How do the most innovative organisations in the world ensure that they are consistently cultivating innovation? Step one is to engage the team.
On October 23, 2001, Steve Jobs pulled a 6.5-ounce chunk of stainless steel, white plastic, and electronic goodness out of his left jeans pocket, introducing a crowd of reporters to the iPod.
This small product – which oddly wasn’t even a core computer product - changed the future of Apple and saved the company. At a press conference recently Apple’s leaders gave us their five keys to their brand’s success and we’re going to cover these over the next few weeks.
Number one is – engage your team.
Like any dynamic brand Apple believe that the healthiest ideas come from vigorous debate. Google’s executive chairman, Eric Schmidt shares the same belief by using the 70/20/10 model to cultivate innovation. He encourages Google employees should to utilise their time in the following ratio:
- 70% of time should be dedicated to core business tasks.
- 20% to projects related to the core business.
- 10% to projects unrelated to the core business.
Coca Cola uses the same principle to - about 70% of their marketing investment is in the “Now”, or established and successful programs; 20% goes to “new,” or emerging trends that are starting to gain traction; and 10% goes to “next”, ideas.
So allocate 20 to 30% of your team’s working time on innovation. As a business owner or manager you don’t have all the answers but collectively as a team you have a powerhouse of ideas to inspire your brand.
I’m Tony Eades from the BrandManager and I’ll be back soon with another Marketing Minute.
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