INNOVATION defined.
It has been proven that when customers receive tangible value, trust and engagement increase.
Harvard Business Review defines innovation as the “difficult discipline of newness”. And rightly so, but does finding ‘new out of the box solutions’ to business problems sufficiently outline our call to arms? I believe innovation is more like a three-sided coin, multifaceted and interconnected.
With digital transformation, take L’Oreal during the height of Covid-19 as an example. Their investment in ModiFace, an AR-powered app that gives customers a virtual makeup try-on, virtual hair color previews, and immersive shopping experiences, allowed them to deliver a personlised virtual consultation service. A strategic leap in how they served customers at scale.
In the area of people transformation, to facilitate the creative process of successfully building, integrating and maintaining new innovations, we need to acquire, up-skill and re-skill an adaptable team.
And then considering value-driven data exchange. Great innovation is not about developing flashy gimmicks, but rather building meaningful utility. A L’Oreal core group study showed that marketing campaigns incorporating value-added service apps tripled conversion rates across the board. It has thus been proven that when customers receive tangible value, trust and engagement increase.