Brand innovation is more important this year than any year before. Consumers are looking at what a brand does vs. what a brand is communicating. The consumer is going to remember how the brand experience made them feel and link that feeling to the brand.
The world is changing quickly; how will you innovate your brand to keep it up to date?
What is Brand Innovation?
Innovation is the introduction of something new or different. So then Brand Innovation is something new or different in a product, service, user experience (UX), or related. Ideally brand innovation is unique, differentiated, and appealing to its target customers.
Forbes states that brand innovation can increase stock market value, offer new solutions, and increase customers.
Why is Brand Innovation an Essential?
Staying Ahead of Competition
Innovating before your competitors can have a sustainable competitive advantage. It allows loyal customers to try the newest products on the market first.
Being relevant means your brand is adaptable and flexible. This can create a connection with your customers.
Customers are changing, and so are their needs. Make sure you are fully understanding your customers’ needs and wants to get ahead of your competition.
Expanding your brand into new categories is one way to innovate your brand. Innovating allows your brand to grow. Businesses that innovate are able to add more employees and grow their clientele.
Examples of Brand Innovation from Content Marketing Institute
- IBM – Technical and Authoritative expertise
- Hootsuite – Let’s you do more with Social Media
- Microsoft – Story telling
- McDonalds – Customer Service
- Disney – Promote magic as a lifestyle
Find more examples here.
Innovate or Die
If your brand never innovates, it will slowly lose business. Brand innovation can be product, service, user experience (UX), and more. Brand innovation is important for many reasons including staying relevant to consumers changing tastes or interests, and of course, financially: sustainable revenue growth and profitability.
Additional Brand Innovation Resources
Successful Brand Experience innovation, tips and examples (BizCommunity)
Aligning Trends with Innovation Strategy (Branding Strategy Insider)