From Innovation to Wealth Creation - Getting Closer to Customers Faster

From Innovation to Wealth Creation – Getting Closer to Customers Faster Walter Adamson CEO, NewleaseG2M

“… 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.

Low Down and Dirty

The Low Down : business innovation must satisfy the fundamental criteria of wealth creation Out reach to Customers and Knowled ge of Competitors and Markets Innovation Commercialisation (DILIGENT) Invention

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

And the Dirty IDA FCS SBP ADC TRP PMR MVP CPA

Question Time
Are all (or even most) of Starbucks employees creative?
Does your service or product offer more value than a cup of coffee?

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

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-bus/
http://www.flickr.com/photos/dekrazee1/sets/72157623595200638/

Customer Development
The search is called customer development
( 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

Getting down to Social Business

Social Business Word of Mouth http://customerinsightblog.wordpress.com/2008/10/14/my-starbucks-idea-what-starbucks-customers-really-want/

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

Social Business Social Media as Customer-Driven Innovation

Customer Development http://www.slideshare.net/jeremiah_owyang/social-crm-the-new-rules-of-relationship-management

Social Business Overcome the Myths

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” accounts http://listorious.com/eric_andersen/ibm-official
IBM sMash totally crowdsourced including brand

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

HOW TO Organise a Plan Find the People Manage your Time Action

Think! Form! Storm!
Think about your:
strategy;
messages;
outcomes.
Sing from the same hymnbook
Make it a company effort
Rolling 3 month plan

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 !

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

Action
The time for evangelising social media is over @axels 12 May 2010
Real-time is not fast enough @ jowyang

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.”

Social business is not about your marketing strategy it is about accelerating the validation of your vision and business plan – your route to wealth !

Walter Adamson
Follow me on Twitter: @g2m
Company: newleaseG2M.com
Blog: walteradamson.com
Mobile: 0403 345 632
My social places: http://xeesm.com/walter
Some relevant links:
http://www.slideshare.net/getsatisfaction/hirsch-fei-voice-of-customer-3-may2010
http:// www.openinnovators.net
30 Ideas for Using Social Networks to Help You Be More Innovative

From Innovation to Wealth Creation - Getting Closer to Customers Faster

by Walter Adamson on May 23, 2010

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