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How to avoid Innovation Theatre | Morgenbooster #83

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In this Morgenbooster Mikkel Jespersen, co-founder of 1508, and Oliver Vassard, Client Innovation lead, unboxed the 1508 innovation practice called Proof by Design and shared insights on how this toolbox and innovation framework has been used in both national and international client cases.

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How to avoid Innovation Theatre | Morgenbooster #83

  1. 1. DESIGN IN LOVE WITH TECHNOLOGY 1508™ HOW TO AVOID INNOVATION THEATRE MORGENBOOSTER #83
  2. 2. CEO’S PAY ATTENTION! DIGITAL AND TECH CAPABILITIES Kundeoplevelser MORGENBOOSTER #83 ​28% ​17% ​12% INNOVATION Kundeoplevelser CUSTOMER EXPERIENCE Kundeoplevelser 1508™
  3. 3. GO DENMARK! 1508™ MORGENBOOSTER #83
  4. 4. 1508™ MORGENBOOSTER #83
  5. 5. 1508™ MORGENBOOSTER #83 WHAT IS INNOVATION?
  6. 6. CORPORATE CHALLENGES Lack of management buy-in Corporate Bureaucracy Organisation in silos IT-legacy Risk Averse Waterfall processes Far from real customers MORGENBOOSTER #831508™
  7. 7. 1508™ HOW TO SUCCEED WITH DIGITAL TRANSFORMATION & INNOVATION IN A TANGIBLE WAY? MORGENBOOSTER #83
  8. 8. 1508™ IT ALL BOILS DOWN TO AN INNOVATION PRACTICE AND THE WAY WE ORGANISE AND BUILD STUFF MORGENBOOSTER #83
  9. 9. PROOF BY DESIGN™ IMPLEMENTATION BUSINESS STRATEGY
  10. 10. UNDERSTANDING PEOPLE
  11. 11. HYPOTHESIS DRIVEN
  12. 12. PROTOTYPING
  13. 13. MADE COLLABORATIVE
  14. 14. PROOF OF PROBLEM PROOF OF CONCEPT PROOF OF SOLUTIONPROOF BY DESIGN™ 1508™ MORGENBOOSTER #83
  15. 15. PROOF OF PROBLEM PROOF OF CONCEPT PROOF OF SOLUTION Point of Departure DESK RESEARCH Desk research (market, data, competitors and trends) Design/UX-audit FIELD RESEARCH Create customer panel Customer interviews and observations Customer journey map (as-is) Stakeholder interviews DATA AND TECHNOLOGY Data audit POC on itegrations STRATEGY Value Proposition Canvas Business Model Canvas Define KPI’s Create hypothesis Chooce tech platform BRAND DIRECTION Uncover Purpose, Values, Goals etc. (Workshop) Define Brand Purpose, Brand Values and Brand Pillards Define Brand Deliverables/Asset s Brand Platform FEASIBILITY Feasibility test (business, legat, it, organisation) BUILD MVP Agile/Iterative process Data modeling Functionality development Interaction development Build setup Continous integration Test and quality assurance Launch MVP BRAND IMPLEMENTATION Implementation across Touchpoints (Photo Shoot) Brand Book/Guide OPTIMIZATION A/B split test Performance optimisation Surveys Customer effort score Net promoter score Data analysis MAINTENANCE q SLA q Bug handling q Webmaster services q Update & maintainance q Brand management IDEATION Design sprints Big idea: contemplation and ideation Storyboard Visual design Content creation Prototype (low fi) User test SOLUTION Prototype ( hi fi) Tone-of-voice and content principles User epics/User stories Data architecture User test BRAND EXECUTION (Create Brand Name) Design Elements and Principles (CVI) Internal Brand Validation External Brand Validation 1508™ MORGENBOOSTER #83
  16. 16. 1508™
  17. 17. 1508™ IKANO BOARD HEAD OF DIGITAL ”CAN WE MAKE SOMETHING COOL FOR IKEA?” ”I HAVE AN IDEA!” MORGENBOOSTER #83
  18. 18. 1508™1508™ MORGENBOOSTER #83
  19. 19. 1508™ What’s the problem, really? ”I do not want to use my phone to scan products, my phone will run out of battery!” MORGENBOOSTER #83
