We often look at innovation as something that demands highly complex technology. But, when it comes to brands, it’s not always about complex and new technology. Here, it’s more about establishing sustainable value. In addition to being a new technology or a new product, the result of innovation can often be a service, a process or a business model. Some of these innovations may even be entirely internal and cannot be seen by the user. Also, innovation in the context of branding and marketing is a continuous process.
Brand innovation is widely regarded as the most important proficiency in today’s business world. A brand is the core asset of any business and innovation is all about leveraging this asset in evolving markets. Innovating a brand has manifold dimensions. Some people opt to innovate the brand concept itself and employ innovations on what the brand manifests and how the brand is articulated. Some choose to innovate the branded business and focus on the extension, delivery and differentiation attached to a particular brand. But, irrespective of the dimension you follow, you should note that the brand should be agile and responsive to the changing environment.
Why is brand innovation important for consumers?
- Consumers care about innovation
Studies have shown that an average consumer cares about innovation and it impacts his shopping behavior. It also determines the benefits received by a brand when it is regarded as ‘innovative’ by consumers. Most consumers want the brand they associate themselves with to be innovative. They believe an innovative brand enhances their self-image and it influences their buying decision. They just like owning particular products if that makes them feel innovative in comparison to others. In such cases, they may even buy a product without even caring for how it works.
- Consumers are ready to pay a premium for innovative brands
An important point to consider for marketers is that most customers are ready to pay a premium for brands/products they consider innovative. Price and quality still remain at the top of a customer’s agenda when he makes a purchase decision, but, most customers are ready to pay more for efficient customer experience. Most market leaders have recognized this and have invested big time in innovation and perfecting the consumer experience. This is what separates them from companies that are still investing in traditional marketing methods and not allocating enough budgets on enhancing the customer experience.
- Innovation puts customers at the center stage and they like it
Consumers believe that a lot of research goes into innovation and innovative brands ‘listen’ to them. Such brands care for ‘consumer feedback ‘and continue to improve existing products. Brand innovation also includes enhanced technology and excellent customer service that make consumers’ lives easier. Innovative brands put consumers at the center, understand them and respond to their needs as nobody else does.
The bottom line:
Brand innovation has become a pivotal part of marketing across all sectors. It has become so important to the self-image of a customer that the product functionality can actually afford to take a back seat nowadays.
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