Why Brand Innovation Owns the Marketing Game in this Digital Era.
A brand that is struggling in innovation risks falling at an unprecedented rate. The only way to salvage such a brand is by use of brand innovation approaches and strategies. For an ideal innovative branding strategy, using the customer-driven approach is imperative for success. The role of Brand innovation in today’s technological world can never be under-estimated. It provides clear insights regarding consumers’ Perception when making the purchasing decision. Getting a brand perceived as an innovative brand provides a competitive advantage on all sectors of the business as it maintains a strong focus on its consumers. Innovative branding exists in different forms such as;
- Promotional merchandise.
- Product innovation
Before brand innovation is performed, the external and internal environments of the brand are analyzed. These insights and analytics of the brand environment are able to indicate the relative position of the brand compared to its competitors. After combining a lot of analytics and intuitions here is why brand innovation technique is the way to go when a business wants to have a strong brand to outwit its competitors.
Brand innovation allows a business to stay relevant with the current turn of events.
Innovative branding results in a branding that is adaptable and flexible with the current digital age. This is a brand that is deemed to be culturally relevant. A culturally relevant brand relates well with the current trends and events. This is an essential way of staying on top of the mind of the consumers by creating relevant consumer connections. Consumer needs are so dynamic and they do change time after time. Using the key insights through innovative branding it’s important to understand this diversified needs that will allow the products to always remain relevant.
Consumers are more concern and driven by innovation.
Latest insights postulate that about 84% of consumers are likely to make purchases from a company that is very innovative. This makes brand innovation a critical purchase decision aspect since it enhances the self-image of the consumers. An innovative brand is termed as cool by the digital generation, hence the self-image of consumers using innovative products makes the consumers look innovative as compared to the others.
Consumers Prefer Being ahead of the game.
Releasing innovative brands and products will always fetch, new consumers, time after time because consumers have a tendency to purchasing the first-generation products. An allure of innovation will always wear off as age goes by i.e. the youth are the ones likely to drive a huge desire for innovation. Therefore as soon as the product will be out the Generation X i.e. 35 to 45 years old are easily seduced to purchasing the product. For instance, Phone companies such as Samsung and iPhone take advantage of when it comes to market their latest innovative products.
Innovation will always allure consumers to pay for the premium price.
Majority of the consumers are willing to pay over the board for an innovative product. Any item that is considered to be innovative be it groceries, automotive and even communication gadgets they will always hit a premium price during its launch. Lastly, innovative branding plays a critical role in creating loyal customers for the company’s brands. Loyal customers do have a tendency of being the first one to explore the latest products in the market and thus they will go ahead to make purchases no matter the price.