Innovation and brand’s profitability
Author: yinkaolaito
Yinka Olaito is happy,excited and passionate Brand Communication, Social Media expert, Trainer and speaker. Yinka Olaito helps brands(Profits and Non-profits)with effective communication and positioning for premium service delivery and returns.Yinka Olaito also has special interest in Development Communication and has consulted for noted UN Agencies. Yinka Olaito is the CCO of Michael Sage consulting and African Child Right Inc.Lagos Nigeria
In my study of innovation, I have come to like Tom peters’ definition of the use of the word. Tom Peter says ‘Innovation is a number game, the guy who tries the most wins. He goes further to say that innovation can thrive where there is right brand culture, positive mindset that is willing to try it first, try again and talk about it later’. The need for Value acceleration has become more relevant now during recession than any other time. People stick to what save them cost instead of buying for gratification during recession. Customers want to conserve the little in their hands and invest in what gives them much value. Any brand that can accelerate value through innovation, proper communication will not be affected by the crunch. The traditional approach to brand business will fail any brand and it will show when they become irrelevant.
Whatever is said in the promotion of recession, crunch, a brand with right attitude to acceleration of value will remain relevant. During recession many customers think about cost effectiveness of every purchase because they have little money at their disposal. A brand positive mindset to acceleration of value through innovation will become an antidote to failure or irrelevancy. Let us examine few factors that can help brand innovation which will eventually enhance brand’s profitability during recession.
1. Across the board communication: None of your brand champions is totally useless. After all, the brand would not have hired a fool in his entirety. More importantly, realize that each of your employees has contacts outside the brand’s community. They also relate in a way with the brand’s customers. In a way they will have access to one information or the other about the feelings of your brand users. Learning to ask them of how to improve value for the brand users will not be out of place.
2. Power of sharing and connection: the brand should not be afraid of connecting with the idea of a weird member of the brand champions. Be interested in sharing what you think will work. Inputs from others can safe you from unnecessary wastages.
3. Active engagement: In addition to the above, learn the rules of active engagement. Tolerate both foolish and fantastic ideas if you want to get everyone involved.
4. Celebrate failures: Thomas Edison would not have been known if he gave up after series of failures. He celebrated his failures by saying “I just discovered how it would not work”. Believe me, innovation as Tom Peter says is “commitment to excellence, fun, scary, enthusiasm, passion, life at the speed of light.
Let me conclude today’s piece by saying ‘whenever anything is being accomplished, it is done by a monomaniac who believe it can be done, if you care enough, you will experiment and not worry if it goes wrong.
