Branding is more than just a business buzzword. It has become the crux of selling in the new economy. If the old marketing mantra was,” Nothing happens until somebody sells something,” the new philosophy could be” Nothing happens until somebody brands something.”
A brand represents many intangible aspects of a product or service: a collection of feelings and perceptions about quality, image, lifestyle and status.
The diagram below illustrates the factors that are crucial in building successful brands.
We are going to give further details for the most of the above factors, somehow indirectly, analyzing brand communities and brand signals.
As I was searching for open innovation and its benefits I came across a site named ideaconnection.com. It is a company which gives businesses access to the world’s most creative and innovative people, who work collaboratively to solve problems and develop innovations.
The point is that in this site you can find some open innovation success stories. The most interesting thing is that there are not only businesses that use open innovation but also towns or cities such as Birmingham, United States, that are benefiting from open innovation. Specifically, the charity of the city launched an international on-line contest called Prize2theFuture to solicit ideas for how best to use a city parking lot next to its Railroad Park. The residents were submitting ideas to make the city better and the prize for the winner was $50.000.
Another interesting story is that in California an open innovation competition encourages the inputs of local residents into the creation of new laws.
It is worth to take a look at these stories…
I found a very interesting video in which Matthew Guiste, director of global social media at Starbucks talking about open innovation and social media. Specifically he is talking about MyStarbucksIdea.com generating around 100.000 ideas for new products and business improvements. It is good to see this video because it describes most of the things that we learn in class, actually how all these things are applied in a real company.