R&D

The rise of the LAB. How to drive innovation through rapid R&D

The concept of the innovation lab and the sudden resurgence in innovative and disruptive ideas in retail is a welcome trend which behemoths like Nordstrom, M&S, Walmart and Tesco have embraced successfully.

Econsultancy has today published a 60+ page best practice guide which acts as a ‘how to’ for brands who want to create their own in-house lab, emulating the successes of others employing lean/startup methodologies and rapid R&D techniques to innovate within their businesses.

The report, ‘Innovation Through Rapid R&D: Best practice guide to running your own in-house lab is written exclusively for Econsultancy by Joylab’s CX Director Fergus Roche, who works with brands on omnichannel development.

Marketing is becoming the new R&D

Google’s Chief Economist Hal Varian coined the phrase “marketing is the new finance”.

Varian foresaw great advances in ways to satisfy people’s needs, better matches between buyers and sellers, and a more robust advertising environment due to the availability of vast quantifies of rich, real-time, highly available “big data.” His predictions today ring truer than ever.  

Now, the information-rich environment enabled by the net is transforming marketing into something more. Specifically, marketing is becoming the new research and development (R&D).

Marketers now have immediate access to consumer behaviors and reactions across multiple channels and media. This empowers them to take a leadership role in determining consumer preferences, meeting customer needs, and helping match supply with demand. In other words, driving the business.