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Market-Driven Innovation

Market-Driven Innovation and Marketing in Innovation

December 6, 2017

Marcus Thomas hosted EDGE’s InnoQuest group in their creative workspace along with one of their clients, MTD Products, as we explored “Market-Driven Innovation and Innovation in Marketing.”  The relationship between marketing and innovation is central in determining not only how new products and services are created, but also how they are sold and delivered to customers. In this session, we explored this relationship more deeply and gained an understanding of how customer data helps us discover the holy grail of marketing: One-to-one messaging and delivery.

Megan Peth, Director of Brand Marketing, MTD Products, did a terrific job at sharing how MTD incorporated voice of customer, relationships with vendors, insights from all parts of the company from the concept, research, creation, and marketing of the company’s innovative Troy-Bilt Flex Yard Care System. (See video.)

Marcus Thomas, a regionally-based full-service advertising firm, hosted the session in their innovative space and shared a “behind the scenes” thinking and the technology that drives such one-to-one marketing initiatives. Elizabeth Abate, Media Director at Marcus Thomas, laid out on how the agency used programmatic media with MTD and other sophisticated media techniques to support the product launch and make real-time changes in reaching its targeted audience.

Here are the Key Takeaways: for the session, which include contact information for our presenters, a book suggestion, and resources for both B2B and B2C companies to use in developing their innovative ideas. 

Innovative process and MTD’s and Marcus Thomas’ learnings:

  • You can’t just show up with a new product; you have to do the work (research, testing, prototyping, engineering, planning, coordination with customers, etc.)
  • Consumer/Customer insights are the essential ingredient to successful innovation from both product design considerations and go-to-market tactics.
  • Investing in Market Research up front to solidify the assumptions, Conjoint studies – cost benefit.

 

Programmatic data and targeted media can be used for B2C and B2B

  • The digital revolution in media is providing advertisers with target marketing tools that are leaps ahead of what was previously available.
  • Whatever you are selling – figure out how to reach your target audience… quickly and without spending more than you need to – it’s possible!

Book: Difficult Conversations: How to discuss what matters most. Harvard Negotiation Project

About the InnoQuest Innovation Management Program:

A collaborative forum offered bi-monthly to leaders and innovation practitioners of mid- to large-sized companies in Northeast Ohio. Participants gain best practices in managing and guiding the innovation process, new working relations with peer companies & leading practitioners and actionable steps to improve a company’s innovation practices. Program content has included: Additive Manufacturing (3D Printing), Lean Start-Up Principles, Design Thinking and Creativity in Leadership. Each session is held at a location of interest throughout the region; past locations have included; Sherwin Williams, The Technology House, NASA Glenn Research Center, Baldwin Wallace Center for Innovation and Growth, Parker Hannifin’s New Innovation Center and the Cleveland Institute of Art.

To participate in the InnoQuest Innovation Management program contact:

Chris Keller (Chris@edgef.org; 216-346-6300) or Grant Marquit (Grant@edgef.org; 216-215-5058)