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Consumers' needs and values change all the time and there is a sea of brands trying to attract them. The future is always just around the corner and you have to keep up. Brands that are perceived as innovative increase their value faster than others and stay in the game.
We need to innovate. With strategy.
Innovation is investing in a process of creating ideas, products or processes that aim to solve a problem. For this reason, it is necessary to understand which innovation will be applied in the company and what the motivating role of this process is.
Generally speaking, there are three categories of innovation: product, process and business model.
How to apply innovation for brands on a day-to-day basis is the big challenge. Below you can understand and contextualize each of them:
PRODUCT INNOVATION
This can be as simple as adding a new feature to an established good or service, or as complex as creating a new one. The aim is to make life easier for the target audience by solving a problem.The factors that drive product innovation include technological advances, changes in customer requirements or needs, outdated designs and much more. It takes extensive research to identify opportunities in each of these areas, as well as ways to apply these changes to a company's product line to better serve the customer.Product innovation is beneficial for both the business and the consumer. When successful, an innovative product or service will better meet the needs of the market, which as a result boosts the company's sales and revenue.
PROCESS INNOVATION
When we think about innovation, something that can be overlooked but have a positive impact is processes. However, looking at this place means having a direct impact on the creation, delivery and support of a product or service. If successful, this innovation can reduce production costs, increase effectiveness, internal satisfaction and have a positive impact on the relationship with the consumer. All of this can be translated into increased profits and building value for the brand.
BUSINESS MODEL INNOVATION
Innovating in the business model is something broader, more complex and carries the potential to be a game changer or the uncertainty that innovation carries. Instead of focusing on a new or improved product or service, we start to discuss the way in which the product or service will be taken to the market. It's a deeper change, which directly impacts on the value that will be delivered to customers and the market. A simple example of a change, but one that has an impact on operations and perceptions, is the sale of products in a physical store that takes over online sales. Although this is not a disruptive change, it delivers a different format to the consumer and generates the need for a new dynamic in the business.
Innovation, culture and brand building go hand in hand.
Not all innovation is good for brands and not all brands are suited to a particular innovation opportunity.
Keep in mind that a strong brand is more valuable than just an idea. That's why investing in a brand strategy and management is becoming increasingly important for businesses that are market leaders.
With Brand Innovation we build an in-depth business analysis that prepares brands for the future through branding, retail design and brand management.
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