28 Sep INNOVATIVE BRANDING SOLUTION 2022
Brands need to constantly innovate and evolve in order to survive in an ever-changing market. A major way to stay ahead of the game is Brand Innovation. Experiential marketing agencies help to constantly adapt products and services to suit customer requirements and maintain relevance.
Brand Innovation is usually defined as anything new a brand does – like launching a new product or making changes to an existing one. Brand innovation is the driving force behind brands that have been running for decades and is an imperative aspect of brand marketing. Explaining and expressing a brand’s innovation concept is important. Branding agencies help establish connections between existing products and services to new ones.
The 5 I’s of brand innovation
There are five phases to brand innovation, each combining creativity and analysis to develop a bespoke strategic plan. Below, we introduce the five I’s of brand innovation.
Brand innovation begins with identifying intent. To define the brand’s intent, branding agency should examine market opportunities in the medium to long-term. From here, they can identify a route towards sustainable growth and profitability. This primary stage should align and inform the entire business strategy.
Brands need to cultivate a deep understanding of their target audience. Through detailed analysis of customer data, a business can inform their brand purpose and content, helping the marketing agency to create tailor-made solutions, communications, and customer experiences.
The marketing agency team needs to brainstorm how to creatively articulate the brand concept. This articulation will have a generative effect, drawing connections between existing products and services to illustrate a comprehensive brand experience. This enables companies to visualize and evaluate their ideas.
The brand’s concept should inform the strategic framework that creates product solutions, experiences, and brand portfolio. Businesses should underpin this with the strategic allocation of resources, streamlined operations, and re-aligned corporate culture.
Once the team has devised a strategy, they will need to implement this plan over an agreed timeline. Throughout this period, the brand will evolve and expand its market share. It is essential that leadership support this evolution through appropriate metrics and an adaptable attitude to change.
Brand Innovation is now an important element of a consumer’s self-image – to such a great extent that many will prioritize image over functionality. As a result, technology is no longer the hallmark of innovation – now, innovation constitutes a far more complex psychological process. Brands need to develop compelling and creative ideas that engage and inspire consumers with the help of experiential marketing agencies. A truly valuable brand image connects with customers emotionally, fulfilling their aspirations and goals. With this imperative in mind, brands can seek to develop concepts and products that drive growth in a turbulent business landscape.