INNOVATION IN PRACTICE: Marketing + Business Development LAMAR HEYWARD

Transcription

1 INNOVATION IN PRACTICE: Marketing + Business Development LAMAR HEYWARD

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7 How do I start an INNOVATION INITIATIVE in my?

8 Count the costs. Choose a framework. People, places, things. Create (lots of) ideas. Do.

9 00 Define Innovation.

10 INNOVATION pics of different ways One word, many interpretations. of defining innovation

11 Obviously innovative.

12 But what about these? Agile little green item at starbucks

13 INCREMENTAL BREAKTHROUGH DISRUPTIVE Small changes to existing products, services, methods. Focus on improving efficiency, productivity and product differentiation. More accessible/lower risk due to the smaller resource investment. Huge changes to an existing product or service that have a significant impact on the business. The key is while it had a huge impact, the innovation originated from a core offering. New product or service that enters at the bottom of the market and, over time, rises to displace established market leaders. Typically starts as a sub-standard product not considered a threat.

14 RELEVANCE Why you should care about innovation.

15 How do I start an INNOVATION INITIATIVE in my?

16 Count the costs. Choose a framework. People, places, things. Create (lots of) ideas. Do.

17 01 Count the costs. (Or questions to answer before getting started.)

18 Which is the best fit for your team/organization? INCREMENTAL BREAKTHROUGH DISRUPTIVE Small changes to existing products, services, methods. Focus on improving efficiency, productivity and product differentiation. More accessible/lower risk due to the smaller resource investment. Huge changes to an existing product or service that have a significant impact on the business. The key is while it had a huge impact, the innovation originated from a core offering. New product or service that enters at the bottom of the market and, over time, rises to displace established market leaders. Typically starts as a sub-standard product not considered a threat.

19 What is your membership s appetite for adoption

20 CHAMPION Who is driving the innovation initiative?

21 Decide who will lead. Someone with influence, authority and passion. CHAMPION We need leaders to drive change. Credit Union initiative? Executive sponsor = faster. Grass roots effort = slower. Department initiative? Smaller, more focused and thus easier to execute.

22 The adoption curve Based on consumer behavior what do you think your adoption style is? ADOPTION We need consumers Early or late adopters? Match your innovation strategy with member behavior. Unless you are trying to attract different members. to adopt innovation. Trailblaze? Fast-follow? You can be an Apple or a Microsoft.

23 First step is critical. The temptation is to start with the big idea and get busy building. That s fine for one-and-done; not for PLANNING Plan your work. Work your plan. a long-term strategy. Clarity = buy-in. You will need support of others. A good plan encourages participation. It won t be pretty. Failure rate is high. That s OK.

24 02 Choose a framework. (You can steal one or build it yourself.)

25 Define Discover Develop Deliver

26 What is the problem? DEFINE Jumpstart the work with a problem. What are members complaining about? What s upsetting staff? What are you frustrated about? No really, the problem? Spend more time on this part. A well-defined problem serves as a guidepost and guardrail.

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28 Research, research Immerse yourself in information about the problem and related items. Curiosity is good. DISCOVER Research, design thinking and KYC. Design thinking Start with desirability. How? Ask + answer Spend time with members, staff, etc. asking the right questions. Also, lots of answers already available.

29 Design thinking (or human-centered design)

30 MVP Minimum Viable Product. The least you can do to put an idea out there. Expect surprises DELIVER If and when your members change the way they use your innovation, Do the least amount of work possible. be willing to adapt. Fail quickly, cheaply Learn as much as you can, as soon as you can so that you can start over, if necessary.

31 Build. Create rough drafts and prototypes early and often. DEVELOP Build it. Then break it. Test. Have a good feedback loop. Don t wait for perfection to go to market. Repeat. Your launch is the starting block, not the finish line.

32 03 People. Places. Things. (Each piece of this puzzle matters.)

33 Dedicated v. shared You can hire new staff, re-purpose existing staff or share staff. A curious mind Innovation needs people who love PEOPLE to ask why?. Adaptability Change is the only constant, this work is best suited for those who are comfortable with uncertainty.

34 In the box A base at the CU means access to staff and accidental encounters. Out of the box This option reduces distraction and PLACES allows you to adopt a new culture. Hybrid More off-site workshops; and in-home consumer research.

35 White boards Pro-tip: something about public documentation makes participants feel heard, valued. THINGS Sticky notes Great for capturing, organizing, ranking and sorting thoughts, ideas. A trinket Keep your meetings moving.

36 04 Create new ideas. (A few practical things you can do to generate better ideas.)

37 Haters. There is a time to talk risk and death threats, but not during ideation. IDEA KILLERS Smaller is better. 4-7 is a nice range. If you re brainstorming with larger groups, break them down. Happy. Comfy. Fun. Free food. Great environment. And at a time when people want to meet.

38 EXERCISE 1 Give everyone on BRAINWRITING the team a voice.

39 EXERCISE 2 Walk a mile in your members shoes. JOURNEY MAPS (and personas)

40 EXERCISE 3 Why? 5 WHYS

41 05 Do.

42 Ideas are commodity. EXECUTION OF THEM IS NOT. MICHAEL DELL

43 INNOVATION IN PRACTICE: Marketing + Business Development LAMAR HEYWARD