from innovation to wealth creation - getting closer to customers faster
DESCRIPTION
My opening presentation at the AIMIA Innovation and R&D Conference May 2010 Melbourne, Australia. http://www.aimiainnovation.comTRANSCRIPT
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From Innovation to Wealth Creation – Getting Closer to
Customers Faster
Walter AdamsonCEO, NewleaseG2M
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“…creativity and invention without wealth creation is not innovation”
“...innovation is where newness, wealth creation and speed intersect”
The Management of Innovation. Jerry Ellis, The Warren Centre Innovation Lecture, April 1997.
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Low Down and Dirty
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The Low Down:business innovation must satisfy the
fundamental criteria of wealth creation
Outreach to Customers and Knowledge of Competitors and Markets
InnovationInnovationCommercialisation
(DILIGENT)Invention
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Loop Speed Matters Most
@ericries:• New definition of value:
validated learning about customers
• Lean not about cost, but about speed
• About all companies that face uncertainty about what customers want
• Compelling vision, tested by customer feedback
http://www.slideshare.net/startuplessonslearned/2010-04-23-startup-lessons-learned-conference-welcome-slides-by-eric-ries-sllconf
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And the Dirty
IDAIDA
FCSFCS
SBPSBP
ADCADC
TRPTRP
PMRPMR
MVPMVPCPACPA
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Question Time
• Are all (or even most) of Starbucks employees creative?
• Does your service or product offer more value than a cup of coffee?
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Starbucks
• 75,000 ideas submitted
• 25 ideas activated in first year
• 3 ideas per 10,000 submitted 0.03%
• Facebook Page valuation $21 -$77 million
http://www.walteradamson.com/2009/08/my-starbucks-ideas-action.html
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The Startup Bus
• SFO to Austin South By South West Interactive 48 hours• Stopped LA to pitch their ideas to people on the street
“The user experience is the most important thing in a web service, because the product you’re providing is the
experience” @eliasbizannes
• http://thestartupbus.com• http://eliasbizannes.com/blog/2010/04/phil-mckinney-talks-innovation-to-the-startup-b
us/
http://www.flickr.com/photos/dekrazee1/sets/72157623595200638/
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Customer Development
1. The search is called customer development
2. (The implementation is called agile development.)
Steve Blank @sgblank
We want to accelerate the customer development
http://www.slideshare.net/sblank/why-accountants-dont-run-startups-sllc
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Getting downto Social Business
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Social Business
Word of Mouth
http://customerinsightblog.wordpress.com/2008/10/14/my-starbucks-idea-what-starbucks-customers-really-want/
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50X Impact !!!
• High-impact recommendation 50 times more likely to trigger a purchase – McKinsey March 2010.
• Word-of-mouth was the most important factor at every stage of consideration in new markets.
Bob Apollo @bobapollo
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Social Business
Social Media as Customer-Driven Innovation
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Customer Development
http://www.slideshare.net/jeremiah_owyang/social-crm-the-new-rules-of-relationship-management
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Social Business
Overcome the Myths
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Myth: Social Media not for B2B
Facts
• 81% B2B maintain company profiles, versus 67% of B2C• 93% business buyers believe all coys should have SM presence• 59% B2B buyers engaged with peers who addressed their
challenge• 48% followed industry conversations on the topic
• IBM Twitter 289 “official” accountshttp://listorious.com/eric_andersen/ibm-official
• IBM sMash totally crowdsourced including brand
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Myth: Facebook not for business
Facts
• Intel 17 FB pages 250,000 “Fans”• Intel has FB Directory (@ekaterinawalter )
• Enterprise support through FB– GetSatisfaction– Parature
Etc etc
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HOW TO
Organise a PlanFind the People
Manage your TimeAction
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Think! Form! Storm!
• Think about your:– strategy;– messages;– outcomes.
• Sing from the same hymnbook
• Make it a company effort
• Rolling 3 month plan
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Find & Focus on People
• Find the right places and PEOPLE
• CONTRIBUTE
• Make yourself valuable, gain respect
• Generate PARTICIPATION
• Ask for help
Keep on doing it !
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Manage your Time
• Start day visiting 50 - 80 people in Linkedin, Facebook, Twitter, Slideshare...
• Leave a comment, make a note be social - DO NOT SELL
• Visit 1-3 minutes per person. Sometime 10 minutes sometimes just a few seconds
• Rate against your objectives
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Action
The time for evangelising social media is over@axels 12 May 2010
Real-time is not fast enough@jowyang
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OR! Become a bank
David Cunningham, general manager of marketing and products at Westpac in New Zealand, doesn’t believe there is such a thing as innovation in banking:– “We all offer very much the same thing,” he says.
“The best approach to innovation is to arrive best dressed and last—then you can get your offer better than the others.”
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Social business is not about your marketing strategy it is about accelerating the
validation of your vision and business plan – your route to wealth!
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Walter AdamsonFollow me on Twitter: @g2mCompany: newleaseG2M.comBlog: walteradamson.comMobile: 0403 345 632My social places: http://xeesm.com/walter
Some relevant links:• http://www.slideshare.net/getsatisfaction/hirsch-fei-voice-of-customer-3-may
2010• http://www.openinnovators.net• 30 Ideas for Using Social Networks to Help You Be More Innovative