Innovation as risk insurance for brands

At the 2016 Trendwatching event we discussed the future of brands. Suncorp’s head of innovation encouraged brands to use innovation to help spread business risk – lots of small bets, so you don’t lose the house. Big business can be nimble in small ways, by solving real problems when it matters most. Name the problem and ask if it’s worth the effort. Root innovation in the self, asking who are we now? Where do we need to be? It should be transitive, not self congratulatory.

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Our take

Disruption is the dominant theme of 2016 and will continue to produce new opportunities in the Australian media landscape. We recommend the 70/20/10 approach – 70% of budget on proven activities, 20% boundary pushing and 10% for new, higher risk ventures. Small bets can pay off bigtime to keep you ahead of the competition and relevant to customers.
For more on innovators, take a look at PWC’s 2016 Global Innovation study, which found only 5 Australian companies in the top 1000 R&D spenders.

Eva Coulam

What’s The Wrap?

The Wrap is a fortnightly review of the latest trends and technologies from around the globe.

In a constantly evolving marketplace, we identify the best new technologies, campaigns and consumer behaviours and cast The Media Store lens over their practical application and efficacy, to ensure we and our clients remain at the forefront of the news.