Innovation Consultancies: Perceptions
Businesses rely on innovation to grow and adapt to changes in the economy. While some businesses might have an in-house innovation team, executives often see a benefit to consulting a professional innovation consultancy when large brand repositioning might need to take place. These consultancies bring fresh ideas to the already in-place innovation model or help companies create an innovation model from the ground-up.
- Big brands see innovation as a growth tool that will help with marketing campaigns. Sometimes this reinforces an idea about a brand, but innovation also gives brands a chance to evolve consumer perceptions of the brand.
- Some businesses prefer in-house innovation to innovation consultancies. Steve Jobs was one business leader who preferred this model, stating that consultancies never have the chance to "learn from their mistakes" when dealing with a certain business, thus never working the entire innovation process as it applies to business.
- Businesses perceive innovation consultancies as providers of useful input from outsiders without the same cognitive biases that insiders to the field may have.
Useful Services For Businesses
- Big brands and corporations typically prefer innovation consultancies that can provide "compelling solutions" to corporate innovation.
- Some businesses currently prefer an innovation strategy that reaches out directly to consumers. This can lead to the consumer being relied on for innovation rather than an innovation consultancy that may not understand consumers of a particular business as well.
- Businesses seem to prefer innovation consultancies that work alongside business' own innovation leaders to come up with solutions "applicable to our specific industry."
- As businesses move to make their purpose and branding match new consumer concerns about ethics and sustainability, they see innovation consultancies that are stepping up to provide business models and ideas to transform and define company purpose.
- Innovation consultancies that provide businesses that opportunity to enter into lucrative partnerships are seen as useful investments by businesses that require a stronger networking base.
- Businesses also perceive innovation consultancies as capable of linking them to new providers and suppliers.
- Businesses perceive innovation consultancies as useful for technological innovation, particularly when their business or corporation has already existed for years before technological business models were made possible and more popular.
- Innovation consultancies are seen as capable of providing innovation framework to larger corporations that may not have an updated framework in place. A Blue Box partner reported a meeting with innovation managers to be "insightful, and I have taken many new ideas home with me, not only on the box but on innovation and our business model as well."
Overall, businesses seem to regard innovation favorably. While researching several consultancies, such as RocketSpace and Innosight, it was easy to find information that each consultancy wanted to share about themselves. However, it was more difficult to ascertain how businesses, such as Gatorade, Boeing, or Adidas might have perceived the innovative consultancy. Companies such as Gatorade have their own innovations team, thus making it difficult to tell how Gatorade might perceive innovative consulting agencies outside their corporation. In the end, more general perceptions were drawn by the researchers based on the apparent success of innovative consultancies, such as RocketSpace and Insight, as well as services offered by the consultancies that businesses might desire for growth.