The recipe for successful innovation
Brands need to rethink risk and be brave, in order to sustain their ability to produce meaningful innovation.
Innovation is a critical foundation for brand growth. The UK brands that recovered well from the last recession and have survived COVID challenges to date are those that have put innovation at the heart of their recovery (Kantar BrandZ data post recession).
However, the challenge is that most innovations fail.
How can brands repeat their initial successes in Innovation to create those difficult second and third albums?
Successful brands create meaning for consumers and deliver better than their competition.
Think Dyson, ranked No1 in Kantar BrandZ Innovation 2020, or Gordons, who have been doing so well innovating into new occasions and around new trends like the low alcohol and ready-to-drink categories. Walkers have been impressive with three new innovations in the UK top 10 incremental innovations of 2020, while CrispIn or CrispOut was April’s most effective ad campaign scoring high on both long and short-term effectiveness measures*. McVities also continues to demonstrate that it’s possible to reinvent even the simple biscuit – cf. ‘VIP biscuits’.
But just as artists can struggle to define and refresh their connection with fans after a successful debut, brands can struggle to define this intangible ‘meaning’.