Brand innovation is vital for seamless customer experience.
Customers desire best-in-class brands that innovate and help create an identity for them. Modern consumers are even willing to pay extra to be associated with brands that are heavily invested in continuous innovation.
Assessing brand attributes and their relevance to the current market scenario is quintessential for creating a competitive edge. Attributes such as design, quality, symbol, social connect, coverage, innovation, and value can help any brand foster consumer connect and drive loyalty.
Here are the top 9 tips to fast-track brand innovation:
- Understanding changing customer demands across different segments can be quite beneficial to brands who otherwise ignore competition while entering sub-segments of their market
- Acquiring value-added players that provide support to competing brands and expanding product portfolio to satisfy unmet customer needs
- Increasing product accessibility to masses and helping people transition to a healthier and happier lifestyle
- Analyzing customer insights and stories from other industries to identify the unique attributes that contributed to their success. These insights can then be used to reimagine the brand’s value and refocus on current problems
- Leveraging brand positioning to showcase its exclusivity: Major brands such as Tesla, Airbnb are unique examples of how companies leverage their positioning to share the uniqueness of their products or services
- Bringing in a fresh perspective for product or service delivery through a design-centric structure to create new and improved experiential standards that redefine the way consumers experience the product or service
- Redefining brand value by showcasing consumers that companies understand their problems and are committed to building long-term relationships, by solving said problems
- Articulating brand value through creative storytelling helps companies highlight the purpose, solution, value, and significance of their brands for better consumer adoption.
- Using technology to innovate experiences across customer touchpoints to bolster engagement
Accelerating growth through brand innovation:
Companies can capitalize on their brand’s unique strengths to stimulate brand-centric business growth. The world’s leading luxury brands have adopted a similar strategy to focus on the brand’s unique qualities of product/service excellence and responsiveness to market trends.
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