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  • Writer's pictureAnjana Jayalakshmi

What’s the Open Secret in Marketing?

Pfft, the answer is Open Innovation.

As marketers or marketing enthusiasts, we’ve always learned that consumer insight drives brands to success. The linchpin of success is when communications depend on insights and consumer empathy.

This is why, when we initiate branding, it’s about how the product will resonate with the people and their reaction/acceptance.

Finding the right insight is always a difficult approach. It’s the point that can make or break the firm. We know that the traditional approaches are filled with risk, with that kept in mind, how do we know, how can we believe that the insight is going to elevate the brand?

Traditional approaches rely exclusively on internal domain experts to prioritize, select, and commercialize promising ideas. Now, firms are placing their complete future in the hands of people belonging to just one department.

Digital changes the innovation playing field, the traditional model is a closed perspective that might seem like a relic in the connected age. The locus of control for innovation is outside the firm that opens space to discover paths, leading to unprecedented situations. The collective insight of a large number of individuals is superior because of the diversity and breadth of ideas – the knowledge that people bring to the table is always an added bonus. These people have different perspectives that add to the ‘data mining’ process.