Ten Different Types of Innovation (cont.) 9

C. Experience (focus on customer-facing elements of an enterprise and its business system - 3rd of 4 types)

9. Brand (how you represent your offerings and business, ie

"...It requires designing and expressing the brand in ways that are both distinct from the competition and relevant to the customer..."

Larry Keeley et al, 2013)

Using the following tactics:

- extensions (offering new products or services under the umbrella of an existing brand)

- big idea or a set of values (make your brand stand for a big idea or a set of values and express them consistently and transparently in all aspects of your company)

- branding your components (branding is not limited to the final offering - it is making customers aware of the value - this can build both preference and bargaining)

- brand extension (offer a new product or service under the umbrella of an existing brand)

- brand leverage (allow others to use your brand name to lend them your credibility and extend your company's reach)

- certification (development of a brand or mark signifies and ensures certain desirable characteristics in third-party offerings)

- co-branding (combine brands to meet mutually reinforced key attributes or enhance the credibility of an offering)

- component branding (brand a discrete piece of the offering to make the whole appear more valuable

- private label (provide goods made by others but packaged under your company's brand)

- transparency (allow customers to see the operations and participate with your brand and offerings), etc

NB The above tactics can be used individually or in combination.

The aim is to

"...ensure that customers and users recognise, remember, and prefer your offerings to those of competitors or substitutes..."

Larry Keeley et al, 2013

Ideally it conveys a distinct identity.

Leveraging of the many touch points between the company and customers including communications, advertising, service interactions, channel environments, personal contact, etc..

"...brand innovations can transform commodities into prized products, adding further meaning, intent, and value..."

Larry Keeley et al, 2013

Indicators of success are when the organisation's brand

- has an unusually distinct or vivid identity, particularly when compared to its rivals

- customers see themselves as a distinct community or movement centred around the brand

- the company's brand is used by other business partners (even competitors)

- extends the brand to an unusually diverse array of businesses

- uses its brand to foster integration and connectivity across offerings.

 Some examples include

- Virgin (it started in the 1970s in the music industry as a mail ordering business selling cheap records and then expanded into other parts of the industry. The brand now stretches across a diverse array of sectors including mobile telephony, transportation, financial services, media, fitness, space travel, etc)

- Trader Joe's (supermarket chain that specialises in private labels by cutting out the middleman and going directly to suppliers)

- Intel ('Intel Inside' is the branding of one of the most important components in a computer)

- American Heart Association (the 'Heart Check Mark' certification is bestowed on food products that meet specific nutritional standards)

 

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