35. 6 Key Learning Concepts 1. Dramatic Difference 2. Overt Benefit Difference 3. Real Reason to Believe Difference MATRIX 4. Explore Stimulus 5. Leverage Diversity 6. Drive Out Fear Agenda --- Basic then ADVANCED
36. Dramatic Difference You TRIPLE your odds of success when you offer a DRAMATIC DIFFERENCE in Overt Benefit & Real Reason to Believe MATRIX Dramatic Difference Low Dramatic Difference Probability of Success 14% Medium Dramatic Difference 40% High Dramatic Difference 53%
37. Average % Profit Margin vs Core Business Strategy16151413 MATRIX121110 9 8 7 Low Cost Quick Delivery Voice of Customer High Quality Innovation Georgia Institute of Technology n=738
38. 370%Greater chance MATRIXof profitablesuccess for ideasthat areExtremely/VeryUnique
39. RADICAL Innovation versus Incremental Innovation Company MATRIX ValuationMarketing 7XEffectiveness 9X
40. Companies That It’s NOT thePatent Grow Certificate5X Faster MATRIX It’s the MINDSET!
41. THE FIRST!THE ONLY! MATRIX New Customers love NEWS & hope
42. 6 Key Learning Concepts 1. Dramatic Difference 2. Overt Benefit Difference 3. Real Reason to Believe Difference MATRIX 4. Explore Stimulus 5. Leverage Diversity 6. Drive Out Fear Agenda --- Basic then ADVANCED
43. Overt Benefit DifferenceYou TRIPLE the effectiveness ofyour marketing efforts by OVERTLYcommunicating your customer benefit MATRIX Low Overt Benefit Probability of Success 13% Medium Overt Benefit 26% High Overt Benefit 38%
44. Features are not Benefits Features are the - Facts MATRIX - Figures - Technology - and Details That make up your offering
45. Benefits are…WHY should I care? I = the customer MATRIX “Our product will make you Smarter... Faster... Healthier...”
48. MATRIXfeature benefitOn-Line You Save MoreBanking with auto budget
49. MATRIXfeature benefitContains Fast TeethingBenzocaine 7.5% Pain Relief
50. WHY should I care?WHY should I care? MATRIXWHY should I care?WHY should I care?WHY should I care?
51. Features to Benefits Turn 3 Unique Features of the Red Devil into OVERT BenefitsMATRIX Work individually then work with your team 15 mins Pages 6-7
52. Benefits are Relative to a MATRIX Specific Customer
53. TargetcompeteIn BBQ MATRIXAudience =Those who Cookshack Cookers Send You to TheCompetitions Winners Circle 1,000+ Wins
54. NEW Target Audience Those who don’t compete WARNINGMATRIX This Electric Cooker is ILLEGAL in Competitions It gives the user an UNFAIR ADVANTAGE as the even heating makes it too easy to Make Perfect BBQ Every Time
55. 6 Key Learning Concepts 1. Dramatic Difference 2. Overt Benefit Difference 3. Real Reason to Believe Difference MATRIX 4. Explore Stimulus 5. Leverage Diversity 6. Drive Out Fear Agenda --- Basic then ADVANCED
56. Overt Benefit Real Reason to Difference Believe Difference MATRIXgets customers closes the sale excited
57. If you’re promising a BENEFIT DIFFERENCEThen… MATRIXYou MUST Be DoingSOMETHING DIFFERENTLY (i.e. have a “Reason to Believe” Difference)
58. Real Reason to Believe Difference You DOUBLE your odds of Success when you Communicate a REAL REASON TO BELIEVE That your OVERT BENEFIT will be delivered. MATRIX Real Reason To Believe Low Real Reason to Believe Probability of Success 18% Medium Real Reason to Believe 29% High Real Reason to Believe 42%
59. if every company did what MATRIXthey promised…..
60. MATRIXthere would be no need for…..
61. “RealReason to MATRIXBelieve.”
62. 93% of consumers do not have confidence in the advertisingmessages of major corporations. MATRIX -Yankelovich
63. 64% of consumers do not believethat the news media get their facts straight. MATRIX -Gallup
