Is your Brand Business Evolving and Innovating?
Here are 5 ways to keep innovating with your brand
After three years of owning the top spot in the “The BrandZ Top 100 Most Valuable Global Brands” study, Apple has slipped to the No. 2 spot behind Google. The manufacturer's brand value fell 20 percent year-over-year to $148 billion, due in large part to the company’s well-publicized recent lack of innovation. Google, on the other hand, has kept throwing money into a number of different initiatives including mapping, wearables, payments and social media.
Source: adweek , BRANDZ top 100 most valuable global brands 2014
1 - Create some news/noise
Coming up with a new concept for a product or service gives you a reason to speak to your market. You can always create a new product or service by finding ways to streamline a current product you offer, name the product, or just tell the story about an existing product in a new way.
2 - Solve a problem
Make it easier for your customers to receive your product, take out a step or 2, or hire high level customer service people to increase your customer’s brand experience.
3 - Repackage your offering
Update the way you present your brand, create a revised contemporary color palette, and/or create some new messaging that will cause a stir such as “50 things you didn't know you could do with Google”
4 - Apply your product to a new market
In China, the fashion brands are now moving down to a more middle market consumer. Can you imagine how much business they can open up if the capture this target market? On caveat, if you are seen as a high-end luxury brand you’ll need to create a new brand to avoid erosion of the exclusivity perception to the high-end market.
5 - Listen
Ask questions and create surveys with your existing clients. They experience your company from a different perspective than you do. If you listen to what they are telling chances are they’ll help you make the best decisions in your constant evolution.
Make sure to visit the Rex 3 website to find out more about us.