When a company draws on its brand as the key starting point for developing an innovation, we call it brand-centric innovation. In such cases, the management uses the brand as a compass to make the best possible decisions during the individual phases of the innovation process.
Does the brand make for better innovations?
This much is a fact: Innovations are essential for competitiveness, especially in saturated markets. And yet, many companies lack the necessary innovation strategy.
Because markets and customer needs change constantly, companies consistently need fresh innovations. Ideally, especially in saturated markets, those developments should also fit the brand.
This is why the brand should factor in as the starting point of the innovation process. With its energy and attractiveness, it will successfully drive that process.
The brand, its values and strategic positioning provide the necessary framework for this challenging task. They form a credibility boundary, within which innovators can move freely and let their creativity run wild.
Another crucial factor affecting a company's innovative strength is its company culture. The ingenuity of customers and partners should also be drawn upon for the innovation process.
Brand-centric innovation provides added value in four respects:
1. It gives orientation, both within the company and outwardly.
2. It promotes creativity.
3. It helps differentiate the company and generates thrilling moments along the customer journey.
4. It sharpens the employer brand.
Companies are well advised to use their brand as an inspiration for their innovations. They should also be sure to know their customers and their needs well. This creates a space for new, creative ideas. Especially when faced with heightened competition, this space can engender the kinds of innovations that make or break a company's success.
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