I enjoy reading other industry blogs and the recent post by Diane Mermigas, the editor-at-large from MediaPost, propelled some thoughts about innovation as a mandate as compared to an option. I've toiled for hours over operations budgets, trying to shave as much off the expense side as possible and increase the income side while trying to compete. While I do this, I try to keep in mind the definition of "stupidity". "Stupidity" is the expectation that results will change even though we are doing the same things we have always done. This is like saying "sales will increase 25% even though we are not introducing any new promotions, adding any creative elements, or increasing staff". Stupidity!
She promoted a new attitude toward innovation, an attitude I think we should all adopt: "Mandating, executing and sustaining innovation is a self-determined solution to the overwhelming financial meltdown. It must not be underestimated by media, entertainment and Internet companies, which should be integrating the innovation process into every level of their 2009 corporate budgets."
Now adopting the attitude and doing something about it are two seperate things, the key is to develop budget line items for innovation into staff, on-air, sales, promotions, news, public affairs, sports, and new media budget catagories.
"The most critical ingredient of assuming an innovation defense in these turbulent times is giving the right people the necessary resources, financial and marketing support. What used to be called R&D is no longer a voluntary risk; it's an imperative."
Each innovation expense item we create should also come with it a return on investment with measurable goals and metrics. For instance, if you create an audience texting campaign and use it to drive traffic to a station or client event, does it create additional revenue or generate incremental sales?
"Forget using labels such as "trial" or "experiment," which will keep good ideas from being adopted. Instead, integrate innovation-focused groups throughout an organization so that good ideas spread like wildfire. Maybe then, companies can begin to measure themselves along some new metrics, like measurable productivity, launched ventures and new revenue streams. They can be the tangible rainbow over a troubled landscape."
Are you ready to change your landscape?
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