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For example, a customer wants to buy a mobile phone and he has a fixed brand in his mind which he is going to buy. But if he sees that he can get a better product in the same price range from some other brand, then definitely he will buy the other product. The only reason is that every customer wants higher return on investment.
In this case, brand is taking a backseat to innovation. But yes, we cannot forget brand altogether. Suppose the new product comes from a lesser known company for the example above, which has not yet established itself as a reliable brand. So the bottom-line is that Branding and Innovation goes hand to hand. And now companies cannot get complacent thinking that they have a good brand name in the market and they can sell their product over longer period of time just by the name of their brand, because every company's aim is to sustain their profitability over a longer period of time.

So they have to innovate their product or service constantly to keep themselves in the rat race.

Different Faces of Innovation

Nowadays companies are not only innovating their products but innovating nearly every aspect of the company.