The key to successful innovation is exploring different angles and not staying in the now, according to Kantar Insights’ observations of the most valuable brands.
In a disruptive era, innovation continues to be the key to brand growth. However, in volatile times, a new approach to this concept is needed; Because innovative ideas must be built on the solid foundations of an organization and must be centered around a deep understanding of consumers.
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This helps innovators focus on the right opportunities in the midst of chaos, constant change, endless data and endless options, based on the behavior of the most successful brands on the planet.
Peru, like the rest of the world, is going through an important transformation, says Pilar Bermudez, Country Manager of Kantar Insights, where “the space for the development of corporate imagination is opening up”: “The insights they still have an important space to be revealed, but corporate creativity is also required to anticipate changes in the situation and have the decision to be able to explore and take concrete actions within strategic planning”.
How to find good opportunities to innovate?
Behind every great innovation, no matter how big or small, there is someone who saw a great opportunity. But this does not mean that all innovation originates from a solitary flash of inspiration or endless brainstorming.
Rather, what is shared by inspiring innovators like Nike, Net-A-Porter, or Nest is their ability to connect the dots between the current stage of their company or product, its future, and the context around it. The ability to see an opportunity where others don’t is at the intersection of these three areas.
That is why Kantar uses systems thinking to design a strategy that consists of exploring a problem or situation through different lenses to discover more holistic and powerful innovation opportunities. That is, various approaches that generate knowledge are analyzed, from the familiar to the most distant, to explore what the future could bring.
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What to look at to start innovating?
So where to start? Innovators are often encouraged to find the blank space in a product category, this area that expresses existing tensions that are not being resolved or articulated.
The problem with this strategy is that it provides solutions based on current behaviors that are easy to discover both by the company that carries it out and by its competition. An innovation designed to take advantage of a brand’s current improvement points may be significant, but it may not be unique enough to stand out from the crowd.
Unlike blank spaces, blind spots are on the periphery. These unseen angles are made up of emerging tensions, alternative solutions and aspirations that if not resolved in time will become future headaches.
Taking these data into account means looking beyond the present and exercising an open mind that considers various data and manages to extrapolate them to imagine something better.
A classic example of this is the case of Nintendo Wii. It was designed to lure gamers into a new gaming experience, thus avoiding direct competition with brands like Sony and Microsoft. Launching at a time of growing interest in wellness and health as a lifestyle, demand for the Wii outstripped supply and more than 100 million units were sold in the first year.
How to identify significant innovation opportunities?
The key to successful innovation is to systematically explore different angles and sources of knowledge to identify the most likely development within a certain context: the current state of the product, what is to come and what is happening around it.
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Mental keys for innovation to drive real growth for your brand
The thought Inside Out explores the world as it is today, taking into account the power and current potential of brands, understanding their product categories and consumers is that this type of thinking leads to effective product development. But when combined with the thought Outside Informs a valuable foundation of empathy and understanding that anchors future possibilities in a credible and genuine space for your brand.
The thought Outside In it presents a more radical way of navigating the future and reconnecting with what is happening in the context. In addition, this type of thinking seeks to expand the frame of reference to have a broader vision, exploring how people’s lives and attitudes are changing.
Likewise, it refers to how other categories have been reinvented and seeks to offer new creative opportunities inspired by cultural trends and the future. Combining both styles will broaden your thinking and illuminate new possibilities that would otherwise remain unexplored.
How to prepare your innovation for the future?
To prepare your summoning strategy for the future it is critical to step outside the boundaries of what exists now and anticipate what the future might bring with perspective. Outside In. And if you’re innovating on behalf of an existing brand, you want to make sure it fits in well with what your brand is known for: staying grounded with a mindset. Inside Out.
Once you get off to a good start with the right opportunity, you can accelerate the build and launch phases to nurture and develop great ideas.
Once the entire process of searching for opportunities has been developed, possibilities open up to work on iteration with the consumer and the sizing of opportunities.
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