Although most of the marketers believe that innovation leads to brand growth, the majority of them can’t follow up for lack of time

A new report from the Association of National Advertisers (ANA) says the majority (84%) of
marketers believe their brand will witness growth with innovation and technology.
However, 45% of them said they spend a quarter or less of their time on both. The “Marketing, Innovation, and Technology” report said, over half of the marketers believe they are prepared to deal with innovation and marketing technology issues that could come up in the next two years.

Investments In Marketing Innovation Helped Marketers To Do Successful Course Correction

Data and analytics, measurement and accountability, and customer experience are the main sections that will benefit the most from innovation and technology. Moreover, marketers said they prefer learning and training via interactive labs, demonstrations, case studies, and discussion groups. According to the report, there is a major disconnect between marketers’ idea of future growth and brand building with the help of innovation and technology and the actual time they take to adopt and learn about these practices.

Customer experience is becoming increasingly more digital as businesses face challenges due to the COVID-19 pandemic. With the help of innovation and technology, marketers can identify new opportunities, create and offer new products and services, and also be more efficient while sailing in the current economy, says the report.

A recent BrandMaker report had also highlighted that half of the marketers that had earlier
invested in marketing innovation and automation, we’re able to pivot as the coronavirus crisis-affected marketing. A majority of marketers also stated they were less agile and that workflow collaboration tools were inadequate. Several reports from earlier this year have stated that marketers are planning to increase investment in digitizing marketing.

Marketers can connect future brand growth to marketing innovation and technology. They
also need to focus on identifying business areas that will benefit from this. Lastly, it is important to invest more time in learning more about innovation and technology, for the wholesome growth of the business.

Relevancy v/s Responsiveness for successful brand growth