What's Hot Today:  Innovation - Part 1

By Ron Torch, CEO & Chief Marketing Officer - Torch Group Inc.

One of the biggest buzzwords buzzing around the business world today is “innovation.”

Continuously growing competitive forces -- both domestic and foreign -- are forcing companies of all shapes and sizes to longingly look for that ‘next great idea’ sure to take them to the next level. And, at the same time, authors of all shapes, sizes (and backgrounds) are capitalizing on that corporate feeding frenzy by generating book, after book, after book on that hot topic.

Formal definitions of innovation are all across the board -- from Peter Drucker’s “change that creates a new dimension of performance,” to Merriam-Webster Online’s somewhat simplistic, “a new idea, method or device.” Whatever the definition, the bottom line on innovation seems to be that you know it when you see it. And every company seems to be looking for it, more intensely than ever before.

Creativity or Innovation?

One critical area of corporate confusion, however, sometimes involves determining the difference between creativity and innovation.

In his book, “Driving Growth Through Innovation,” Robert B. Tucker says the distinction is that, “while creativity implies coming up with ideas, it’s the ‘bringing ideas to life’ piece . . . that makes innovation the distinct undertaking it is.”

Companies around the world spend a lot of time and money on innovation initiatives. And, the general and business media has written endlessly about the countless successes (and failures) in the ongoing corporate quest for innovation. But as all successful companies know, both ‘coming up with ideas, and bringing those ideas to life,’ is much easier said than done.

As Richard Watson, CEO of the Global Innovation Network think tank wrote in Fast Company magazine, “Companies embrace creativity (ideas) and hope that innovation (action) will happen by osmosis. This is where it really starts to fall apart.”

The ultimate bottom line, is that successful innovation is only as good as a company’s ability to effectively . . . and, frankly, innovatively, bring that innovative product or process to market.

The question then becomes, how to make that transformation happen most effectively? How can a company fully “bring those ideas to life?”

When Technology Meets Marketing

One trend that’s rapidly emerging in some businesses is to add a crucial new senior management level position. Not a new CEO, COO, or CFO -- but a new position called the CIO . . . the Chief Innovation Officer.

According to a recent article in Entrepreneur magazine, “businesses that still market at their customers, instead of with them should consider adding a CIO.” Based on this premise, a recent rapid rise in the number of companies creating the CIO position has come about due to rapid changes in today’s technologically influenced marketing.

“Today’s two-way brand economy -- where consumers can talk about your brand to anyone who will listen, via blogs, podcasts and more -- has spurred the rise in CIOs,” said Robb Hecht, chief innovations consultant for New York City-based IMC Strategies Lab. “Marketing used to include one-way media (TV, radio, billboards, etc.). The CIO arose when technology met marketing. A CIO encourages consumers to accept marketing messages and become part of the marketing process.”

This special interrelationship between marketing and technology has created the need to find a special breed of hybrid performer for such CIO slots. But finding such a person is not an easy task, so you should consider consulting with an innovative company such as Torch Group, that is constantly rethinking and innovating new ways to deliver talent.

These unique hybrid individuals have also been characterized in various articles as a ‘jack of all trades,’ a ‘utility infielder,’ . . . even a company’s ‘agent provocateur.’ Whatever the name, some very big players -- such as consumer goods giants Procter & Gamble, Hershey, Wm. Wrigley Jr. Company and Newell Rubbermaid -- have added “innovation czars,” as BusinessWeek online called them.

Even though some technical knowledge (or a lot, depending on the nature of the company) is essential to be an effective CIO, BusinessWeek online recently reported that executive recruiters they surveyed contend that candidates with marketing backgrounds are filling more of the newly created CIO positions -- often simply due to their enhanced communications skills.

Choosing the CIO approach may be perfect for your company, and something you should seriously consider doing. However, going the route of adding a senior-level CIO to the management team, may not be the right direction for some companies with a solid, established, seasoned, talented in-house marketing team.

For these companies, having the right people on staff -- or the right resources to bring the right people in -- is essential to maximizing the company’s important innovation initiatives.

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We can help.

As acknowledged experts in the field of marketing and innovative talent solutions, we’re structured and poised to help you find that perfect CIO -- or complement your existing staff with highly-specialized marketing talent. Whichever way you go, Torch Group can be a valued partner to your company. We’re experienced in finding the talented full-time marketing professionals you need . . . or flexible marketing contractors and consultants if desired. Give me a call at 440.519.1822 or e-mail me at rontorch@torchgroup.com.

Ronald S. Torch
President & CEO
Torch Group, Inc.
. . . your source for marketing talent

Next month . . . Part 2

What’s Hot Today: Innovation in Marketing

When it’s time for companies to bring their innovations to market, what are the latest innovative trends in marketing now available?

Next month . . . Part 3

What’s Hot Today: Innovation in Talent Acquisition

How can companies determine whether their talent acquisition strategies are up to the task. . . or whether a new approach is needed? How can an innovative approach in talent acquisition play a key part in your company’s success?