This morning, Plante Moran released its 2013 innovation study. For the study, we partnered with five organizations, all with current data or anecdotal evidence on innovation, so our analysts were able to listen to the voices of 4,225 leaders from the C-suite.
This depth of information enabled us to see trends more clearly and dive more deeply into a wide range of individual success stories. We found that:
- 94 percent of respondents believe that innovation is important to sustainability and growth, up from 79 percent last year
- 74 percent of respondents make innovation a part of their strategy, up from 66 percent last year
- 71 percent of respondents introduced new or improved products and services, up from 61 percent and 65 percent, respectively
Surfacing this year was a trend toward seeking business partners for collaboration. The number-one reason cited for this trend was the ability to enter new markets, so the 2013 report features a conversation with two expert matchmakers on how to find the right alliance partner with a focus on China. Also included in the report is: (1) a case study on the current high profile collaboration between fierce competitors — GM and Ford; (2) a quick lesson on big data by Urban Science’s Jim Anderson, who built a business on science-based decision making; and (3) a strategy discussion on the right time for middle-market companies to separate their R&D from operations.
And then there’s the piece that, at first glance, has no business being in a Plante Moran publication, let alone gracing the cover: a look at Detroit rocker/rapper Kid Rock’s innovative business plan that could be a game-changer in the concert business. Kid Rock has priced all of his tickets at an affordable $20 apiece and lowered prices on parking and his signature Badass beer. Listening to his fan base and changing his business model to provide these affordable tickets not only keeps fans coming back but attracts new ones.
The strongest driver for innovation is customer demand. Rock followed that to the letter and attendance figures seem to indicate his plan is working.
What about you? How important is innovation to your business? Is it part of your strategy? What do you think of Kid Rock’s business model? And what did you pay for your last concert ticket