A host of emerging technologies are being enthusiastically embraced by rapidly growing numbers of digitally savvy consumers. Leading brands and retailers should be harnessing these technologies to create engaging experiences and practical tools that enrich consumers' lifestyles. If they are to stay ahead of the game, brands must explore and intergrate these new developments.
“With more and more people becoming ‘digital natives’, staying ahead of the curve is critical to a brand's success. Brands should be exploring emerging technologies to create experiences that make digitally savvy consumers want to engage with them.”
How are you looking at innovation today?
Is it something that you reject because it doesn’t fit with your business model, or fear because we are only just coming out of recession?
Ask yourself now: Am I really connecting with my audience? With more and more people becoming ‘digital natives’, staying ahead of the curve is critical to a brand's success. As such, brands should be exploring emerging technologies in order to create experiences that make digitally savvy consumers want to engage with them.
Far-sighted brands realise that being innovative during a bad economy is a great way to gain a leadership position. While everyone else is pulling back, brands must work out how to open up. It may even be the right time to form a new company or spin-off brand.
There is no such thing as a ‘no risk’ position, and hanging on to an existing business model may leave brands and retailers vulnerable to competitors that are more open to innovative thinking. Take the case of the old encyclopedias. When I was growing up, the Encyclopedia Britannica was Google and the world wide web of information. However, the company did not adjust in time to a world in which information could be disseminated online. They couldn’t see the big picture. Today, instead of being Google, they’re relegated to a back seat at best.
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