Marketing Innovation or Renovation? Which is best?
Marketeers get excited when they start talking about ‘Innovation’ or ‘NPD’ (new product development) as do sales teams, as it is perceived that they can offer something new and exciting to their customers. But renovating a brand, has a part to play too within portfolio mix and offerings. So, what is the difference?
Renovation is to renew or revamp something – to make it look new again. Whereas Innovation is to alter and change into something new – to revolutionise. So, what does this mean when it comes to brand marketing? Innovation involves introducing new variants into a market, renovation involves re-staging or re-launching a brand, but which is best?