Innovation has become an overused buzzword, according to marketers, but what can brands do to reclaim the term and showcase true innovative ideas and ways of doing business before the word becomes redundant?
Innovation is everywhere. Speak to any brand and they will be looking to innovate, have innovation as part of an overall strategy or be looking at ways to weave innovative thinking into their business.
But many companies seem to use the word, and all it implies, without being in the business of true innovation.
The Oxford English Dictionary defines innovation as “a new method, idea, product”, and to innovate as the process of making “changes in something established, especially by introducing new methods, ideas, or products”.
Here are four aspects of innovation to watch out for if you are a marketer looking get to the core of what could become a redundant word if it’s not reclaimed and clearly defined.
1. Innovation does not equal technology
“It doesn’t necessarily relate to technology alone,” says Jo Moore, global executive brand director at Lenovo. “Innovation for us describes our mindset, which can be used to transform current ways of working and applied to all layers of business.”
The brand director believes that “technology has, by its very nature, always been at the forefront of innovation” but now consumer experiences are dominated by technological devices “brands are repositioning themselves as technology companies to remain relevant, so their focus on innovation becomes more extreme”.