Strategies for Building an Innovative Brand
This is a writing sample from Scripted writer Tanya Merriam
Establishing your company as an innovative brand helps you gain a better foothold in your industry and increases your reach. Companies being innovative means embracing new ideas related to your industry and enacting steps to bring about positive changes.
Innovators in various industries set themselves apart as leaders and strive to meet and exceed customer expectations related to business practices. So, what steps can marketing professionals take to create an effective method for embracing innovative ideas for their branding?
What It Means to Create an Innovative Brand
Becoming an innovative brand means offering something new to your industry besides what's already readily available. This means creating and implementing fresh ideas for products or services provided by a business.
An innovative brand needs to rethink its approach to business within its industry. Whether you gradually add new themes, ideas, or operational elements, finding the best path for your strategy is the first step towards re-inventing your company's image and values.
Before you can re-invent your branding image and values, you must identify changes within your industry and society. Noting these details helps you better understand the customer's concerns and challenges.
However, the customer's needs aren't the only factor to consider. Management and employees should contribute to ideation and awareness when creating changes that facilitate innovation. Moving away from traditional operation and customer service methods is shown to create radical change. Approximately 65% of customers say a brand's CEO and employees affect their decision to make purchases.
Establishing Your Innovative Brand Identity
Taking action to create innovative changes and establishing your innovative brand identity takes careful analysis and planning. It is essential to identify the four key elements of innovative brands and understand how they can guide the process.
There are four key elements involved in creating innovation. They include the following.
- Collaboration
- Ideation
- Value creation
- Implementation
Collaborating with teams and employees from diverse backgrounds allows you to move effectively toward the ideation process of creating an innovative brand. Harnessing new ideas that solve problems and put your brand at the forefront of innovation are essential. It's also the cornerstone of value creation that sets your brand apart from others in your industry.
Once you determine which approaches and changes work best to establish your brand as an innovator in your industry, you can move on to the implementation phase of your re-imaging.
Examples of Effective and Innovative Branding
Creating an innovative brand also requires a focus on memorable marketing. For example, the new Barbie movie heavily focuses on incorporating the color pink in every aspect of the movie and movie marketing.
For many decades the Barbie brand used pink extensively for branding purposes along with readily identifiable text font. When people see the color and text, they automatically know it's Barbie. Harnessing the power of those branding features propelled the success of its movie marketing, which translated into generating appeal to target audiences and sizable revenue.
Another notable example is Apple. When consumers see the highly identifiable Apple logo, they associate that product with innovation in technology and design. They expect quality and features that set the brand apart from others within their industry. Additionally, Apple's internal culture and business approach are examples of effective, innovative branding that makes a huge impact.
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