When it comes to digital marketing, there are huge benefits to being an early adopter.
First, there are cost efficiencies in new platforms due to lack of competition. Second, to borrow a real estate analogy from Tom Martin, those who move into a neighborhood before it’s popular benefit most from any future popularity.
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That’s why a dedicated digital R&D budget is so useful. By sequestering a portion of the overall digital budget for experimentation, the brand and agency are empowered to balance new initiatives with proven programs.
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Why does it matter? Here are three specific cases for a dedicated digital R&D budget.
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Here, we have a ‘traditional’ marketer managing the digital function (and perhaps several other functions). He relies on his agency to invest resources in research and pitch new ideas. A dedicated R&D budget lets him safely invest in innovation so opportunities aren’t missed out of fear.
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By creating a dedicated budget for digital R&D, we can benefit equally from new technologies and proven programs regardless of our personality type. How do you create the freedom to experiment in your organization?
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