Time for companies to innovate or fall
Brand development and innovation are design driven processes. Companies which include this in their strategies are better equipped to deal with changes.
We were market leaders, but now we’re not even included in the top rankings!
The only thing you can be sure of is that nothing is safe. Things will change. New products are constantly being launched, new generations with new agendas are growing, laws are changing and markets are expanding and disappearing. All too often we hear leaders say, "This is how we have always done it," which usually indicates the beginning of the end! Now we see daily examples of disruption, new companies challenging the established market.
Brand development and innovation are by their very nature creative, design-driven processes. We often see the companies including this in their strategies are better equipped to deal with unexpected changes. Quite simply, they adapt more quickly and enjoy success more frequently.
Over the past few years, we’ve seen traditionally robust companies such as Sony Ericsson, Borders and Blockbuster go to the wall because they’ve failed to focus on regeneration and innovation. At the same time, we’ve seen innovative international companies such as Spotify, Tidal and AirBnB establish themselves as market leaders in a short time. In Norway, Norwegian is a good example of a company that’s focused on innovation and a fresh approach, and as a result it’s taken market shares and won over an entire nation.
Checklist
Do you and your company hold regular meetings to discuss brand building and innovation?
When was the last time you introduced something new?
Are there any predictable changes which could affect your company?
