For brands to remain top of mind, relevant, and increase sales, they must be innovative and create that “must have” factor. Brands that ignite a spirit of disruptive innovation place themselves at a huge advantage over their competition. In this week’s episode of Branding Business, RiechesBaird Principal Alan Brew sits down with well-known author and branding guru, and Vice Chairman of Prophet, David Aaker, who shares examples of brands that have displayed such innovation and have left their competitors in the dust. Take for example Chrysler who in 1982 came out with the minivan. The brand invested 2/3 of a billion dollars into the minivan subcategory, sold 200,000 in the first year and went 16 years without any competition. Tune in to hear of other brands who have taken a risk to stand apart from the competition.
Aaker’s Tips on How Companies Can Create Disruptive, Substantial or Transformational Innovation:
- Have a strategic vision of what is needed in the marketplace and what is possible for your company to deliver this need.
- Make sure there are resources allocated to support large innovation.
- The support of leadership is a must.
- Engage your customers to truly understand what they want, what that “must have” is that they are looking for.