What are innovation metrics?

Innovation is critical to any successful business, as it drives consistent growth and ensures competitiveness. Innovation metrics are a way of measuring this innovation within a specific company, using company-centered goals and objectives. 

Why do innovation metrics matter? 

Innovation does not simply end with the implementation of specific innovation frameworks—it is critical to measure innovation to evaluate whether it’s yielding the best results and requires further fine-tuning. Innovation metrics provide actionable, data-driven insights so business leaders can accurately measure their business growth and make the most informed decisions possible. 

Types of Innovation Metrics 

Innovation metrics can be divided into three distinct categories: input, process, and output. 

Input Metrics

Input metrics measure variables that affect and define the depth, breadth, and expected future innovation success. Some examples of input metrics include: 

  • Percentage of leadership’s time spent on innovation
  • Percentage of workforce trained in innovation thinking
  • Percentage of budget invested in innovation 

Process Metrics

Process metrics measure variables that affect the rate and quality of innovation movement through a company. Some examples of process metrics include: 

  • Number of ideas generated per innovation meeting 
  • Percentage of ideas that move into a testable phase 
  • Rate of change of teams involved in innovation 

Output Metrics

Output metrics measure the success of innovation within a company. Examples of output metrics include: 

  • Return on Innovation Investment (ROII)
  • Time-to-market of innovation ideas 
  • Growth rate of customers

Digital Marketing and Innovation Metrics

Digital marketing is at the crossroads of innovation metrics and the ever-evolving digital landscape. It can help companies drive, analyze, and implement innovation metrics by directly impacting how a brand connects to customers digitally. Creating a strategy, measuring, iterating, and making decisions with innovation metrics is nearly impossible for almost all businesses without digital marketing investment.

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