Managing innovation marketing: The adoption of innovation strategies in a company
We interview Eric Viardot, EADA’s Global Innovation Management Centre (GIMCE) and Corporate Strategy and Marketing professor at EADA, and Alexander Brem, EADA’s visiting professor. They both have recently published Adoption of Innovation. Balancing internal and external stakeholders in the marketing of innovation. This edited volume brings together academics from both innovation and marketing fields to explore the additional value for companies that can be generated with the innovations in marketing and the marketing of innovation.
If ideas need to reach the marketplace, then marketing strategies, concepts and tools –such as the continuous development of new product and services– become vital for their success. On the other hand, marketing management is influenced by innovation as illustrated by the way social media and Internet have revolutionized the traditional marketing-mix. In the interview below Eric and Brem reflect on all these issues.
Why do we need a book on the adoption of Innovation?
Eric Viardot: People usually think that the main problem is to come up with a great idea, but based on our experiences, in most of the cases the problem lies on the other end of the pipeline i.e. how to convince your internal and external stakeholders that this idea must become an innovation? So thinking about strategies to overcome this resistance is an appropriate way to address this problem.
What are the specific problems for companies in managing innovation marketing?
Alexander Brem: To some extent, it depends on the size of a company. Small companies are often faced with resource constraint and it prevents them from taking advantage of speed. Even big companies have long decision processes and they face the same problem as well, due to which great ideas are lost in the way. Another explanation could be the common and necessary division of labor in the companies: who is in charge for innovation marketing? Is it R&D/ Innovation Management, Product Development/Management or Corporate Marketing? If this question is not clearly addressed then this might prohibit excellent business opportunities from being realized.
Do you have some specific suggestion for the companies regarding this problem?
Eric Viardot: An important first step would be to raise awareness about the issue in managing the innovation process-from the idea generation to the successful market introduction. The last step specially could cause some problems if there is no clear process to support it and top-management support is lacking. This is very critical for a company because if the implementation is not done correctly then it may lose the resources it has already invested to reach there
This sounds like overlapping research on innovation and marketing. Is there such a community?
Alexander Brem: As editors of a journal in this area, we can observe a rise in the awareness among the academic community about the need for more interdisciplinary research in innovation management and marketing. Actually we are both from these different domains to cover exactly this range of different research streams. In recent years, some chairs called “innovation marketing” were established, but we are still in an early phase.