Innovation Strategies: Planning Activities to improvise Brand Marketing

Innovation Strategy - Types, Components, Development and Much More

Students often struggle with innovation strategy assignments during their Business Administration program. However, with a little guidance, you can gain insight into the most fundamental aspects of innovation strategy and secure good grades in your assignment.

Let’s delve right into the nitty-gritty of innovation strategy.

What is an innovation strategy?

A plan to grow profits or market share through service and product innovation is referred to as an innovation strategy. Usually, a company invests money in research and development activities and encourages advancements in the services.

For instance, an innovative technology might help a company increase its production rate, monitor the activities of the employees effectively, or help the company manage sales. Basically, the innovation strategy is essential to gain a competitive advantage in the market.

Why is innovation strategy important in branding?

Technological innovation or implementation of a new paradigm, work structure (like human resource management, etc.) provides the company with several advantages. Similarly, innovation in promotion, branding, and packaging also leads to positive outcomes. Thus, let us have a look at the importance of innovation strategy in the success of the brand.

1. Staying up-to-date with the latest trends

With the advancement in technology and the requirement for more convenience, branding becomes important. Branded apparels, merchandise, etc. are some strategies to engage more customers.

2. Growth and expansion

Innovation strategy is required for the growth and expansion of the brand, at different locations. Refreshing the branded goods with contemporary style helps in engaging more customers.

3. Catering to new consumer requirements

Consumers are always comparing goods and services. Thus, you need to come up with interesting product ideas and analyze the market to get insight into what the customers need.

4. Staying on top of things

Innovation strategy is required to gain an advantage over the rival companies so that your organization can generate more revenue by making an increased number of sales.

As you can see, the innovative strategy is crucial if you are aiming at making a brand that will be highly acclaimed.

Define Different Ways to Improve Your Branding

There exist several ways to improve the brand image of a company. However, to achieve effective results, you must take a look at the seven steps mentioned below.

1. Infographics

One of the brightest and colorful ways of portraying marketing statistics are through infographics. The display of marketing data helps in thought leadership and brand building.

2. Partnerships with Other Brands

Building partnerships with other established brands and taking the help of social media or marketing influencers helps in building the brand image.

3. Branded Packaging

Branded packaging helps in building a bond with consumers. If the packaging is good, then the consumers feel like they are receiving a gift instead of a product.

4. Social Media Contests

Social media contests are one of the most effective ways of engaging consumers. Contestants will be sharing links of the contest, thus bringing awareness to a lot of people.

5. Podcasts

Interviewing industry experts is one of the most effective ways of building a brand image. It will help in engaging more consumers, who would be interested in listening to expert advice.

6. Google AdSense auto ads

Advertisements are a great way to boost the visibility of goods and services. And Google's AdSense Auto ads help to bring your services to a wider audience.

7. Discounts and Prizes

Offering discounts and gifts are a great way to involve more customers. Thus, if you want to draw in more customers, you should offer free items occasionally.

These are the seven most effective steps to improve brand image.

What are the types of innovation strategies with examples?

There exist four types of innovation. They have been discussed in detail below.

1. Architectural Innovation

Architectural Innovation involves utilizing the lessons, skills learned and applying them to a different market. This type of innovation involves less risk as it involves the implementation of already proven technology.

For example, NASA’s Ames Research Centre was destined to improve the safety of aircraft cushions. The new foam type that they created was initially marketed as medical equipment before it found success in mattress production.

2. Radical Innovation

Radical Innovation comes to the forefront when we speak about innovation. This is because this type of innovation strategy gives rise to new industries and revolutionary technologies.

For instance, as far as the mode of transport is concerned, the airplane is not the first on the list, but it was a revolutionary innovation. It reduced the time taken to reach a particular destination and made the world a smaller place.

3. Incremental Innovation

Incremental Innovation strategy is frequently used to upgrade the existing technologies to cater to the increasing requirements of the customers.

For instance, one might include new features to the existing goods and services or might even opt for simplification and remove an attribute from the system. For example, a company might incorporate new changes in the website to make it more attractive for the customers.