64. Your Overt Benefit Should… MATRIX DEMANDReal Reason to Believe
65. It’s Simple BE REAL MATRIX& Tell the TRUTHdo what you promise.
66. The TruthMATRIX Added 5 Words ...“baked in notpainted on”
68. Five Strategies for adding Real Reason to Believe Probability of Success MATRIX Holding all else constant• 1. Tell the Truth 42% 2. Testimonial 41% 3. Pedigree (Methods, Materials) 41% 4. Data or Demonstration 45% 5. Guarantee (That’s “risky”) 60% “risky” to you, not to the client
69. the TRUTH MATRIX
70. expert TESTIMONIAL The Service: Laser Vision Correction MATRIX The Benefit: Near Perfect Vision The Real Reason to Believe:Testimonials from DOCTORS who have used this DOCTOR for Eye Surgery
71. PEDIGREE “Arguably the Best Whisky in the World.” Dave Broom Whisky Magazine“The Greatest All Rounder in the MATRIXWorld of Malt Whisky.”Michael JacksonWhisky Expert“The world’s greatest distilled spiritat the present time. Buy what everyou can find.”Paul PacultSpirit Journal Retaste 12.07 Overt Communication of Pedigree Grew Sales 30%+
74. 6 Key Learning Concepts 1. Dramatic Difference 2. Overt Benefit Difference 3. Real Reason to Believe Difference MATRIX 4. Explore Stimulus 5. Leverage Diversity 6. Drive Out Fear Agenda --- Basic then ADVANCED
75. Explore Stimulus • Uniqueness Mining • Customer Mining • Technology Mining MATRIXStimulus Available Low Stimulus # of practical ideas invented 22 Medium Stimulus 38 High Stimulus 47
76. Stimulus 1 + 1 = 3 + =MATRIX + =
77. Traditional Model draining Individual Brainstorming MATRIXBefore After Suck Method Uses Your Brain Like A LIBRARY
78. COMPUTERMATRIXStimuli sets off a CHAIN Reaction!!!
79. Where To Go On Holiday? MATRIX
80. Where To Go On Holiday?MATRIX
81. Like when you FIRST started yourcompany or started your job… MATRIX
82. 6 Key Learning Concepts 1. Dramatic Difference 2. Overt Benefit Difference 3. Real Reason to Believe Difference MATRIX 4. Explore Stimulus 5. Leverage Diversity 6. Drive Out Fear Agenda --- Basic then ADVANCED
83. Leverage DiversityDiversity multiplies the impact of stimulus. MATRIXDiversity of Thinking Low Diversity # of practical ideas invented 19 Medium Diversity 30 High Diversity 46
84. Clones Create Clones What is a rose? “Beauty” MATRIX “Beauty” “Beauty”
85. Diversity Multiplies Stimuli “Beauty”What is a rose? MATRIX “Vitamin C Tea” “Rose Water” “Tango”
86. LeveragingDiversity MATRIXis not forWIMPS!
87. STIMULUS MINING • Customers • TechnologiesMATRIX • • • Suppliers Distributors Sales People • Customer Service Complaints
90. For Example…Uniqueness Mining MATRIXOur sensors have tonnesof extra memory Idea...
91. Use the memory to add acomputer game to the system MATRIX Security System PLUS Mission Impossible Game
92. Buzz Ideas PAIR UP TO INVENT IDEAS for newMATRIX PRODUCTS / SERVICES for BUZZ Electronics ON Pages 10 & 11 using stimulus from pages 8 & 9 15mins
93. MATRIXis nota strategyfor success
94. MATRIXWhat is it?
95. MATRIXis nota strategyfor success
96. CHALLENGEThe more Dramatically Different MATRIX CONFUSION The Greater The
97. Confusion ClarityBarrier compositions and articles Cancer-Safe Fast Food Tubproduced with the compositionsA stable, aqueous barrier coatingcomposition includes: (a) prolamine;(b) cold water insoluble polymer; (c) The first biodegradable fast foodwater; (d) water-soluble co-solvent; MATRIX sandwich container that providesand (e) stabiliser. The composition, grease protection without thewhen applied to a substrate, chemicals that have been found toproduces an article having a high cause cancer.surface energy and resistance to oiland grease penetration. A method ofproducing the article involvesapplying the composition to asubstrate...
98. Hot Water TapConfusionThe finest quality tap available. ClarityMade from heavy cast brasspatterns, copper tubing with Our Industrial Water Taps... MATRIXstainless steel and aluminiumaccessories, these faucets aredesigned, built and tested to last 1. Provide 2 times greater flow 19 vs. 6 gallons per minute at 25 psifor the life of your plumbing 2. Installs in half the timesystem. Use a standard 1 3/8ths drill bit vs. Chiseling a 3 inch holeThey’re the BEST Available!
