The New Economy of Creative Innovation

The last few weeks have generated a series of momentous changes for everyone's life. The contingency caused by COVID-19 has paralyzed many industries and has forced a process of analysis and reflection on an uncertain future.

On the positive side, we are more than ever connected to information, countless whitepapers, reports and studies have reached our hands. However, little can be done with so many resources if the capacity to innovate is not developed in the way of thinking creatively about solutions.

The new normal in business

It is unlikely to prepare to return to normal, a "new normal" is approaching for everyone.

According to S&P Global, the five industries that would be most impacted by this period at a global level would be Airlines / Tourism, Casinos, Entertainment / Leisure, Auto Parts and Oil / Gas. The impacts caused go beyond unemployment and indicators in the stock market, it will also be seen in how the end user sees these industries in the long term.

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A new lifestyle for people

Some reports indicate that the total adaptation to a new lifestyle. The report The Board of Innovation brings an end to the table, "The new low touch economy".

A scenario in which consumers will be more cautious of physical contact, being in closed spaces with large concentrations of people and traveling in the traditional way. This implies an imperative need for rapid adaptation of business models and brand experiences to consumers who will go through periods of tension.

" This implies an imperative need for rapid adaptation of business models and brand experiences "

Even for industries that have seen demand growth thanks to a more avid home entertainment user, indulgence in consumables, and a need for connection and content, there is no established “business as usual”; And for growth to be constant in the long term, the way a product or service is promoted has to build user trust to a new level.

The need for reinvention

As this adaptation process progresses , marketing and advertising agencies also find it necessary to break schemes.

Traditional campaigns could go unnoticed by a consumer who pays his attention to living day by day, and online campaigns, favored by retargeting, could generate a repetitive exhausting impact on a user with more online shopping options.

The role of communication consultants must now more than ever be reborn in the strategy, it must drive creative innovation at every stage of the journey of connection with the user. As strategists, it is necessary to diversify the tools, the data sources, the brief resolution processes and even the assembly of work teams for clients.

Creative innovation at the helm

The creation of value in the production chain can come from different spaces, although traditionally it came from R&D, consumer insights or marketing teams, businesses must now rely on the creative innovation of their partners to anticipate the constant changes in the environment of their potentials consumers. Creating value and differentiation is now in everyone's hands.

"Businesses must now rely on creative innovation from their partners to anticipate constant changes in the environment of their potential consumers."

What do consumers expect from Brands?

Additionally, citizens are waiting for the role of brands to be supportive in this new context. According to a study by DDB Latina , 43% of people are waiting for brands to stop thinking only about business and do something for society, while 42% want them to work to improve the environment.

Reinventing the role of brands in people's lives requires impulses and risks that we would probably not think of taking before, but the risk of not taking them is even greater, since history has taught us as those who invest in times of crisis they are the ones who stand up in the long run.

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