Finding Your "Right Fit" Innovation Strategy
•Download as PPTX, PDF•
0 likes•526 views
This is a speech I delivered in Peru in July 2013 at the Generacion X: Latinoamerica Innova conference. It's about finding your "right fit" approach to innovation.
Recommended
Recommended
More Related Content
Similar to Finding Your "Right Fit" Innovation Strategy
Similar to Finding Your "Right Fit" Innovation Strategy (20)
Recently uploaded
Recently uploaded (20)
Finding Your "Right Fit" Innovation Strategy
- 1. “Innovation One Size Does Not Fit All” | @forrestgumping | 1 “Innovation One Size Does Not Fit All” | @forrestgumping | 1 ONE SIZE DOES NOT FIT ALL Finding the “right-fit” innovation for Latin America 18-19 de julio 2013 Lima, Peru
- 2. “Innovation One Size Does Not Fit All” | @forrestgumping | 2
- 3. “Innovation One Size Does Not Fit All” | @forrestgumping | 3 This was my suit 12 years ago...
- 4. “Innovation One Size Does Not Fit All” | @forrestgumping | 4 …and the lesson learned!
- 5. “Innovation One Size Does Not Fit All” | @forrestgumping | 5 Innovation is not for everyone!
- 6. “Innovation One Size Does Not Fit All” | @forrestgumping | 6 Choose your innovation suit carefully.
- 7. “Innovation One Size Does Not Fit All” | @forrestgumping | 7 Even the best can get their identity wrong
- 8. “Innovation One Size Does Not Fit All” | @forrestgumping | 8 Before they get it right
- 9. “Innovation One Size Does Not Fit All” | @forrestgumping | 10 How can you find your right fit innovation? Understand the role innovation can play in your business strategy. Look for your innovation inspiration in what makes you special. Find your right fit. It only needs to be new to your world.
- 10. “Innovation One Size Does Not Fit All” | @forrestgumping | 11 “Innovation One Size Does Not Fit All” | @forrestgumping | 11 YOUR RIGHT FIT STRATEGY
- 11. “Innovation One Size Does Not Fit All” | @forrestgumping | 12 Define your innovation growth strategy Grow volume or value share (ie. “take a larger slice of the pie”) Grow the size of the category in volume or value (i.e. “take the same size slice of a bigger pie”) Grow volume / value from a different category (ie. “steal from someone else’s pie”)
- 12. “Innovation One Size Does Not Fit All” | @forrestgumping | 13 Make strategic choices
- 13. “Innovation One Size Does Not Fit All” | @forrestgumping | 14 Not making choice is a choice
- 14. “Innovation One Size Does Not Fit All” | @forrestgumping | 15 Define the initial problem • What we know – Who? – What? – Where? – When? • What we think we know – Why? – How?
- 15. “Innovation One Size Does Not Fit All” | @forrestgumping | 16 Know your consumer’s unmet needs
- 16. “Innovation One Size Does Not Fit All” | @forrestgumping | 18 Identify the true nature of the problem
- 17. “Innovation One Size Does Not Fit All” | @forrestgumping | 19 Create an innovation agenda How big is the gap we need to fill? Will we adopt open innovation or a closed innovation approach? Will this be a one-off or a sustained initiative with a pipeline? What will be delivered in the short-term, mid- term and long- term? How will we measure success?
- 18. “Innovation One Size Does Not Fit All” | @forrestgumping | 20 “Innovation One Size Does Not Fit All” | @forrestgumping | 20 YOUR RIGHT FIT INSPIRATION
- 19. “Innovation One Size Does Not Fit All” | @forrestgumping | 21
- 20. “Innovation One Size Does Not Fit All” | @forrestgumping | 22 Innovation is a “remix” “Copy, transform and combine. It’s who we are, it’s how we live and of course, it’s how we create. Our new ideas evolve from the old ones” -- Kirby Ferguson, “Embrace the Remix”
- 21. “Innovation One Size Does Not Fit All” | @forrestgumping | 23 Innovation…or inspiration?
- 22. “Innovation One Size Does Not Fit All” | @forrestgumping | 24 Being first doesn’t always pay
- 23. “Innovation One Size Does Not Fit All” | @forrestgumping | 25 …but doing it right does.
- 24. “Innovation One Size Does Not Fit All” | @forrestgumping | 26 Look for solutions in the most unlikely places Shell “Eureka”
- 25. “Innovation One Size Does Not Fit All” | @forrestgumping | 28 Embrace your Eureka moment Can begin with a challenge or nagging idea in your mind When ideas collide….either new or old ones or both. The usual way of working / resolving it does not work. You ask yourself the “What if” question Get a spark of a simple solution to a complex market Can be something that happens outside of work that you can apply at work. Can be too late…when you see your idea in the market!
