Innovation models that click

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A brilliant presentation by Omar Asghar of Mashreqbank about the power of innovation in marketing and advertising

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Innovation models that click

  1. 1. Innovation Models That Click Digital & Online Marketing Summit , IQPC 19th May 2009 Omar Asghar Head, Wealth Management Mashreq
  2. 2. Innovation … 2
  3. 3. Innovation Is Easy Hangout with weird And thou shalt become more weird Hangout with ‘duh’ And thou shalt become more ‘duh’ Tom Peters 3
  4. 4. Think For Yourself & Stop Copying A Rival To grow, companies need to break out of a vicious cycle of competitive benchmarking & imitation. W. Chan Kim & Rene Mauborgne Financial Times 2003 4
  5. 5. Creating The Purple Cow To create and sell something remarkable, you need to be daring, original, passionate and gutsy. You cannot be remarkable by following someone else who is remarkable. Godin’s ideology combines three elements: Seth Godin Fast Company 2003 1- The end of TV-industrial complex; 2- No deceit, No spam; 3- Ideas must earn the buzz by being 5 remarkable
  6. 6. Differentiating Between Cows Lets look at the success of some remarkable companies … What do … Four Seasons or Motel 6 … Neiman Marcus or WalMart … Nokia or Nintendo … possibly have in common? 6
  7. 7. Embracing The Remarkable Cow … The thing they have in common is that they have nothing in common! They are outliers, they are on the fringes, super-fast or super-slow, very exclusive or very cheap, extremely big or extremely small. The leader is the leader because he did something remarkable. And that remarkable thing is now taken, so its no longer remarkable when you decide to do it - Seth Godin 7
  8. 8. A Futurist’s Innovation Model Never mistake a clear view for a short distance – Paul Saffo Source: Saffo.com; Every 30 years or so, a science discipline turns into a technology and transforms our lives. Chemistry, Physics, Electronics and … 8
  9. 9. Models of Innovation > Process improvements that enhance the quality of life > Altering consumer behavior through Science & Art > New media driven business models > Test labs, participation and wisdom of crowds > Creating passion through innovation 9
  10. 10. Making Things “Faster” Printing The Internet Gutenberg revolutionized the spread of Internet takes Gutenberg to a whole new information level Replaced monks doing calligraphy All of the world’s information easily accessible at the click of a button 10
  11. 11. Enhancing The Quality Of Life Limited Liability Free Markets & Capital Markets Gave birth to a new, risk-taking generation Allowed individuals to take risks, try their ideas, and work to fashion “progress” Provided employment and opportunity across the society From Adam Smith to Milton Friedman, from hedge funds to Goldman Sachs, scads of Nobel Prizes have been awarded to folks who have figured out bits and pieces of this piece of magic. 11
  12. 12. Low-Tech And Lean Services Dabbawalas (box carriers) Mumbai’s globally recognized business of carrying and delivering fresh homemade food to offices. About 200,000 Tiffins delivered everyday by 5,000 dabbawalas One mistake in 16 million deliveries Inspired credit courses in the world’s leading universities on process design and quality 12
  13. 13. Banks: Open All Day, 24X7 Innovations in Banking - Ability to bring the bank to the customer via multiple channels in mediums desired by customers …’bringing the bank to you’ - From Branches to Call Centers to ATM’s to Mobile Banking to Virtual Banks - Plastic currencies to revolving credit to home equity lines 13
  14. 14. Models of Innovation > Process improvements that enhance the quality of life > Altering consumer behavior through Science & Art > Enabling technologies and new media driven business models > Test labs, participation and wisdom of crowds > Creating passionate customers through innovation 14
  15. 15. Adopt & Adapt – The Ultimate Product Placement Remember HotBot? Or AltaVista? There were search engines before Sergey Brin and Larry Page set up Google in 1998. Radically simple: They started by asking Web surfers if they were feeling lucky—and changed the world. Google lifted search it to its current heights, by disrupting the nascent Web search industry, and sending tremors of fear into every corner of traditional media. Revolutionalized Web-based e-mail and provided free tools such as maps and online driving directions. We no longer search for something on the Web. We “Google” it. 15
