Is technology and innovation overrated? This is the question raised on the Interactive Marketing Blog. There the argument is made that innovation is a red herring that doesn’t necessarily deliver the desired impact to the company seeking to build value.
Of course, it depends on how you define innovation. If you define it as simply new stuff, then the point has some merit. But, most of the companies and innovation practitioners I talk to don't view this as a meaningful definition.
The prevailing definition is that innovation is a something new that creates value. The extra phrase, "that creates value", is the crux of the matter.
If you have a poor value proposition, marketing isn't going get you very far. Sure, once in a while a company gets away with slapping a little lipstick on the pig, but by and large, customers are savvier than that.
This is where innovation carries the day. Innovation creates the compelling value proposition needed for success. Good marketing then find the effect way to communicate the value proposition.