We all must have heard the word innovation its being used casually in every industry. A word used so often but still people are unsure of its meaning. So, let us take a look at innovation? What does it mean? “Innovation” becomes a very important factor, furthermore it is helping industries to grow. Companies without innovation are unable to survive in the world today. For example, Nokia and Blackberry were once celebrated brands have now vanished due to lack of innovation.
Let’s dwell on the topic and answer all questions related to innovation. Firstly, we need to understand the meaning of innovation. Innovation is all about finding unique solutions to problems, in some sense we can say that it is the birth of new ideas.
Innovation is not a static process but a dynamic evolving one, it corresponds with the change in the human needs and environments which in turn change the face of businesses, either by making them successful or worn-out. Let’s understand innovation in this sense, mainly there are three types of innovation which plays a crucial role in providing relevant products and services. The three kinds of innovation are functional, emotional and process innovation.
Starbucks created an emotional experience for its customers, with a variety of coffees and ambience, this was one type of innovation. The Starbucks carry cups which made it easier to carry hot drinks became functional innovation. No segment today in the world is unattached to innovation, something which started as an added benefit now has become an unavoidable factor of the business growth.
Innovation can be said to have made up of, Viability, dealing with the business point of view, Feasibility looking at the possibility of creation through technology and Desirability, the needs and wants of the consumers.
Emotional Innovation means either creating a new demand or adhering to an existing one. People adore having brands, why is that? It’s because of emotional innovation. A bottle itself is a device to store water, but when Burberry comes out with a bottle, it becomes an “accessory.”
Another example of emotional innovation could be hair colors. Earlier the idea behind coloring your hair was to cover the grey hair. Today its having your own choice of hair, it can be your identity, you can experiment with the colors. Here hair colors form that emotional appeal with the audiences, making it an emotional innovation in the haircare industry.
Zomato is a combination of feasibility and desirability, where we use technology to feed the customers, give them the freedom of ordering their favorite dishes while at the same time making it a favorable business, as today everyone has a mobile phone and the ease of ordering through the internet. We call that process innovation. Uber, Tinder, Urban Clap, Amazon are examples of such an innovation.
Functional innovation includes the use of machinery and technology (business viability factors) to ease the processes of business. For e.g., a crane is functional for various purposes.
We, at Design Horse a branding agency work closely with Emotional Innovation, we provide solutions which build brands by giving the consumers the freedom of choice they are looking for. To conclude, I’d say innovation is critical for any business to survive, sustain and thrive in the world today. Hence, it is essential to understand everything about innovation and practice it. Consider the three types of innovation and find the one which is needed for your business industry and field.