While the fundamentals of business remain unchanged (finding and serving customers), the mode of doing business must now undergo significant, if not radical, change.
This change accommodates two new factors: the rapidly growing number of innovation resources of a global business ecosystem and the inherent intelligence and level of product knowledge of customers and members of global social networks.
The firms that can source and integrate innovation resources of a global business ecosystem will increase their competitive advantage.
The firms that integrate new operational capabilities with customers’ needs and their social markets will achieve unfair competitive advantage.
The firms that can drive newly sourced innovation to customers in days or weeks will disrupt the competitive equilibrium of established and well-defended markets.
Mobilization of social networks drives market disruption. The figure below depicts three more important dimensions of innovation and marketing.
Not all innovations represent the same amount of value. Some innovations may not create any discernible value in the eyes of customers, yet may support other highly valued innovations.
Still yet other innovations, especially if marketed well, will become “game changers,”creating significant competitive advantages: customer demand.
In rarer cases, well-marketed innovations cause market disruptions, forcing competitors to react with profit-destroying discounts or exit the market altogether.
Rapid, successive delivery of small, incremental innovations can add up to real competitive advantages and game-changing market disruptions.
The nature of innovation (intangible, tactical, strategic, and transformational) calls attention to the need for a new operational capability: how to deconstruct a market disrupting initiative into a set of 15-day or 45-day projects and execute those projects against a master project roadmap of 50 to 100 short-term projects.
Thus, truly integrated marketing means provisioning a growing array of customer self-service applications. This type of integrated marketing will require a technical platform for adopting new innovations—contributions of a global business ecosystem.
Ecosystem-integrated marketing will require a robust engagement strategy and a C-level execution with skills and temperament for orchestrating time-to-market and time-to-satisfaction cycle times of game-changing innovations.
TIME TO VALUE OF INNOVATION AND MARKETING SUSTAINS COMPETITIVE ADVANTAGE
Integrated marketing now requires leadership and systems for driving several concurrent 15-day or 45-day projects, creating a cascade of tactical value-added capabilities that coalesce into strategic or transformation value and game-changing market disruptions.