  20. 20. 1508™ ”Deliver a value proposition leveraging on an affordability solution targeted to millennials, to drive visits to IKEA, improve purchase conversion rates and increase the shopping cart size.” MORGENBOOSTER #83
  21. 21. PROOF OF PROBLEM PROOF OF CONCEPT PROOF OF SOLUTION 1508™ MORGENBOOSTER #83
  22. 22. 1508™ FIELD RESEARCH MORGENBOOSTER #83
  23. 23. 1508™ A MILLENNIAL SAYS: ”I want it to be easy and convenient. Don’t make me work." "I want to feel in control. Give me control." "I want to understand it. Don’t make me think." MORGENBOOSTER #83
  24. 24. 1508™ Pains Gains Jobs Easy to apply Fast application processGet money fast Don’t need to tell everything about my life Seamless customer service Good digital experience I don’t understand interests Very high interest rates Low flexibility in repayments Lots of plastic cards Hard to keep track of spending Extra fees and hidden costs Paperwork It’s hard to get out of I regret getting into this Find money Apply for money Keep track of finances Spend/buy /pay with money Repay money Cancellation Manage receipts and purchases MORGENBOOSTER #83
  25. 25. 1508™ KEY FINDINGS People don’t understand interest Users appreciate transparency People don’t like to loan money and most of them regret taking a loan MORGENBOOSTER #83
  26. 26. 1508™ Quick numbers on the market for fast consumer and payday loans MORGENBOOSTER #83
  27. 27. 1508™ 500.000.000 375.000.000 250.000.000 125.000.000 0 2011 2012 2013 2014 2015 FAST CONSUMER LOANS TOTAL AMOUNT HAS GROWN 1180% OVER THE PAST 5 YEARS. (DENMARK). MORGENBOOSTER #83
  28. 28. 1508™ The total amount of interest and fees earned have risen more than 1500% in the last 5 years MORGENBOOSTER #83
  29. 29. 1508™ It costs between 190 kr and 375 kr to loan 1000 kr for one month MORGENBOOSTER #83
  30. 30. 1508™ Sounds like something you wouldn’t want as a consumer, but … MORGENBOOSTER #83
  31. 31. 1508™ Trustpilot-scores (out of 10) Kundfinans: 8.9 Express: 9.2 Vivus: 8.3 Ferratum: 8.6 Zaplo: 9.1 Onea: 8.3 Lendon: 8.7 Loanstep: 9.2 Ikano Bank: 6.0 Collector: 3.4 Resurs: 3.6 CONSUMERS ACTUALLY LOVE THEM MORGENBOOSTER #83
  32. 32. 1508™ WHY? It’s easy to apply and you don’t have to tell your life story. You get the money fast. Like super fast. Most providers have a seamless service experience during your whole engagement. MORGENBOOSTER #83
  33. 33. 1508™ BUT STILL A LOT OF PAINS TO SOLVE Extremely high interest rates – sometimes over 800% APR Low flexibility in repayment options High rate of regrets getting a loan MORGENBOOSTER #83
  34. 34. 1508™ LOW INTEREST HIGH INTEREST EASY TO UNDERSTAND HARD TO UNDERSTAND MORGENBOOSTER #83
  35. 35. 1508™ HYPOTHESIS People would like a new, easy to understand, transparent and ethical way to finance their IKEA shopping experience. MORGENBOOSTER #83
  36. 36. PROOF OF PROBLEM PROOF OF CONCEPT PROOF OF SOLUTION 1508™ MORGENBOOSTER #83
  37. 37. 1508™
  38. 38. 1508™ MORGENBOOSTER #83
  39. 39. 1508™ WE CREATED 3 PROTOTYPES AND INTERVIEWED 150+ PEOPLE AT IKEA
  40. 40. 1508™ How many has thought of financing their IKEA purchase? 16% Which finance product would they choose? A: Existing loan types 27% B: Credit-subscription 73% Fun fact: 89% of people who had thought of financing their IKEA purchase chose Credit-subscription. MORGENBOOSTER #83
  41. 41. 1508™ We will offer credit on subscription reimagining financial products as a service à la Spotify and Netflix. Services that most millennials know well. MORGENBOOSTER #83
  42. 42. 1508™1508™ MORGENBOOSTER #83
  43. 43. 1508™1508™ MORGENBOOSTER #83
  44. 44. 1508™ Real user opinions