99. Half the TimeMATRIXDouble the Flow
100. Research findsthat you should….Write So That A MATRIX12 Year Old CanPainlessly UnderstandYour Idea
101. CLARITY is especially necessary with TECHNICAL OfferingsMATRIXGeek to Geek to Marketing & Accounting
102. One or Two Benefits = 44% SuccessThree or More Benefits = 37% Success MATRIX Conclusion:Do One Thing Great!
103. FOCUS - improves CLARITY MATRIX Free tasting of 24 flavors of jam.
104. FOCUS - improves CLARITY MATRIX Free tasting of 6 flavors of jam.
106. Golden Rule of ClarityLet a customer say NO…because what you offer doesn’t apply to them. MATRIXBut NEVER let a customer sayNO because they don’tunderstand what you’re offering.
110. Buzz Ideas Team adds CLARITYMATRIX Write idea on Yellow Card Use pages 12-13 as guidance
111. Why do we hope a miracle will occur? MATRIX
112. The Innovation Systems Way to Leverage Group Diversity 1. INDIVIDUALS 2. CREATE with Partner Explore STIMULUS Leverage DIVERSITY 10 Minutes MATRIX 20 Minutes 3. LISTEN & LEARN from Team Drive Out FEAR 20 Minutes
113. AdvancedMATRIX Topics
115. Best Place To Look for StimulusCompetitive / Customer MATRIX Scouting Technology 5X Scouting More Effective Journal of Product Innovation Management 2005;22:258
116. STIMULUS MINING Open InnovationMATRIX
117. OPEN INNOVATION is the Future Old World New World MATRIX All Smart People work for us and we do it all ourself Connecting Outside means 85% Increase in R&D productivity Not invented here Reapply with PrideWe don’t partner with Our biggest competitor is competitors our biggest customer
118. OPEN INNOVATIONMATRIX
119. Companies are DesperateInnovation Success is PoorOnly 4.5% of projectsmeet ROI Goals Success MATRIX Failure Boston Consulting Group 32% Odds versus 4.5% odds
120. They’re Turning toOPEN INNOVATION To Accelerate SuccessMATRIX
121. OPEN INNOVATION is the Future MATRIX% of P&Gideas fromoutside thecompany
122. “94% of failuresare due to the MATRIXSYSTEM6% are due to theworker”
123. the three stages of the system… Evaluate LaunchCreate Ideas Ideas MATRIX Ideas A system for A system for picking A system for getting creating as many ideas with the highest ideas to market withideas as possible. probability of success. the minimum of time, money and risk.
124. Some examples of Open Innovation Marketplace s Where Innovation Buyers, Sellers, Investors & Distributors Speak the Same Language e.g. http://www.innovationsupplychain.com/ MATRIXSeller BENEFIT60 SecondBusiness CredibilityInventor’s ideas are taken more Buyer BENEFIT Smarter, Faster, Cheaper Innovation Development Companies can painlessly access a virtual Innovation Department that is asseriously by companies because eachidea comes with an independent much as 3X times more successful, 85%research report and sales forecast that more efficient and requires 50% lesscan be understood in 60 seconds. capital investment.
151. THINK:YOURCOMPANY MATRIXLet’s use your homework.Create a FRESH IdeaCreate a NEW Idea
152. The Truth is... DRAMATICALLY DIFFERENT IDEAS MATRIX Cause Operational CHAOS CHAOS
153. SOLUTION = Fix the SYSTEM“94% of failures MATRIXare due to the SYSTEM6% are due to theworker”
154. System Based on the Masters of Innovation….MATRIX Up Start Companies
155. Start Ups Are…The Real EXPERTS of Innovation Commercialisation MATRIX% of InnovationsStill in Business after 3 years
156. The Simultaneous Engineering Approach 1. Plan Product 4. Act 2. Do Development 3. Study MATRIX Fail Fast - Fail Cheap Rapid Cycles of Test & Learn Business Marketing Model Development Development
157. How to START UP like a START UPOpen Innovation MATRIX“Borrow don’t build or buy”Manufacturing – Distribution Investment - Ideas
158. The SCOUT (project General Manager) Is the HUB of the WHEEL R&D / EngineeringMATRIXFinance SCOUT Market ResearchSales / Marketing Manufacturing / Operations
159. The RELAY RACE ApproachDoesn’t Work MATRIX
160. The Simultaneous Engineering Approach Product Development MATRIX Rapid Cycles of Test & Learn Business Marketing Model Development Development
161. Innovation is about “Whack-a-Mole” Product / Service RealityMATRIX Customer Rapid Cycles of Test & Learn Profit Promise Formula
162. The Deming Cycle Scientific Method 1. Plan MATRIX4. Act 2. Do 3. Study “Fail Fast Fail Cheap Get Smart”
