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Why dead-center thinking is dead wrong

 

Contributed by Bob Domenz

 

Industry benchmarks. Competitive assessments. Best practices. They're all part of the fabric of B2B marketing. But when it comes to creating a culture of transformative innovation, these "dead-center" leanings may be dead wrong.

This came to light during a conversation with Robert Wolcott, founder and executive director of the Kellogg Innovation Network and clinical professor at the Kellogg School of Management. When I asked him how B2B CMOs can best impact innovation, he replied, "Peripheries."

 

Get Out On the Edge
"Peripheries are technologies or companies outside the normal flow of your business — outside of your industry usually," Wolcott said. "They're important because the big threats and opportunities come from the peripheries, not the middle, of your industry. But you never become the best by simply benchmarking the competition and adhering to best practice.You learn what a competitor's doing, you do it too, and pretty soon you're doing what your competition was doing — two years ago."

 

Improve your Business IQ
Wolcott believes marketing can lead the way out of a best-practice rut. "The B2B CMO should excel at market intelligence — and I don't mean just intelligence in your own market," he said. "Reach beyond your category to find technologies, offerings, and business models that could translate to your business. Doing so uncovers new opportunities and threats that others inside the company haven't noticed. This represents a key role for marketers, and a way to elevate marketing within a B2B organization."

 

Ask the Right Questions
In helping B2B organizations change and grow, my company continually encounters the issues Wolcott articulates. Addressing them requires a shift in thinking. To move the B2B marketing mindset off dead center, answer these three key questions:

1. Why innovate — what's your real purpose? Innovation is often mistaken as a goal unto itself. Learn how innovation will impact your organization. The discussion that follows typically raises fundamental inquiries about purpose: What's our vision? Why do we matter to customers? What do we want to become? Until you've answered these questions, you'll be hard-pressed to build your business via innovation (or any other means).

2. How much of an explorer are you — really? How much exploring outside your industry do you do? Are you a Neil Armstrong, taking one giant leap into a new world? Or are you comfortable staying at mission control? Increase your range of exploration by reading publications outside your wheelhouse, attending non-industry events like TED, going to networking lunches outside your category, or visiting a tech incubator. No time for that? Then get creative. For instance, sponsor a grad school class and challenge them to explore promising peripheries for your business.

3. How can you share what you discover? To inspire new thinking and exploration within your executive team or organization, it's necessary to share what you learned. Organization-wide communications and focused, periodic leadership presentations are highly recommended.

Dead-center thinking creates a sense of safety, but if you truly want to innovate, stay relevant, and leap ahead of the pack, move to the peripheries.


Bob Domenz is CEO of Avenue, a Chicago-based marketing strategy and activation firm helping mid-size B2B firms drive growth and change. He is also the founding director of The B2B Brand Council.


 

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Photo credit: shutterstock.com

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