Remember the recent viral video which gathered millions of views within a couple of days. A fruit vendor’s effective way of sorting the fruits by its size. By simply placing two iron rods above a set of cartons in a way that the width increases from one end to another, he could easily segregate the fruits based on the size by rolling them through the rods. One billion worth idea with zero cost.
In another case, a transporter introduced a novel mechanism, Rail Bicycle, to travel faster on rail track for inspection and urgent repairs. A third wheel is attached to the cycle in such a way that it can travel through the tracks without much effort. These two are simple examples of how innovative thinking can yield better results without investing much.
Open your eyes and look around. There are many unexplored possibilities lying around you. All you need is a smarter brain to dig out requirements. The same approach is applicable to branding too. Innovation works better than anything.
For a corporate strategy, brand innovation is the essential component that helps strategic planning and marketing implementation. Creativity coupled with new ideas helps the brand to move to the level next. We live in a world where customers are looking for the most innovative and cutting edge products and processes which should have a competitive edge over others.
How can innovation be brought in branding and marketing strategies? It is all about the ideas. Recently somebody asked a branding expert to tell what is the greatest innovation by Amazon.com. Is it delivery drones, clould computing, Echo or Alexa? He simply answered, ‘No, it is free everyday shipping’! The innovation need not be technologically amazing. But it should be psychologically impressive. Major brands around the world apply this philosophy to make their customers amazingly happy. Innovation rules. Idea works.
If innovation, whether it is product based or process based, is really a breakthrough, the people need to be educated about it. Appropriate marketing is required to convince the customers that there is a ‘can’t-live-without-it’ factor in it. Improper marketing often leads to failure of the innovation. The best example, according to branding gurus, is Google Glass. Innovation was revolutionary, but it failed in making a wave in the market. When the innovation is not properly branded, the impact is short-lived.
Brand and innovation management have become increasingly important. You should rely on strong innovations to gain competitive advantage for substantial growth. Brand and innovation management need and benefit from each other having a deeper integration between the two.