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Will hard times spur innovation?

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Jul 13 2009

Based on what I observe with many of our clients these days, particularly the ones that are hurting the most, I wonder if "hard times bring forth innovation".   Clients in multiple industries seem more open to considering new ways of doing things, perhaps because the same old same old is simply not working anymore  Or is it perhaps because they are so desperate, they will try anything?   Actually, having spent some time with senior marketing executives as well as general managers, I think the smart ones see an opportunity to actually use these hard times to execute on ideas they have had for some time - so it may be a case of not letting a crisis go to waste.  

What is the nature of this innovation?    Not necessarily new ideas, but executing old ideas that may have met organizational resistance in good times and gone nowhere.   I was with the CEO, CFO and CMO of a hospitality company earlier this week.    A luxury marketer that has been having a hard time this past year.   Instead of cowering with fear, they are thinking boldly.   This is a company that has traditionally taken a very traditional direct marketing approach with their guests - with little tie in to web strategy, the call center and other channels.  Now, in a drive for ambitious growth, they are developing a whole new approach to the guest experience and letting customer insights drive this experience.   Direct marketing is but one part of it.   Building brand, better relationships with property owners, personalized experiences, better data that is designed to yield superior insights, are all part of the effort.  

Such change would have been unthinkable in this company, just a year ago.  Now, they figure they have nothing to lose   Business could hardly get worse.    Innovation does not always have to mean new ideas.    Dusting good ideas off the shelf and actually executing against them can also be innovative, particularly in hide bound organizations.

I have seen this in quite a few clients lately.    Perhaps we will see these companies emerging stronger when the recovery rolls around.   If so, this nasty recession might have served at least one useful purpose.   Perhaps the hard times will be remembered fondly when the good times roll again. 

 

 

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