4. Disruptive Innovation

Disruptive or stealth innovation deals with the application of new technologies to the company’s existing business model. It has often been noticed that newer technologies take time to get accustomed to.

For instance, the iPhone, introduced by Apple, brought about a disruption in the mobile phone market. This is because the consumers were previously using keypad phones. However, it took some time for Apple to establish dominance over the market.

Hopefully, now you have an insight into the different types of innovation.

How do you develop an innovation strategy?

Coming up with a proper strategy is all about choosing the best steps out of several feasible options. Similarly, while developing an innovation strategy, you must think from the perspective of a company manager. You must focus on the points in the assignments mentioned below.

1. Determining the Objectives

The first question you need to ask is what you are looking to achieve with the particular strategy. You can always start by making improvements to the existing business model or technology. If you feel that you need to bring about a significant change, you should then look for alternatives. Your innovation strategy should be able to answer all the objectives (of the company).

2. Conducting Market Analysis

Before making the final call, you need to conduct a market analysis. You need to determine whether your innovation strategy would help your company have an advantage over the competitors. Moreover, the analysis would also help you understand the latest trend in the market.

3. Stating the Value Proposition

Next, you need to define the unique value proposition of the company. You have to assess what type of innovation would help you achieve a competitive advantage and help your consumers save time and money. To do this, you can execute value innovation and exploit the brand new uncontested markets.

4. Developing the Core Functions

Once you are through with the first three steps, you have to focus on the fundamental capabilities or the core functions that would help the company have an advantage over the competitors. You have to consider different aspects like R&D, Behaviors, Values, Knowledge, Skills, and Culture etc.

5. Implementing the Innovation Strategy

The final step is all about establishing innovation techniques. You need to decide which systems need to be put in place if you plan on executing the innovation strategy in an integrated manner. You need to think about the infrastructure as a whole and choose the supporting systems.

If you consider all the above-mentioned steps, you will be able to ace through this section in a short time.

Components of Branding Marketing Strategies

“Branding” is important as it helps a company address the customer concerns apart from enhancing the revenue generation aspect through improved sales. However, one should keep in mind the important components associated with branding.

The six key components of brand marketing strategies involve:

1. Target Audience

You need to decide to whom you will be catering your services. Thus, you need to mention that the goods and services are more likely to attract technical experts or students etc.

2. Values

The brand value refers to the policies that guide the decision-making process of a particular company; the core values that the company upholds every time.

3. Positioning

Brand positioning refers to the rank that the audience has reserved for you when they compare your service to the competitors. You need to state a “positioning statement” explaining everything to your audience.

4. Perception

Brand perception deals with the notion and belief of the audience. What did they think about your service in the past? How do they feel now? How well do they know the brand?

5. Voice

What is the unique attribute of your brand that would attract the customers? This is what ‘brand voice’ is concerned with. Your audience should know what they are engaging with.

6. Promise

The brand promise is concerned with delivering a proper message to your target audience. You should covey properly what your customers can expect from your service or products.

Thus, you need to include all these aspects of your assignment.

Examples of Innovative Marketing Strategies

There are plenty of examples of successful implementation of innovative strategies.

Influencer Program Of Amazon

Amazon has recently come up with an effective Influencer Platform, which allows social media influencers to capitalize on products they promoted on their account through a customizable Amazon storefront. Thus, fans can shop their favorite star’s products like merchandise, without the influencer has to be directly associated with the brand.

LG Rollable OLED TV

LG, the electronics giant, came up with an innovative idea to introduce a screen that can be folded and rolled up. The screen is so flexible that it can be folded like a newspaper, thus, solving the problem of carrying a huge screen when one is traveling.

Similarly, there are many examples of successful innovative marketing strategy.

Need Further Innovation Strategy Assistance? Place an Order at MyAssignmenthelp.com

Do you need further insight into innovative marketing and branding? Do not worry. MyAssignmenthelp.com is here to provide you with optimum assistance. Over the years, we have assisted more than twenty thousand students in securing exemplary grades in the innovation strategy assignments.

On the other hand, students have relied on our service as we provide: