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Insights to Innovation

November 22, 2016 in uncategorised

Guest Lecture: Samantha Barber

This week’s guest lecture mainly explained about some of the challenges facing brands, the importances of innovation for growth and the key pillars in developing a strong innovation strategy. Unlike comparably simpler marketing touchpoints in the past, our modern day’s consumer path to purchase have become more complicated and challenging:

screen-shot-2017-01-07-at-15-28-49The numbers of brands and choices in our market places have become uncontrollably overwhelming. It is very difficult to be able to stand out from the intense competition and cut through the noise. Brands must engage and satisfy customers in more creative ways. This week’s lecture insisted that ‘innovation should be at the heart of successful brands and is key for the growth’. Understanding key elements and pillars for¬†developing innovative strategy seemed essential.

Three components of innovation:

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Four pillars of innovation process:

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Innovation should be relevant to all business sectors and promote business models, product ideas, and services. Although innovation failure rates are inevitably very high and costly, many big companies could reduce failure rates and lead to more successful innovation by applying certain strategic guidelines. Innovative brands do the followings:

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According to Samantha, lack of data or information is rarely the issue. The most important aspects of research is interpreting and making the research meaningful by combining both hard data (age & demographics) and soft data (culture, beliefs, needs, fears, and etc.) to derive insights. Undoubtedly, a fact and an insight must be differentiated. Unlike a fact, an insight should be able to inspire innovation and ideas for strategy, helping brands to build loyalty and connect with the consumer at a deeper emotional level. For instances, strong insights on product concepts, creative development, service, and consumer journey could be really useful for the success of brands strategies.

[FUN|DMC]

 

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