  16. 16. Adopt & Adapt – The Modern Home Wrecker The BlackBerry made standalone, unconnected PDAs irrelevant and simultaneously enhanced (respond to e-mail on the soccer-game sidelines!) and destroyed (respond to e-mail during dinner!) the work-life balance of professionals everywhere. The BlackBerry's greatest disruption wasn't in killing off competitors (Palm fired back with its popular Treo smartphone in 2001) but in breaking down the walls between work and home and eroding the nine-to-five paradigm. 16
  17. 17. Adopt & Adapt – People Of The Pod Multiple MP3 players existed before (and after) the iPOD. Apple created a passionate following when they teamed this up with the knock-out iTunes store. Today, the iPod and its eco-system are disrupting the way we watch TV and movies—both are now available for downloads. Launched a whole new form of media, such as the podcast, which allows anyone to become a radio broadcasting host. 17
  18. 18. Adopt & Adapt - Touch ‘n Go Apple revolutionized the ‘Phone’ by integrating all daily activities into a handheld device The touchscreen and associated features (like ‘pinching’) transformed customer experience The most significant event - Apple released the SDK in Feb 2008, allowing independent developers to offer games/apps to users across the world The download frenzy was phenomenal – 10 million apps downloaded in week 1, 500 mn apps by Jan’09 13-yr old Connor Mulcahy downloaded the 1 billionth app (“Bump”) on 23rd Apr ’09 The technology is a sign of times to come, as shown in sci-fi movies 18
  19. 19. “Disrupting” Face of Art … From Canvases “Persistence of memory” - Salvador Dali, Spanish Surrealist “Skull with burning cigarette” “Starry Night” - Vincent Gogh, Dutch Post- - Vincent Gogh, Dutch Post- Impressionist Impressionist 19
  20. 20. New Face of Art – Installation Concepts “Physical impossibility of death in the mind of someone living” - Damien Hirst, YBA “Detail of 7 WTC” - Jenny Holzer, American conceptual artist using “Text as Art” in multiple mediums “For the city” - Jenny Holzer installation “For the love of God” - Damien Hirst, YBA 20
  21. 21. Banks: Recognizing The TV-Industrial Complex Integrated insights Integrated Objectives Integrated Customer Integrated Treatment Optimal Customer into Customer and Processes Treatments Delivery Experience/Relationship Assets Web Cards Liabilities Cards Offers Mktg. Phone c Customer Customer Liabilities Svc. Branch All Others Assets All Others ATM Commensurate Value Exchange Viewing the customer as a segment of “1” Persistence of customer interaction context Recognizing the customer as the corporation’s most strategic asset 21
  22. 22. Models of Innovation > Process improvements that enhance the quality of life > Altering consumer behavior through Science & Art > Enabling technologies and new media driven business models > Test labs, participation and wisdom of crowds > Creating passionate customers through innovation 22
  23. 23. New Media Businesses – Power Networking Facebook has become, in just under 5 years, the home of more than 25 million corporate employees (a Microsoft Facebook group has more than 10,000 members), political campaign supporters and college alumni. Total users clocked 132 million in June 2008. Begun as an online network site for college kids, Reinvented itself into a platform for anyone to build software tools and services for its members. Further disrupted by offering a free iPhone app. 25% of all iPhone users have used the app (source: comScore). More than 1 million people are signing up every month; 30 million users clocked. 23
  24. 24. New Media Businesses – I Tube, You Tube, We All Tube Started as a way to share video clips between people Changed the way we are entertained, how we are advertised to and how we promote ourselves online. YouTube was launched in Feb 2005 and bought by Google for $1.65 billion. Is now home to amateur advertisements, viral political campaign spots, video résumés—even executive apologies. After JetBlue's major service disruptions, staffers at JetBlue posted then-CEO David Neeleman's apology to customers on YouTube. The video site's popularity has even inspired Hollywood to create new bite-size films. YouTube was an integral part of the 2008 US presidential campaign strategy. 24
  25. 25. New Media Businesses - What are you thinking? Twitter captured the fascination of the world - what people are thinking, and doing, all thrown up to your group of friends / network Was rated the fastest growing website (Ac Nielson, 1382%) Extensively used in the US Presidential campaign by Barack Obama When it was used by victims, and bystanders to gather news and coordinate responses to the 26/11 Mumbai terrorist attacks, CNN described it as “the day Social Media appeared to come of age” More disruption is on the way - the combined power of human mind and thoughts throws up immense possibilities, if supported by the right computing capacity 25
