Posted By Industrial Web Solutions Marketing Team on November 2, 2009

We’ve all heard the news: things are starting to look up! According to the (NAM) National Association of Manufacturer’s 2009 Labor Day Report the end of the recession is in view with economic growth expected to be “reserved over the next few quarters” and not in full swing until 2012.

OK so the party days of the 90’s haven’t exactly returned but that’s probably a good thing considering the trouble it yielded. But this is actually a great time to mentally return to the days when you were new to the business and not thinking about how you were going to save the company but how you were going to grow the company.

Whether you’ve read it or not, now is the perfect time to review the excellent Innovation Report issued in October 2008, a joint project of Accenture and The Manufacturing Institute, for some insight into the concept of innovation. The basic theory is that innovation means more than just something new, it also means something “different.” From “supply chain to finance to customer relationship management” (p.7), the idea is to examine every aspect of your operations “to improve performance and to gain competitive advantage” (p.7). Probably one of the most important lessons you can take away from this report is the concept of innovation as an “iterative process – always subject to refinement and renewal.” (p.7)

We think of everything as an ongoing process subject to refinement and renewal, which is why I like the concept so much. Take your website, for example. It’s your hardest working “sales agent” – on the job 24/7/365 to bring you business. What a devoted asset to your organization! But what evaluative processes have you engaged in lately to ensure it has what it needs to offer highly predictable outcomes and the highest possible return on investment with either competitive head-to-head, market-expanding, or disruptive market offerings that demonstrate you are a truly innovative market leader?

It’s my guess that those who are going to come out of this recession very much alive and on top are those who are willing to take an honest look at their assets and ways of doing things and develop the necessary business and marketing programs and tools that keep them in clear view of their target buyer groups as they generate excitement and interest in what they have to offer.

Check out the Innovation Maturity model on page 7 of the Innovation Report. At what level are you?

Categories: industrial marketing, manufacturing, online marketing
Tags: 2010, business, industrial marketing, manufacturing, online marketing