Building a Successful Brand with a Continuous Innovation Cycle
Innovation is the key to brand success but, it is not limited to the functional benefits of the brand. A brand that sets the trend rather than reacting to them is likely to be seen as different and more popular. What is it about Coca-Cola, Microsoft, Starbucks, Disney, and McDonald’s that they are a huge success? What makes a consumer buy one product over another? They have all experienced uncommon success based on innovation. Building a good brand is more than just creating a logo, tagline and using a specific color scheme to put on your company’s packaging, bags and letterheads. Successful branding is more about building trusting relationships and emotional connections with your customers.
Enterprises usually tend to promise the best service or the lowest price, but that’s not enough, because everybody makes those promises. To make a successful brand, constant innovation is vital. Brands are among the most important assets that a business can own, and strong brands can ensure business continuity in times of difficulty. A brand must relevant to their customers, contemporary and appealing at every span of time. For this, a company has to constantly innovate.
Steve Jobs once told a group of employees, “People with passion can change the world for the better.” To Steve Jobs, people who buy Apple products are not “consumers.” They are people with hopes, dreams and ambitions. He builds products to help people achieve their dreams.
Innovation, very simply put, is a new way of doing things that result in positive change. Innovation can become an inherent part of your brand when you think differently about addressing your business challenges, to beat the competition and stay successful. Branded innovation is actually incremental and is developed in response to market opportunities—as people moved from cassette to CD, the Sony Walkman became the Sony Discman. Kellogg’s launched Nutrigrain to bring us breakfast in a bar.
Every company must innovate to steer ahead of the competition and in the process build a successful brand. Sony has demonstrated an ability to capture the imagination and enhance people’s lives. It built a successful brand with continuous innovations. The company has been at the cutting edge of technology for more than 50 years, and has positively impacted the way we live. Sony innovations have become part of mainstream culture, it continues to fuel industry growth with the sales of innovative Sony products, as well as with the company’s convergence strategy. Sony has moved with the times and introduced products like VAIO notebooks that raised the bar in both form and function; digital cameras that capture pictures on a floppy disk, and many more.
Enterprises understand that it is important to move from idea capture to execution of the idea, and with the help of successful idea management services, it is easier to create a successful brand.
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