Agencies and marketing firms worldwide are implementing innovation labs and product incubators more and more, in an effort to satisfy both clients and internal staff. According to emarketer.com, 52% of those with either an innovation lab or a product incubator reported an increase of new business due to the applications, and nearly the same amount of those asked said higher employee retention was directly related to the innovation labs. So we want to know, does your agency or marketing firm employ such tactics?
At Atlas Advertising, we don’t have either, per se; however, our open environment office and pod structure encourages face-to-face interactions, team collaboration, and frequent company-wide conversations. We have client visitors often, who enjoy and partake in the stimulating and energetic activities that take place every day in our office space.
Similarly, we share a space with a technology-focused company, Community Systems, who engages in sessions that come close to what an innovation lab or product incubator might represent. Their meetings and gatherings allow team members to brainstorm new product ideas, gather details and information on technology that customers love and loathe, develop procedure to continuously maintain client support, and unveil the latest software to further enhance the economic development industry.
If you’re looking to create or innovate new tools or technologies to help your organization succeed, start by checking out our balanced scorecard for economic development. The tool is one that guides individual organizations in looking at their own marketing initiatives, as well as business attraction, business retention, and business creation efforts with a strong focus on measurable outcomes. And even though it may not be, per definition, an innovation lab or product incubator, it can allow your community to achieve the same outcomes: help internal staff see the value of their efforts and help potential customers see the value in your offerings.
See the scorecard here, or download our latest white paper by clicking on the image below.