Modern businesses know that innovation is a necessity for survival. The best companies are constantly seeking new strategies, technologies and ideas to improve their products and expand their markets. They also invest in their brands to create an identity that inspires consumer loyalty. Often, these investments are made at the expense of short-term profit, but those sacrifices pay off in future share and market growth.
The key is to use a well-planned and executed strategy that maximizes the impact of each dollar spent on marketing. This means finding ways to repurpose existing products and services, or creating entirely new ones that can address specific customer pain points. This approach helps companies build a powerful brand that can stand out in the marketplace, and attracts the attention and investment of potential investors.
One of the most effective ways to innovate a product is to take advantage of an emerging technology platform. For example, a skincare company could add an audio chat room to its website that allows customers to ask questions and receive support in real time from the brand. Similarly, budget management apps like Cleo use a chatbot to provide advice and tips on how to better adhere to daily spending goals.
Many of the newest innovations are based on human-centered and Design Thinking methodologies. These techniques unlock the deep understanding of how people interact with and experience a brand, while helping the business identify the most valuable opportunities to evolve its offerings.