Opening Your Innovation Channels for Effective Product Advantage by Jeofrey Bean - pcSC Session 15

Jeofrey Bean ‐ Principal Jeof Bean | Principal | Del Mar Research & Consulting, LLC | DelMarResearch.com | JBean@DelMarResearch.com | 858‐334‐9266 Opening Your Innovation Channels for Effective Product Advantage What are innovation channels? Organic and formal . . . g What innovation channels do you use now? What innovation channels do you use now? How do you know it s innovation? How do you know it’s innovation? Invention vs. Innovation

Asking what could be true ‐ and jumping into the unknown is critical to innovation. Nurturing the ideas that result, rather than killing them, can be the tricky part. But once a company clears this hurdle, it can leverage its efforts to produce the proof that leaders depend on to make commitments ‐ and d th f th t l d d d t k it t d turn the future into fact. BusinessWeek January 25, 2010

Innovating the customer experience with a product‐service hybrid They understood the wants and needs of customers through the whole experience process in the context of the market environment. They altered the game board, redefined value and forced competitors to change or spiral down / go away. It’s easy to drop the price, it’s easy to throw in more features, and it is not easy to create, execute or compete with a well honed customer and user experience. p A special agreement with the post office gives quick delivery. Their web site is part of the pre and post purchase process, market monitoring too! it i t ! Web‐streaming service under development: complexity, limited titles, timing of fresh content challenges

Innovating the new in an old market: How did they do that? Creating a new market segment, 17% share, and new revenues, in Sony’s old market, w/21% share in decline They mastered the voice of the prospect and intelligence about the market environment. The main value drivers were record, connect and share, quickly and easily. Not a lot of tools. Not extra software. Customers want to upload to YouTube and share with family and friends, p y , quickly, easily. Developing bankable value with customer and user experience Last March, Cisco announced that it would pay approximately $590 million in stock and $15 Last March, Cisco announced that it would pay approximately $590 million in stock and $15 million in retention‐based equity incentives for continuing employees, in exchange for all the shares of Pure Digital.

Innovation process‐ Successful SoCal companies that have used all or part of the process

Market aligned customer experience – development steps ©Bean & Van Tyne 2008‐2010 ©Bean & Van Tyne 2008‐2010 From qualitative and quantitative information to design specifications to market Product Specific forward Go to market Pricing looking decisions Distribution Communication 1 Specific 2 Specify 3 Customer 4 Voice of 5 Personas 6 Design- 7 Test w/ To market- market market descriptions those customers Wireframes users to Measure descriptions segments (detailed) customers and users Prototypes validate $ % t Secondary customers, users, reports / Intell, V oC, influencers Subject matter experts , Experience, Customer input Offe r in Dr / context of Admin CEO Manager Scientist Student m ar ke t(s) Nurse

Jeof Bean | Principal | Del Mar Research & Consulting, LLC | DelMarResearch.com | JBean@DelMarResearch.com | 858‐334‐9266 Del Mar Research & Consulting specializes in increasing client growth, while decreasing the uncertainty and costs of product development and marketing. Jeof’s 20+ years of experience spans from small innovative technology companies to large successful organizations like ComplianceMAX, ProMedia Wireless, I Drive Safely, LLC, LPL Financial, AT&T / Bell Labs and Quest Diagnostics. He has an M.S. in Business Management, a B.S. in Psychology / Marketing and has served as Adjunct Professor of Business Management and Marketing, Centenary College. Jeof is on the Board of Directors of the San Diego and Marketing Centenary College Jeof is on the Board of Directors of the San Diego Software Industry Council's (SDSIC) User Experience Group and User Experience expert review panel; author of several marketing, business and product development articles; and a frequent guest speaker.

Opening Your Innovation Channels for Effective Product Advantage by Jeofrey Bean - pcSC Session 15

by Mack McCoy on Mar 02, 2010

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Opening Your Innovation Channels for Effective Product Advantage by Jeofrey Bean - pcSC Session 15 — Presentation Transcript