Many B2B companies underestimate the influence of culture on the way they innovate. There are a lot of principles of innovation, such as business networks, divergent and convergent thinking, viable products, experiments involving effort and incremental investment. It is crucial for B2B companies to recognize the impact that service innovations can have on the expansion of the entire innovation pipeline.
We have an operations and analysis team from which most of the innovation comes, so we’re talking about innovation in terms of marketing technology and stuff like that. Innovation is just as important for B2B as it is for B2C companies, but whether their formal focus is innovation centers, ethnographic research, new technologies or product breakthroughs, B2B marketers have the opportunity to have a significant impact in all areas of their organizations.
As technological innovation continues to transform the B2B marketing landscape, it is critical for communications teams to keep pace with industry trends in order to remain competitive. To help, the 15 members of the Forbes Communications Council shared the key B2C technology and marketing trends they believe will have the biggest impact on business this year.
This does not mean, of course, that companies in the B2B market are worse innovators than those in the consumer market. B2B Marketers must work to understand their product characteristics and integrations, understand new innovations from competitors and the products on the market, and learn to adapt.
For example, the study finds that innovation B2B sellers report a significant impact of innovation on their leadership strategies, but more traditional sellers – about half of whom are innovative in their marketing, sales and customer interaction techniques – do not. The study also suggests that, given the positive impact on suppliers and businesses, more B2C marketers should innovate the way they interact with consumers to complete sales.
Innovation is the lifeblood of organizations and can promote the development of new and improved products and services, identify ways to meet unmet customer needs and create growth and value for businesses. Business-to-Business Service Innovation (B2B SIS) and customer-oriented innovation interact and have negative interaction effects on company value.
B2B-Co-Creation is a powerful way to create new business value for your most important customers and iterate the innovation process. The B2C-SIS effect of B2B-SIS on enterprise value is greater for companies with more product innovations.
If you succeed, you improve innovation, which in turn improves business results and improves your company’s position and marketing.