  26. 26. New Media Businesses – Virtually Inescapable Started off as an alternative for gaming geeks Has attracted many corporations to its virtual shores, including Starwood Hotels, Bain & Co., and IBM, all there to test out hotel concepts, recruit candidates, or hold global collaborative meetings. Auto makers are allowing residents to design their next car on TSL. Gartner Research predicts that by 2011, 80% of Internet users will have avatars, or 3D digital personas, and by the end of 2012, 50% of businesses will have virtual offices, or “networked virtual environments.” 26
  27. 27. Banks: Enabling A Virtual Financial World > Online Brokerage > Chip based credit cards > Contact less technology 27
  28. 28. Models of Innovation > Process improvements that enhance the quality of life > Altering consumer behavior through Science & Art > Enabling technologies and new media driven business models > Test labs, participation and wisdom of crowds > Creating passionate customers through innovation 28
  29. 29. Growing With People Successful innovation is always enabled through test labs •Finding non-target captives •Expanding information through the knowledge of people •Creating Experience Labs and Credit Testing 29
  30. 30. Wii Like It Very Much Nintendo's Wii - the hot-selling video game console, in which users swing wireless remotes to box, play tennis, or hit home runs on their TVs. Costs just $250, compared to $600 for Sony's PlayStation 3. Originally wasn't targeted at the typical gaming enthusiast Simpler graphics and active format have found fans among the traditionally nongaming populace, such as grandmothers and soccer moms. Wii sales have pummeled those of the PS3—and surged Nintendo's stock since its launch in Nov ‘06. Wii Fit took the story further, with more than 1 mn units sold in less than a month of launch in Dec ‘07 30
  31. 31. The Wisdom Of User Generated Content 31
  32. 32. Turning Branches Into Experience Labs > Paco Underhill > Keep the Change > Credit Testing 32
  33. 33. Models of Innovation > Process improvements that enhance the quality of life > Altering consumer behavior through Science & Art > Enabling technologies and new media driven business models > Test labs, participation and wisdom of crowds > Creating passionate customers through innovation 33
  34. 34. Setting the world on fire •"World on Fire" opens with the claim of having cost $150,000 •Follows with a low-quality footage of McLachlan in a plain room playing her guitar. •Subsequently reveals it actually cost $15 •Then displays (in animated and videotaped segments) how the remainder went to enriching lives all around the globe through charity donations. •Graphically illustrates the impact that even relatively small individual donations might have on third-world poverty. 34
  35. 35. MTF •Chris Martin (Coldplay) is outspoken on issues of fair trade and has done a great deal of campaigning for the charity Oxfam's Make Trade Fair campaign. •When performing, has variations of "Make Trade Fair", "MTF" or an equal sign written on the back of his left hand and the letters "MTF" can be seen emblazoned on his piano. 35
  36. 36. The Pod Piper … creating passionate followers Thousands of passionate iPod users click their photographs across the world with their iPods and share it with the iPod community. 36
  37. 37. The Pod Piper … “When you start looking at a problem and it seems really simple with all these simple solutions, you don’t really understand the complexity of the problem. And your solutions are way too oversimplified, and they don’t work.” “ … then you get into the problem, and you see it’s really complicated. And you come up with these convoluted solutions. That’s sort of the middle, and that’s where people stop, and the solutions tend to work for a while …” “ … but the really great person will keep on going and find the key, underlying principle of the problem. And come up with a beautiful elegant solution that works.” - Steve Jobs 37
  38. 38. Reverse-engineering passion… “Surrender your whole being into a note and gravity disappears” - Carlos Santana Learning more Wanting to keep getting better Showing off……. 38
  39. 39. Reverse-engineering passion… The Secret of Passionate Customers “It does not matter what customers think about you; How they think about themselves as a result of their interaction with you, your product, your company that matters” 39
  40. 40. Setting the world on fire 40
  41. 41. Thank You omarsa@mashreqbank.com 41

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