- 26. “Innovation One Size Does Not Fit All” | @forrestgumping | 29 Innovate from your mission
- 27. “Innovation One Size Does Not Fit All” | @forrestgumping | 31 Innovate from your vision
- 28. “Innovation One Size Does Not Fit All” | @forrestgumping | 33 Innovate from a benefit
- 29. “Innovation One Size Does Not Fit All” | @forrestgumping | 35 Innovate on every day items
- 30. “Innovation One Size Does Not Fit All” | @forrestgumping | 37 “Innovation One Size Does Not Fit All” | @forrestgumping | 37 YOUR RIGHT FIT WORLD
- 31. “Innovation One Size Does Not Fit All” | @forrestgumping | 38 Is anything really new?
- 32. “Innovation One Size Does Not Fit All” | @forrestgumping | 39 Begin by setting your destination
- 33. “Innovation One Size Does Not Fit All” | @forrestgumping | 40 Set the culture for innovation Creativity Competency Disruption Discipline
- 34. “Innovation One Size Does Not Fit All” | @forrestgumping | 41 Be curious & challenge conventions
- 35. “Innovation One Size Does Not Fit All” | @forrestgumping | 42 Feed your appetite for innovation
- 36. “Innovation One Size Does Not Fit All” | @forrestgumping | 43 Pick the right teams
- 37. “Innovation One Size Does Not Fit All” | @forrestgumping | 44 “Don’t be a six foot one- year old”
- 38. “Innovation One Size Does Not Fit All” | @forrestgumping | 45 Create amazing innovation experience
- 39. “Innovation One Size Does Not Fit All” | @forrestgumping | 46 Use everything at your disposal
- 40. “Innovation One Size Does Not Fit All” | @forrestgumping | 48 Are you ready to start your innovation adventure?
- 41. “Innovation One Size Does Not Fit All” | @forrestgumping | 49 Any questions? Thank you. Let’s review… Creativity Competency Disruption Discipline
Editor's Notes
- Forrest Gump [pause]….Peter Pan [pause]…..Daniel Craig [pause] What do they have in common? All recognizable figures for Gen X. All expressions of figures who live in a dream world. All blazing their own trails. All wearing a different suit. A suit that identifies them.
- Who What When Where?: Me, Grown up, 12 years ago, Argentina Context: Married, father of 2, good job with Coca-Cola lots of promise Conflict: Still wanting to be innovative but realising that I wanted to be taken seriously. Proposed resolution: Dress like a grown up. Good suits. Tie. Glasses. Look and feel smart. Complication: It just wasn’t me. My ideas were strong but I was in a shell. Final resolution: Have the confidence to do my own thing. Lesson learned / Most Important Point: One size does not fit all. Suits weren’t for me, but innovation was. I just had to find my own innovation style.
- So, what’s the transferable learning? Need to find innovation that suits your identity – who you are, who you have been and who you want to be. What will you be famous for? If innovation is like a suit…are we all meant to look like Daniel Craig? And if we are, aren’t we just setting ourselves up to fail? What if we’re just not ready to grow up [Peter Pan…no suits] or choose to blaze own path [Forrest Gump…suit no tie].
- If you go by what you hear, there is no time to waste and the consequences are dire… “innovation or die” , “…die trying”, “…perish” or as one consultancy refers to it “the innovation death spiral” (cue Darth Vader entrance). But innovation is not for everyone. Why should we feel obligated to go down the path others have carved out.
- So, which suit do you wear? How do you make it your own? The innovation you deliver gives you credibility to do more innovation. Innovation in media, gives you credibility to develop product innovation and vice versa. On the flip side, if you get it wrong, or do innovation that people will not associate with you it is not only a waste of time and resources (missed opportunity) but it could be associated with your competitor (or other players in that space).
- When it comes to innovation, organisations can have an identity crisis. Here’s an example of what not to do…examples of companies not being true to self / losing their way (eg New Coke…forgot that Coke wasn’t just the sum of its parts….tried to be like Pepsi). [May need to show video because younger generations not aware of New Coke!]
- https://www.youtube.com/watch?v=e4VNf9JtBeo Low budget. Global reach. Based on a fundamental human insight. 100% on brand
- https://www.youtube.com/watch?v=e4VNf9JtBeo Low budget. Global reach. Based on a fundamental human insight. 100% on brand
- Signpost. Have made the case for innovation and importance of making it true to your identity. This is the content we will cover today. 3 things: Strategy, inspiration, new to world.
- Use the “pie” analogy – applied to volume or revenue Get bigger slice of the pie Grow the pie Steal from someone else’s pie
- SOURCE: http://hbr.org/2007/11/strategic-insight-in-three-circles/ar/
- Argentina and juices. Too much discipline. Simple answer. Find a good line up. Spend more time learning on the job. BASES was great….had Secret of New Product Success. Didn’t make strategic choices. Who What When Where?: 2002, Launch of Cepita, Juices, Argentina Context: Crisis, family values, efficiency Conflict: Wanted to make the right call, not discard any bad ideas Proposed resolution: STM, U&A’s quals, 60% jjuice, RTD, NRTD. 9 cell BASES II test. Complication: Too many cells, too much complexity. Lost sight of key decisions Final resolution: Stopped research, push back to marketing and simplified Lesson learned / Most Important Point: Keep it simple!
- Drivers and barriers Behaviours that can be influenced What lies beneath the problem?
