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From Innovation to Wealth Creation - Getting Closer to Customers Faster


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My opening presentation at the AIMIA Innovation and R&D Conference May 2010 Melbourne, Australia.

Published in: Economy & Finance

From Innovation to Wealth Creation - Getting Closer to Customers Faster

  1. 1. From Innovation to Wealth Creation – Getting Closer to Customers Faster Walter Adamson CEO, NewleaseG2M
  2. 2. <ul><li>“… creativity and invention without wealth creation is not innovation” </li></ul><ul><li>“ ...innovation is where newness, wealth creation and speed intersect” </li></ul><ul><li>The Management of Innovation. Jerry Ellis, The Warren Centre Innovation Lecture, April 1997. </li></ul>
  3. 3. Low Down and Dirty
  4. 4. 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
  5. 5. Loop Speed Matters Most <ul><li>@ ericries : </li></ul><ul><li>New definition of value: validated learning about customers </li></ul><ul><li>Lean not about cost, but about speed </li></ul><ul><li>About all companies that face uncertainty about what customers want </li></ul><ul><li>Compelling vision, tested by customer feedback </li></ul>
  6. 6. And the Dirty IDA FCS SBP ADC TRP PMR MVP CPA
  7. 7. Question Time <ul><li>Are all (or even most) of Starbucks employees creative? </li></ul><ul><li>Does your service or product offer more value than a cup of coffee? </li></ul>
  8. 8. Starbucks <ul><li>75,000 ideas submitted </li></ul><ul><li>25 ideas activated in first year </li></ul><ul><li>3 ideas per 10,000 submitted 0.03% </li></ul><ul><li>Facebook Page valuation $21 -$77 million </li></ul>
  9. 9. The Startup Bus <ul><li>SFO to Austin South By South West Interactive 48 hours </li></ul><ul><li>Stopped LA to pitch their ideas to people on the street </li></ul><ul><li>“ The user experience is the most important thing in a web service, because the product you’re providing is the experience” @ eliasbizannes </li></ul><ul><li>http:// </li></ul><ul><li> </li></ul>
  10. 10. Customer Development <ul><li>The search is called customer development </li></ul><ul><li>( The implementation is called agile development .) </li></ul><ul><ul><ul><li>Steve Blank @ sgblank </li></ul></ul></ul><ul><li>We want to accelerate the customer development </li></ul>
  11. 11. Getting down to Social Business
  12. 12. Social Business Word of Mouth
  13. 13. 50X Impact !!! <ul><li>High-impact recommendation 50 times more likely to trigger a purchase – McKinsey March 2010 . </li></ul><ul><li>Word-of-mouth was the most important factor at every stage of consideration in new markets.   </li></ul><ul><li>Bob Apollo @ bobapollo </li></ul>
  14. 14. Social Business Social Media as Customer-Driven Innovation
  15. 15. Customer Development
  16. 16. Social Business Overcome the Myths
  17. 17. Myth: Social Media not for B2B <ul><li>Facts </li></ul><ul><li>81% B2B maintain company profiles, versus 67% of B2C </li></ul><ul><li>93% business buyers believe all coys should have SM presence </li></ul><ul><li>59% B2B buyers engaged with peers who addressed their challenge </li></ul><ul><li>48% followed industry conversations   on the topic </li></ul><ul><li>IBM Twitter 289 “official” accounts </li></ul><ul><li>IBM sMash totally crowdsourced including brand </li></ul>
  18. 18. Myth: Facebook not for business <ul><li>Facts </li></ul><ul><li>Intel 17 FB pages 250,000 “Fans” </li></ul><ul><li>Intel has FB Directory ( @ ekaterinawalter ) </li></ul><ul><li>Enterprise support through FB </li></ul><ul><ul><li>GetSatisfaction </li></ul></ul><ul><ul><li>Parature </li></ul></ul><ul><li>Etc etc </li></ul>
  19. 19. HOW TO Organise a Plan Find the People Manage your Time Action
  20. 20. Think! Form! Storm! <ul><li>Think about your: </li></ul><ul><ul><li>strategy; </li></ul></ul><ul><ul><li>messages; </li></ul></ul><ul><ul><li>outcomes. </li></ul></ul><ul><li>Sing from the same hymnbook </li></ul><ul><li>Make it a company effort </li></ul><ul><li>Rolling 3 month plan </li></ul>
  21. 21. Find & Focus on People <ul><li>Find the right places and PEOPLE </li></ul><ul><li>CONTRIBUTE </li></ul><ul><li>Make yourself valuable, gain respect </li></ul><ul><li>Generate PARTICIPATION </li></ul><ul><li>Ask for help </li></ul><ul><li>Keep on doing it ! </li></ul>
  22. 22. Manage your Time <ul><li>Start day visiting 50 - 80 people in Linkedin, Facebook, Twitter, Slideshare... </li></ul><ul><li>Leave a comment, make a note be social - DO NOT SELL </li></ul><ul><li>Visit 1-3 minutes per person. Sometime 10 minutes sometimes just a few seconds </li></ul><ul><li>Rate against your objectives </li></ul>
  23. 23. Action <ul><li>The time for evangelising social media is over @axels 12 May 2010 </li></ul><ul><li>Real-time is not fast enough @ jowyang </li></ul>
  24. 24. OR! Become a bank <ul><li>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: </li></ul><ul><ul><li>“ 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.” </li></ul></ul>
  25. 25. <ul><li>Social business is not about your marketing strategy it is about accelerating the validation of your vision and business plan – your route to wealth ! </li></ul>
  26. 26. <ul><li>Walter Adamson </li></ul><ul><li>Follow me on Twitter: @g2m </li></ul><ul><li>Company: </li></ul><ul><li>Blog: </li></ul><ul><li>Mobile: 0403 345 632 </li></ul><ul><li>My social places: </li></ul><ul><li>Some relevant links: </li></ul><ul><li> </li></ul><ul><li>http:// </li></ul><ul><li>30 Ideas for Using Social Networks to Help You Be More Innovative </li></ul>