7x Faster Growth With Innovation

Did you know? Brands that are perceived as innovative grow a staggering seven times faster than their competitors.
𝐖𝐡𝐲? Innovation strengthens a brand’s appeal, competitive price power, and margin.

In a recent article (see link below), Kantar, a globally acclaimed marketing insights agency, explores the strategies of some of the world's largest and most innovative companies to achieve this remarkable growth through innovation. These are the same strategies deployed by some of the world's leading innovation consultancies like Ziba Design, IDEO, and frog to help their clients successfully identify and design innovative products, services, and experiences.

Here are the six pivotal factors highlighted in the article to boost organizational growth through innovation:

1️⃣ 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭𝐢𝐚𝐭𝐢𝐨𝐧: Innovation is the rocket fuel for differentiation.
2️⃣ 𝐀𝐮𝐭𝐡𝐞𝐧𝐭𝐢𝐜𝐢𝐭𝐲: Innovating for difference starts with the brand position and promise. 
3️⃣ 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: Customer and trend insights provide the necessary understanding that unlocks the power of differentiation.
4️⃣ 𝐌𝐞𝐚𝐧𝐢𝐧𝐠: Must deliver a difference that is meaningful to the target customers.
5️⃣ 𝐄𝐱𝐜𝐞𝐬𝐬: Innovation must help build ‘excess’ differentiation (i.e., More than simply meeting the customer needs). Most breakthrough brands have an excess perceived difference.
6️⃣ 𝐉𝐨𝐮𝐫𝐧𝐞𝐲: Innovating across the entire brand experience, from awareness to loyalty.  

✏️ Note: What often remains unsung, yet crucial for the success of these organizations, is the presence of a robust 𝐂𝐮𝐥𝐭𝐮𝐫𝐞 𝐨𝐟 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧. Without cultivating an organizational culture that actively promotes and champions innovation, replicating the growth these companies achieve undoubtedly becomes a challenging endeavor.

So, how do you create a culture that can 𝐜𝐨𝐧𝐬𝐢𝐬𝐭𝐞𝐧𝐭𝐥𝐲 and 𝐞𝐟𝐟𝐞𝐜𝐢𝐭𝐯𝐞𝐥𝐲 deliver innovations that drive sustainable business growth?

https://lnkd.in/gMRPm4Ws