Innovation is the lifeblood of brands. And that means an innovation must help build the brand, not just meet consumer needs.

New needs, tensions, and changing contexts all offer significant opportunities for innovation, and innovation drives brand growth. According to BrandZ, brands that are perceived as innovative grow their value seven times faster than those that are not.

However, creating meaningful innovation is more challenging than ever. It is not just that the speed of business is faster, consumer needs and values are changing, and new competitors are eager to gain advantage. And the turmoil of the last year has accelerated change. While many people are desperate to get back to life as normal, there will be permanent changes in behaviour to which brands must adapt quickly.