Innovation has become important first, to the perpetuation of businesses (a process of renewal): without regular innovation, brands lose their salt and are eventually overtaken by market events.

Secondly, innovation is a major driver of growth and profitability, though it may work against the brand if it does not align with the core tenets of the brand.

Thirdly, innovation is a core brand strategy and must be an integral part of the brand concept.

Studies have shown that the new forms of innovation driving today’s companies are based on an intimate understanding of consumer culture. Unquestionably a deep understanding of consumers and a broader awareness of trends fuel inspiration and creativity – and better position companies to balance innovation risk and opportunity. Continue reading →