AMSRS 2014 BrandHook & ANZ Innovation Case Study
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A summary of BrandHook's Innovation process and the ANZ case study presented at AMSRS 2014
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AMSRS 2014 BrandHook & ANZ Innovation Case Study
- 1. Co-creation in the Consumers World Michael Bloomfield Head of Market Research Pip Stocks Founding Partner ANZ BrandHook
- 2. CO CREATING IN THE CONSUMERS WORLD
- 3. Co-creation creates brand advocates
- 4. Living in their world means insight driven innovation
- 5. An iterative methodology results in actionable solutions BASE IDEA FIRST ITERATION SECOND ITERATION CONTINUOUS IMPROVEMENT HONES IN ON THE BEST SOLUTION
- 6. Using the premise of The Wisdom of the Crowds
- 7. The Wisdom of the Crowd Large numbers of ordinary people deliver better solutions than a small number of experts.
- 9. Orange UK
- 10. Nivea Invisible
- 11. An immersive, iterative approach
- 12. Methodology Utilising our online community – the Grapevine – we employed a number of ethnographic online techniques to uncover the unmet needs of the segment and then housed them for 3 months facilitating the continuous conversationNetography Presumers Our leading edge, forward thinking, international Presumers were tasked with identifying the latest trends within and outside the financial sector and help create concepts that we would later test with the Australian consumers Client workshops Immersions Consumer Q&A Recognising that co-creation should come from all sources, three client workshops were held at the end of each month to ensure the client voice was heard and insights from the consumer were spread across the whole business throughout the process To truly live within the consumer world, we conducted a series of consumer immersions which allowed us to go into the homes of the consumers, help bring them to life via films and truly understand the insights identified As part of Month 2 workshop, we invited selected consumers from The Grapevine to meet and co-create within the client workshop so the internal stakeholders could hear first hand from their consumers and ask them the pertinent questions
- 14. Two overarching themes that drove the concepts Our key tribes are maximising every cent. MAXIMISING Not yet scathed by big financial decisions, our consumers were still optimistic about the future. OPTIMISM
- 16. Brand Advocates spend 2 x more than average customers on their favorite brands
- 17. 20 students are charged with promoting the brand on campus for 12 months. ASOS Brand Advocates
- 18. 23% increase in transactions to small business merchants American Express small business advocates
- 19. The ANZ participants became advocates T R A N S F O R M A T I O N
- 20. The creation of advocates - ANZ 70% It makes me think of ANZ differently 64% I will be checking to see whether ANZ do deliver any of these ideas 56% If ANZ were to develop these ideas, I would definitely consider taking them up 9% This doesn’t change my impression of ANZ significantly 7% These ideas don’t suit what I know about ANZ
- 21. Building business with those advocates WINNING CONCEPT 89% appeal across all of the Young Money segment. 82% would switch or consider switching for this product in the future 82% appeal across all of the Young Money segment 88% appeal amongst ANZ customers SECOND FAV CONCEPT 76% appeal across all of the Young Money segment 49% of females would consider switching their bank for this product THIRD APPEALING CONCEPT
- 22. The advocates in real life
- 23. Co-creation in the Consumers World Michael Bloomfield Head of Market Research Pip Stocks Founding Partner ANZ BrandHook
Editor's Notes
- MICHAEL: As part of a strong focus on better understanding our customers so that we can provide better products and services we wanted to harness the creativity and knowledge of our customers and our staff through a co-creation exercise. We chose a key segment - basically young emerging affluent – and a methodology designed around an iterative process of understanding needs; idea generation and concept testing. We had two key objectives:- To get a deep understanding of this segments needs To identify new product and service opportunities to help us attract new customers and deepen relationships with existing custmers
- MICHAEL: There are three key things we learned from this process that we would like you to take out of today’s session. Firstly involving customers in co-creation can be highly engaging and create brand advocates – we show you some examples of this later.
- MICHAEL: Secondly spending concentrated time with this segment and being able to listen and observe them as well as asking questions provided deep insights.
- MICHAEL: Third take out is that being able to test and retest ideas and concepts with the same folk over a concentrated period results in actionable solutions. NEED TO MENTION IN HERE HOW THE ANZ STAKEHOLDERS WERE INCLUDED AND THEIR OPINON OF THE PROCESS
- PIP: First area of interest.
- In his book “The Wisdom of Crowds”, James Surowiecki makes a compelling case that if you want to make a correct decision then large numbers of ordinary people can provide better advice than a small number of experts. Surowiecki claims that if you ask a large enough sample of diverse, independent people to make a prediction or estimate a probability, and then average those estimates, the errors each individual makes in coming up with an answer will cancel themselves out. Each persons guess has two components: information and error (or signal and noise). The process of averaging tends to cancel out the errors, leaving the information. More than 50% of the Fortune 500 companies have co creation as part of their innovation strategy. Here are some examples of companies applying this theory to their co-creation.
