Are You Innovative Enough to Succeed ?

    The capital of Korea Seoul has over 200-star bucks coffee shops and even more local cafes.The coffee industry is still growing and so is the competition among cafes.The problem is that Dunkin Donut is perceived more as a donut shop than a coffee shop.When it comes to a place to have coffee people go to other places.

    Their mission was to encourage people to choose coffee at Dunkin Donuts.They wanted to change this perception and promote Dunkin Donut as a place to have coffee.Due to terrible traffic situation people in Seoul go to work via public transportation on buses and subways. These people tend to stop by cafes on their way to work.The challenge was to set right communication targeting these people.So after a lot of efforts, they came up with this innovative idea.

The idea was to release the aroma of coffee with radio advertisements.

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    So they created a machine which is triggered by the sound of Dunkin Donut jingle. It simultaneously releases coffee aroma as the Dunkin Donut ad plays on the radio. People exhibited surprising responses after noticing the aroma while listening to the jingle. Positioning was done in such a way that when they exit at their stop, they would see the Dunkin Donut shop in front of them.Now they are more likely to make their stop at Dunkin Donuts.

    The result of the campaign was visitors increased by 16% and sales of Dunkin Donuts increased by 30%.The ideal result is People are now thinking of Dunkin’ Donuts when they think of their morning coffee.

Innovation means new ways of thinking which in turn leads to new ideas.It also leads to the discovery of new perceptions, solutions for better opportunities and above all a better life for all.Innovation is meeting the changing requirements of the market.Generally, people think of innovation as a process involving huge expenditure, uncertainty and disruption of production.The major objective of innovation is to create value for the business.Developing new opportunities, efficiencies and more revenue lead to value creation.Also, it ensures the long-term sustainability of the business and gives you a competitive edge.

    Here are some brands which have adopted these innovative ideas to boost their revenues and brand image:

a.NETFLIX-Vertical Integration

    Netflix always forays into new territories. It often has to go through a lot of suspicions and negative forecasting on its way forward. It has always challenged the status quo by differing from traditional business models. They do many things which other people didn’t believe in.
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    They were the company which invented the subscription-based streaming business and disrupted the market.
    They revolutionized the market by offering ad-free television and films on demand.
    The company invested in licensing content from studios and developing their own series and movies, which established them as the market leaders.Also, it maintained a low monthly subscription fee about half that of HBO.
    The audience has come to appreciate their service and the experience of ad-free television and films on demand.
    Now their subscriber base has reached millions and they are reaping the high profits also ensuring long-term sustainability.Its strength lies in its ability to create original programs and self-distribute them all over the world which marks a new stage of the competition in media distribution where they are the frontrunners.
    They adopted the strategy of Vertical Integration. Going global by cutting out the middleman they opened a new world of possibilities for them. The fact that they own the rights and distribute directly to the viewers has allowed Netflix to keep most of the revenues, rather than sharing with distributors.

b.SpaceX- Breaking Norms

    Space X led by Elon Musk is a private aerospace manufacturer.After breakthrough innovations and years of efforts, SpaceX has earned its place among the elite class aeronautics.By developing its reusable rocket system it changed the economics of space flight¬. This system has proved itself to be highly reliable. They managed to something that no one has even dreamed of before.

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    With a very bold attitude the company went where no aerospace start-up has gone before, 18 successful launches, delivering 48 satellites into orbit and supplying thousands of pounds to the International Space Station in 2017 has put SpaceX at the paramount heights.This success they have earned a huge reputation for them and SpaceX now holds more than 60% of the global share of commercial launch contracts.From landing eight rockets on the ocean-based drone platform to sending three refurbished ones back into space, they have done all kinds of unimaginable stuff.This is not it, furthermore, they are even planning to colonize the planet Mars and save humanity in case of an apocalyptic situation.

Though each one of them belongs to different industries, the underlying factor behind their huge success is Innovation.In order to be at the top position, they have been taking up the challenges and meeting them with constant breakthrough innovation.

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