Brands & Innovation

For a very long time, the phenomenon of Brand Innovation has come in two ways, both from the manufacturers' side and from the side of new Customers and existing customers.

The brand innovation phenomenon operates at such a fast pace, and it crosses industries and sectors.

If in the past we would notice the phenomenon of innovation in the world of electrical devices, cell phones, and the like, today we see the phenomenon in consumer products, pharma, furniture, and more.

Our media is so present in our daily lives, and it exposes us to new products, ideas, products, and new trends and, from there, begins to grow demand for innovations in the products and brands we purchase daily.

If we look at the cellular industry, it seems that different companies regularly and systematically renew the features of their devices, some once a year, others once in a few months, and even more.

Suppose the consumer used to dictate the pace of renewal in the past. In that case, today, innovation and the media dictate the demand for brand innovation. To stand out in the market and remain leaders in the field, manufacturers find themselves in a reality that requires them to produce the next thing in a brief period from the previous innovation.

Regardless, the evolution of a brand has been committed throughout its history.

From the perspectives of the final consumer and the manufacturer, innovation does not always justify itself; on the contrary, it can even be harmful in some cases.

We can notice that a brand that does innovation itself every few months/years does not always bring a change or innovation that meets a specific need that it must have, meaning that the consumer, on the one hand, does not need this change.

 On the other hand, as a consumer who is connected to his brand (usually such a connection is established), he wants to have the newest and most updated product, so he will want to upgrade without any real need, and this can damage his relationship with the brand over time.

The manufacturer, on his part, must release some update/innovation to stand up to the competitors in the various markets in the world and to align with them; of course, this requires additional costs that directly affect the business model and to the extent that the customer decides that the innovation is not big enough. If he does not upgrade, it may be that the move will not pay off.

In the aspect the world of marketing - the world of brand innovation is, of course, a fantastic marketing tool and helps the company to produce:

A. New brand awareness.

B. Bring more leads.

C. Upgrade existing customers.

D. reach new target audiences.

Brand innovation comes with a comprehensive plan; in most cases, the plan is spread over more than one year and is placed as a flag leading the activity plans of:

A. brand manager.

B. The marketing department.

C. The sales department.

Each program of each such department should be guided by the innovations the brand is expected to undergo in the coming years and its evolution plan.

 Dror