163. Old World “Proper & Mature” Business Innovation Fail Fast - Fail Cheap System Get Smart Expensive & Slow 1. Plan 1. Plan MATRIX1. Plan2. Study2. Study2. Study2. Study 2. Study 2. Study 2. Study 2. Study 4. Act 3. Study 1. Plan 2. Do 4. Act 3. Study 1. Plan 2. Do 4. Act 2. Do 2. Study 4. Act 2. Do 2. Study 2. Study 3. Study 3. Study 2. Study
164. Fail FastFail Cheap& Get Smart MATRIXtest withvendingmachines
165. Fail FastFail Cheap& Get Smart MATRIXtest attrade shows
167. ApproachFocus on Biggest Threats or “Unknowns” First MATRIX KILLER Death Threat Small Small Small Problem Problem Problem
168. P&G Does the SameFocus First On ProjectDeath Threats MATRIX“Teams like to address easy issues first. At P&G wehave flipped the sequence. Teams must identify so-called “killer issues” - problems that must be solvedfor the innovation to succeed.” A.G. Lafley Retired CEO
169. Focus on Biggest Threats FirstTurn KILLER ThreatsInto Manageable Threats 1. Plan MATRIX What Death Threat? 4. Act Apply 2. Do Revise Learn Stop 3. Study KILLER What learned? Death Threat Manageable Threat
173. Situation: Bill a home brewer thinks hes invented a beer that prevents hangovers. He uses a secret collection of herbs to make it work. MATRIXDeath Threats: Bill meets with an investor whois interested in the idea. However, theinvestor has identified two Death Threats thathes asked Bill to address before he invests. 1. Is it legal to sell it? 2. Does it really work?
174. 1. Is it legal to 2. Does it really Death Threat sell? work? Ask for Advice Ask the herbInnovation Supply ChainCustomer Feedback company to - Problem - Idea / Product investigate Do the Numbers•Estimate Sales MATRIX•Estimate Cost•Reduce Uncertainty Dig for Truths•Data & Research Dig• Technology & Patent Dig• Inventor & Expert Dig Make it Real Test it with 10 people•Feel the PAIN (Problem)•Fast “Works Like” Prototype who typically get•Fast “Looks Like” Prototype hangovers
175. We’re not trying for a TOTAL Solution Just trying to remove it from DEATH THREAT LIST MATRIX Give attention to the plate that is about to fall just enough to keep it spinning.
176. Buzz Plan THINK Fail FastMATRIX Fail Cheap Get Smart Methods 15 Minutes to work as a team Page 26
178. Some Ideas Get Accelerated NOWBut no ideas are MATRIXTHROWNAWAY
179. Pipeline Management of Innovation High Probability Correct Ideas (£/€) Understanding of MATRIX = Medium Probability Ideas (£/€) Low Probability Value Max Chance of Hitting Growth Ideas (£/€) Targets From Innovation
180. A Simple Pipeline Management System… Conservative Most Likely Aggressive Development Proprietary IDEA Forecast Forecast Forecast Status Status Trailblazer ACTIVEProject #1 £0 £0 £0 1 to 5 1 to 5 nameProject #2 LaterProject #3 MATRIX £0 £0 £0 £0 £0 £0 1 to 5 1 to 5 1 to 5 1 to 5 name nameProject #4 £0 £0 £0 1 to 5 1 to 5 name TOTAL £0 £0 £0 average average
181. Good News MATRIXProfitable Growthis Not Random
182. Leading Profitable Growth 1. Dramatic Difference 2. Overt Benefit DifferenceMATRIX 3. Real Reason to Believe Difference 4. Explore Stimulus 5. Leverage Diversity 6. Drive Out Fear
183. Challenge Programme MATRIX Applies the Learning In-Company
184. • Cross-border trade advice Whatissues of taxation, regulations, etc (see Simple Guide  Dealing with information we can• Sectoral reports provide to Cross Border Business)  In-depth reports on sectoral dynamics and cooperative MATRIX opportunities (eg: construction materials, agri-food, etc)• Company leads/databases  Details of potential leads by sector, size and region• Size of the all-island marketplace  Trade and business sentiment statistics to help companies take informed decisions (see http://www.intertradeireland.com/trade- statistics/ )
185. • Business Information Centre - specialised electronic databases for:Business Information Centre and• Company information: Search by location, size, activity to find potential customers, competitors or new suppliers Enterprise Europe Network• Market Information: Market size, forecasts, channels to market, key players, and more MATRIX• Enterprise Europe Network NI - one of over 500 contact points in Europe backed by the European Commission advising companies on EU legislation, programmes, opportunities, selling to the public sector• To make an appointment: Tel: 028 9069 8135 E-mail: email@example.com• See sector guides: http://www.investni.com/index/publications.htm?filter=S (Scroll to bottom)