- There are lots of ways businesses have tapped into The Wisdom of the Masses. Some structured and some more free. Here are some examples. The Electrolux Design Lab 2005 attracted entries from over 3,000 design students from 88 countries around the world, the top six countries being the US, the UK, China, India, Brazil and Italy. Participants were asked to design household appliances for the year 2020. Twelve finalists participated in a six-day design event in Stockholm, including workshops, model building and a competition for cash-awards, appliances and more
- In the UK, Orange has set up Talking Point, where customers can tell Orange how they feel about all sorts of things - not just phones. Orange promises to listen, and to use the info to shape the way they think about and do things in the future. A number of questions (like “what in your life would you like to see technology improve?”) make it easier for visitors to share their thoughts. This isn't really a sparkling conversation, but it's better than nothing, in what is still very much a one-way arena.
- Listening to consumers in online forums talk about stains helped Nivea formulate ideas around deodorant needs, their R& D department worked up ocncepts and consumers were invited to be a part of evaluating and refining those concepts – they used the wisdom of the crowd to formulate the insights that drove new product development. Like Nivea and together with ANZ
- The second big thing Michael and I want you to take away from today is that an immersive iterative approach leads to insight-led innovation.
- PIP: There were 5 key parts to our reiterative methdology.
- MICHAEL: Our Innovation Process ran for 3 months, we have a total of 13, 820 posts with 222 participants in total in 3 countries. This delivered 11 powerful insights, 6 conceptual territories and 8 ways to Win that are now being designed internally. To break that up a bit – as Pip said we started with our Presumers – 23 in UK and 23 in US. We started with 176 Australian consumers and 12 ANZ stakeholders. Based on the 11 insights identified all involved 26 concepts that got us to 11 Concept Learnings & 6 Territories then onto the 8 Ways to Win. MICHAEL TO ALSO REINFORCE THE ANZ STAKEHOLDERS INPUT AND REACTION TO THE PROCESS
- MICHAEL Maximising: Constantly moving money to maximise the return they can get. Can recite their bank and competitor interest rate offers and believe they know the best way to maximise their own money. They think creatively about the potential pain points. They arm themselves with the information they think will alleviate any pain points. They see the role of the bank as one to help maximise their money. While they want to be in control of the process, the bank provides the infrastructure to do this. Optimism: There’s a general sense of optimism not only about their lives but also their finances despite a lack of available funds and disposable income. They are progressing and have found the solutions themselves to solve the problems and therefore generally positive about their finances. They are aware but not impacted by any external events. The GFC didn’t impact them as they are in control of their own financial destiny or weren’t old enough for it to matter to them. Optimistic and progressing in the right direction.
- PIP finished the section
- 1a. Nielsen reports in 2013 that 77% of consumers are more likely to buy a product when it’s recommended by an advocate. 1. Chief Marketing Officers (CMOs) see customer advocacy and loyalty as their top priority in the digital era. 2. 25% of people choose to engage with brands because they want to join the community of brand fans. Customeradvocacy.com FACTS Brand Advocates are 83% more likely to share information; 70% more likely to be seen as a source of reliable information;
- British retailer ASOS launched its Student Brand Ambassador project in Australia and will work with 20 students over the academic year, charging each with promoting the brand on campus and creating written and photographic content for an ASOS student web page. 3000 entries were received. Criteria for the position, which is paid at an hourly rate, includes having a cultural fit with the Asos brand. Ambassadors will be required to hold student events, produce content for Asos’ online student hub, and speak passionately about the brand to fellow students.
- AMERICAN EXPRESS: To promote small business credit cards, American Express created a social media community for small business owners to share, learn and grow. They also created a holiday, Small Business Saturday. The community has 2,700,000+ Likes, 195,000 Tweets and American Express saw a +23% increase in transactions to small business merchants.
- Pip: Our participants went from blue, Australian, large and good to great, innovative, different, customer and progressive
- The participants were asked to rank their opinions at the end of the and here is what people thought
- The participants were asked to rank their opinions at the end of the and here is what people thought
- Most importantly they told us they would switch for the top 3 ideas
- As far as being a member of The Grapevine it was an interesting process, I was exposed to a wide variety of new banking ideas and innovations. Some of them resonated with me and made me hopeful for the future of banking. I learned quite a lot about what the future of banking in Australia may look like and how it might benefit customers as individuals. I think it was a good way to share my opinions and I hope ANZ will listen to what I had to say and tailor their banking products accordingly. One thing that particularly makes me happy is we were financially remunerated for our time and efforts. That's massively important to me because it's money, but also it shows that our opinions and views and time are valued. I really like that and feel it's a massive positive - Grapevine Member: aj1981