed and scale. Develop collaborations outside the organization to increase the creative territory. Marketers are generally facilitators for these relationships. Read on...

HBR Blog Network: Innovation Is Marketing's Job, Too
Author: Beth Comstock

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