  45. 45. 1508™ • Test 1: -25 (7,7,8,3) • Test 2: 0 (7,7,6,8,9) • Test 3: +25 (8,8,7,10) NET PROMOTER SCORE (NPS) MORGENBOOSTER #83
  46. 46. 1508™ Pain relievers Gain creators Products and services Pains Gains Jobs Easy to apply Fast application processGet money fast Don’t need to tell everything about my life Seamless customer service Good digital experience I don’t understand interests Very high interest rates Low flexibility in repayments Lots of plastic cards Hard to keep track of spending Extra fees and hidden costs Paperwork It’s hard to get out of I regret getting into this Find money Apply for money Keep track of finances Spend/buy /pay with money Repay money Cancellation Manage receipts and purchases Paperless application process Instant money if approved Easy credit scoring Smooth cardless payments Variabel reward system Subscription based financeLow fixed monthly amount All digital, no cards needed Repayment on your terms IKEA Credit MORGENBOOSTER #83
  47. 47. 1508™ CUSTOMER VALUE PROPOSITION IKEA credit is a transparent and easy understandable financial service for millennials. Credit for home furnishing on demand, when you need it, where you need it. All digital - no cards, no hassle. MORGENBOOSTER #83
  48. 48. 1508™ RE-ENGAGE Push new offers Rewards VAS (value added services) Increase affordability CHECKOUTSHOPBROWSEINSPIRATIONACKNOWLEDGE Drive footfall Eliminate economic boundaries Increase shopping cart Easy payments FIT IN CUSTOMER JOURNEY MAP MORGENBOOSTER #83
  49. 49. 1508™ CHECKOUTSHOPBROWSEINSPIRATION IKEA SE Web Visits 90 000 000 IKEA Store Visits 37 800 000 IKEA Paying Customers 17 388 000 IKEA Average Yearly Spend EUR 103 42% 46% EUR 103 BUSINESS CASE MORGENBOOSTER #83
  50. 50. PROOF OF PROBLEM PROOF OF CONCEPT PROOF OF SOLUTION 1508™ MORGENBOOSTER #83
  51. 51. 1508™ PRODUCT IS NOT YET RELEASED, THEREFORE IT HAS BEEN TAKEN OUT OF THE PRESENTATION MORGENBOOSTER #83
  52. 52. INNOVATION PRACTICE INNOVATION MANAGEMENT PROOF OF PROBLEM PROOF OF CONCEPT PROOF OF SOLUTION KPI’s PORTFOLIO ACCOUNTING GO – STOP - PIVOT METRICS TO MEASURE SUCCESS CONTINUE PROJECT OR NOTSTRUCTURE INNOVATION INITIATIVES CULTURE & MINDSETORGANISATIONFOCUS INNOVATION STRATEGY ALIGN CORPORATE STRATEGY AND INNOVATION CREATE SPACE FOR CREATIVITYORGANIZE TO CONTINOUSLY INNOVATE 1508™ MORGENBOOSTER #83
  53. 53. 1508™ MORGENBOOSTER #83 PORTFOLIO ​ CORE ADJACENT RADICAL PRODUCTS MARKETS
  54. 54. 1508™ MORGENBOOSTER #83 KPI’s ACCOUNTING + CUSTOMER EFFORT SCORE FROM 3,5 TO 2,4 METRICS
  55. 55. PROOF OF PROBLEM PROOF OF CONCEPT PROOF OF SOLUTION 50K 200K 600K INVESTMENT PRACTICE GO – STOP - PIVOT 1508™ MORGENBOOSTER #83
  56. 56. 1508™ MORGENBOOSTER #83 FOCUS
  57. 57. 1508™ MORGENBOOSTER #83 ORGANISATION INTERNAL RESOURCES LOCATION GOVERNANCE FOCUS EXTERNAL INSIDE OUTSIDE PROJECT BOARD ADVISORY BOARD RADICALINCREMENTAL
  58. 58. 1508™ MORGENBOOSTER #83 ​ETIENNE YUAN ​HEAD OF DIGITAL DEVELOPMENT, IKANO CULTURE & MINDSET ​Be a pirate!
  59. 59. INNOVATION PRACTICE INNOVATION MANAGEMENT PROOF OF PROBLEM PROOF OF CONCEPT PROOF OF SOLUTION KPI’s PORTFOLIO ACCOUNTING GO – STOP - PIVOT METRICS TO MEASURE SUCCESS CONTINUE PROJECT OR NOTSTRUCTURE INNOVATION INITIATIVES CULTURE & MINDSETORGANISATIONFOCUS INNOVATION STRATEGY ALIGN CORPORATE STRATEGY AND INNOVATION CREATE SPACE FOR CREATIVITYORGANIZE TO CONTINOUSLY INNOVATE 1508™ MORGENBOOSTER #83
  60. 60. 1508™ ​Thanks!​Oliver Vassard ​Client Innovation lead ova@1508.dk ​Mikkel Jespersen ​Founding partner and CCO ​mje@1508.dk ​+45 2711 5080 MORGENBOOSTER #83

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