Brand marketers have a big job: create brand vision while driving revenue. But that job is getting bigger, as the benchmark for success is also changing to take more things into account, such as “cool factor,” originality, implementation of innovative marketing technology, and the status of being “first to do something”. This shift is due to marketers recognizing that innovation yields engagement and consumer loyalty, thanks to the way technology is sculpting the interactions between consumers and brands.
This migration has introduced a new trend called “technovation,” which is the melding together of technology and innovation by creative thinking. Seasoned brands are using technovation to rejuvenate and reinforce their relationships with their customers in the following ways:
1. Use existing technology in surprising ways.
Innovation doesn’t necessarily require building something from scratch. Recycling existing technology to be used in a new way is evidence enough of progressive thinking. This tactic is especially effective for big brands that want to demonstrate their enterprising spirit. For example, Oreo garnered attention by using 3D printing technology to dispense custom cookies from a vending machine on demand and IBM used its Watson cognitive computing technology to operate a branded food truck that offered customized ingredient recommendations to patrons.
Furthermore, British Airlines showed drivers real-time information about planes visibly flying overhead by building an interactive roadside billboard that gathered in-flight radar data and analyzed weather patterns and flight paths.
2. Introduce brand new technology.
Sometimes existing resources simply can’t accomplish your goal. Brands that prioritize technovation-based marketing strategies recognize these moments as opportunities for creation. This often takes place on the vendor side, but these new solutions could also come directly from the brand.
Amazon’s Dash Buttons perfectly demonstrate a brand introducing new technology to extend its reach and awareness. Amazon Prime members can stick these physical buttons on any household surface and push to order their most frequently used products.
3. Let the campaign determine the KPIs, not vice versa.
Truly innovative brands recognize that being the first to do something means accepting that there are no existing structures built to support it. This is certainly the case with KPIs that can measure the success of technovation-inspired campaigns. Imagine the introduction of innovative marketing technologies that are steps ahead of the already widely adopted technologies. With technology giving consumers more power, a whole new generation of KPIs that look at engagement from all angles has surfaced.
Indicators like awareness, time earned and engagement rate are the most representative of this new wave of analytics. These metrics track the additional time spent engaging in a digital dialogue with a brand and how this affects the consumer's future moves. Technology gives everyone a platform for their voice, so understanding how people are interacting with and sharing content within these networks is extremely important.
The brands that are on the leading edge of technovation are optimizing their consumer interactions to tell more comprehensive and valuable stories and are using the data from these new KPIs to drive their strategies.
To find out how the world’s top brands are using technovation in advanced video, check out our Marketer’s Guide to Advanced Video ebook.