Be brave to drive brand growth through innovation
Meaningfully different brands grow three times faster. Here are five success factors to help identify and nurture meaningfully different innovations that will drive growth for your brand.
We have worked with many teams that have successfully guided meaningfully different innovations from the initial idea to long-term success in-market. One of the most important qualities that unite those teams and the stakeholders they work for is bravery: the willingness to embrace a radical idea and nurture it through the innovation process and out into the market, despite the obstacles that might arise along the way.
Successful innovation is meaningful, different and true to the brand
The fundamental innovation challenge is to identify ideas that have the potential to be meaningful to the target consumer, and different enough from existing products to have a role of their own in people’s lives. But this is not easy. The payoff is that meaningfully different brands grow three times faster when salience increases, and can command a price advantage over the competition. But there is an additional challenge, particularly for well-known brands: to ensure that the innovation stays true to what that brand stands for.
So how can you create meaningfully different innovations that will drive growth for your brand?