Businesses See Product Innovation As Key For Growth 

By Mark Walls on 4 Apr 2014 Category: Trends

In Accenture’s CEO Briefing 2014, The Global Agenda: Competing in a Digital World, business leaders see investment in digital technologies as central to expanding sales, opening new sales channels or creating new products and services.

How important are investments in digital technologies to the following areas of your business?

How important are investments in digital technologies to the following areas of your business?
Source: ‘CEO Briefing 2014. The Global Agenda: Competing in a Digital World’ Accenture 2014

A large percentage of business leaders plan to do this through product innovation and the selling new products to new and existing customers.

Which of the following strategies will be the most important to driving revenue growth in your company over the next three years?

Which of the following strategies will be the most important to driving revenue growth in your company over the next three years?
Source: ‘CEO Briefing 2014. The Global Agenda: Competing in a Digital World’ Accenture 2014

In SoDA’s 2014 ‘Digital Marketing Outlook’ report they asked what clients wanted from agency relationships and found that creativity and product innovation scored the same.

Rank the areas of expertise you believe to be most valuable for you organisation?

The SoDA Report 2014

Source: The SoDA Report 2014

The report also highlights that one in three clients were increasing digital budgets in areas outside of pure marketing efforts. This includes digital products, IT/development, customer insights and analytics, intranets and other internal applications, with 65% of clients are looking to work with specialist companies to deliver these requirements.

The Rise of Innovation Labs

The SoDA 2014 report also identifies a trend toward clients innovating ‘out of house’ and suggests that the trend would become even more pronounced beyond 2013. This is further backed up by the percentage of full-service agencies and digital shops investing in innovation labs or product incubators – rising nearly 30% in 2014 vs. the results of SoDA’s 2013 DMO Survey.