- “Voy a reir, voy a bailar, vivir mi vida, la la la” (4x)…. 30 sec – Marc Anthony “ On va s'aimer / On va danser / C'est la vie lalalalala / (x4) Mix of Baby Boomers, Gen Xers and Gen Y Marc Anthony (Vivir Mi Vida), Khaled (C’est La Vie), Manu Chao (Mi Vida), Bon Jovi (It’s My Life), Bo Diddley (Live My Life), Billy Joel (My Life), 50 Cent (My Life) All sing about their life. All on a quest. All doing blazing their own trails. All wearing a different suit. A suit that identifies them.
- Source: http://www.cultofmac.com/188753/the-braun-products-that-inspired-apples-iconic-designs-gallery/
- First movers fail 90% of the time. Something to be said about being a “fast second”…if first depends on how fast you are at being first. Kodak invented the digital camera in 1975…gone. They innovated but didn’t act. Innovate on the pioneer and get out before it becomes acommodity. (eg Markides & Geroski book)
- Lets look at Apple’s R&D…
- http://www.youtube.com/watch?v=iswiKQbtwXQ
- http://www.youtube.com/watch?v=iswiKQbtwXQ
- http://www.youtube.com/watch?v=WFji6MbyxOI
- http://www.youtube.com/watch?v=WFji6MbyxOI
- Set the destination to get from point A to point B (e.g. business objective). Which road to take? How long will it take? What will it cost? Many options, each with different consequences.
- From an “internal” view to broader “external” business base as outlined below: Internal · company Volume & Revenue · Brand Contribution · Syndicated data (Nielsen, Canadean, panel) · Briefing Books · Scorecard · Library… External · Analyst reports · “Bottlers” Intelligence · Competitor & Retail Profiles/Briefing Books · Beverage industry innovation · On-line Resources · Strategic Planning industry benchmarks and best practices
- FMCG companies expect high-performance results from agencies but don’t always have high performance teams. They are just people in the right function with a budget. Companies need to build culture.
- Two anecdotes here. For example, Kevin Systrom and Mike Krieger, co-founders of Instagram. After 2 years, sold the business for $1 Billion and split it amongst the other employees…all 11 of them. When they returned to Stanford’s e-Corner and asked how big company should be…they said “Don’t be a 6-foot one year old” and “Don’t build past what you need to build”
- THE GOAL: Kraft Foods came to Ogilvy&Mather with a unique request - to reintroduce Post's 67 year old1 "Shreddies" brand cereal as a leader, without having any news about the product to work with, and while keeping in mind that Focus Groups showed2 that Shreddies' customers liked it just the way it was. THE STRATEGY: Ogilvy&Mather rotated the Square-shaped Shreddie by 45 degrees, turning it into two adjacent Triangles rather than one Square, and calling the new product "Diamond Shreddies." Real-life market research videosthat you can view by clicking here show people finding the Triangular shape to be "better," "crunchier," and "more flavourful." All this was done "without changing Shreddies in design, formulation, size or any other way."3 THE RESULT: The campaign won the Canadian Marketing Association's 2008 "Best of the Best" Award, and took home gold medals in the "Creative Budget Over $100,000" and "Brand Advertising" categories. More than 2,000 marketing professionals from around the world gathered at the Harbour Castle Hotel4 to witness The CMA Awards Gala, the largest marketing awards event in Canada, for which more than 640 other brands competed.5 144 marketing experts served as Judges for this prestigious award. THE BOTTOM LINE: The Square-Turned-Triangle "Diamond Shreddies" campaign generated tremendous value for Kraft Foods. This campaign generated more than 265 press stories covering the "All New Diamond Shreddies," and Kraft Foods saw an immediate 18% increase in baseline sales of Shreddies within the first month alone, and for months thereafter.6 By turning a square shape into a triangular shape, Ogilvy&Mather reintroduced a 67 year old brand in a first class fashion, and established boosted sustainable profits for Kraft Foods. HOW VISUAL TARGETING PRINCIPLES EFFECTED THIS AD CAMPAIGN: This Case Study shows that by simply changing one Visual Element of your product to look more Triangular than Square, even an age-old established brand like Post's Shreddies Cereal can see immediate and sustainable growth of 18% in just one month. By more closely matching their target market's Visual Desires, Kraft Foods received an immediate boost in sales, resulting in millions upon millions in immediate, additional and ongoing profits. Visual Targeting methodologies have been proven beyond a reasonable doubt to raise bottom line visual advertising & design performance not by 18%, but by as much as 400%, by matching the entire and comprehensive set of any Target Market's Visual Desires. In fact, Visual Targeting technoogies research more than 33 unique elements for each Target Market - including Shape - and study their exact Visual Response Patterns. One can only imagine what can happen to the growth of newer innovative products, with using not just the Shape Preference to guide the design process - the move which made Shreddies famous all over again - but by relying also on the entire set of your Target Market's Visual Desires.
- “Creativity is the ability to overcome self-imposed constraints” Source: Ackoff and Vergara “Spending more on R&D won’t drive results. The most crucial factors are strategic alignment and a culture that supports innovation.”
- One size does not fit all Set your strategy and make choices