Redscout Head of Strategy West Alex Cripe recently weighed in on how companies can use innovation as an opportunity to build brand equity.
Here’s an excerpt from the full article, which ran on Campaign:
Meaningful transformation isn’t about tacking on a new capability, product, service or audience. It’s about designing a total brand experience that is real and true to your brand’s DNA.
So, how do you pursue the brand you want to become without losing sight of the brand you are?
First, understand what business you are in.
When kicking off with a new client, ask a seemingly dumb question to understand whether this is a moment for evolution or revolution: "What business are you in?" While simple, this question often sparks a more thoughtful way of thinking about how partners can build, not just borrow, brand equity.
Second, understand what consumers love you for.
At a time when many are sprinting to reimagine their brands to attract the latest, "most valuable segment," it’s important to push for deep insight about how your brand actually connects with people.