Focus on Innovation

Increasingly, companies that succeed in disrupting their industry are innovators – especially in areas that go beyond product development, such as service delivery and customer experience.

Innovation plays a pivotal role in the strength of a company’s brand. This is important because companies need innovation to sustain competitive advantage and long term performance. Therefore, a culture of innovation that permeates the organization is a key factor driving brand success and creating solid brand equity.

However, achieving innovation success does not come easy. In an age of hyper-connectivity, consumers have more control over what they hear and watch. With the tap of a finger, banner ads can be blocked on devices and commercials can be bypassed thanks to on-demand streaming services. This puts pressure on brands to design engagements that are relevant and meet the expectations of customers while also delivering a seamless experience on all channels.

Consumers also bring expectations from unexpected sources. They no longer think strictly in-category. When a brand delivers something of value to them, they expect other brands to do likewise – even when the industry is completely different.

How Important Is Innovation to a Brand?

Innovation is key in differentiating brands that offer similar products and services. A company that can demonstrate its innovation by positively impacting its customers’ lives raises perception of the brand as an expert and leader in its industry. An innovative product or service becomes just one part of a much more profound experience that can motivate customers towards a purchase for fear of missing out on something that will make them feel good and bring tremendous value. But, how can this be achieved?

The answer lies in how innovation is built into the daily life of the company and its employees. True innovators are customer-focused, agile and adaptable, co-creating with their audiences and expanding the meaning of “innovation” beyond the expected.

See who made the Top 40 Most Innovative Brands.

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