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The Value of Loose Change

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What happens to loose change as we approach a 100% cashless society? I take an in-depth look at challenges presented and how we can use the concept of Value Exchange to unpack and solve complex ecosystem problems - some problems that we may be overlooking.

Published in: Design
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The Value of Loose Change

  1. 1. The Value of Loose Change Erik Johnson, contact@erikjohnson.org @heyerok
  2. 2. A short story about a bad day and good music
  3. 3. Loose Change
  4. 4. Busker
  5. 5. Question: How much cash do you carry?
  6. 6. $100? or less
  7. 7. $50? or less
  8. 8. $20? or less
  9. 9. NONE?
  10. 10. Cash Americans carry on a daily basis
  11. 11. Half of Americans carry less than $20
  12. 12. 1 in 10 Americans don’t carry cash
  13. 13. Tender preference for small purchases
  14. 14. Loose Change as small bills and coins in our pockets is disappearing!
  15. 15. Loose Change will still exist in a cashless society in another form.
  16. 16. Loose Change will still exist in a cashless society in another form.
  17. 17. Loose Change will still exist in a cashless society in another form. #watercycle
  18. 18. Highest Proportions of Cashless Transactions Advanced 61% Singapore 60% Netherlands 59% France 59% Sweden 57% Canada 56% Belgium 52% UK Mastercard Advisors / McKinsey Tipping Point 45% United States 35% Australia 33% Germany 29% South Korea Transitioning 16% Spain 15% Brazil 14% Japan 10% China
  19. 19. 1 2
  20. 20. 1 2
  21. 21. 1 2
  22. 22. Why do these moments matter? & Why do we give?
  23. 23. Heart over Head “...people are much more responsive to charitable pleas that feature a single, identifiable beneficiary, than they are to statistical information about the scale of the problem being faced.” https://www.theguardian.com/voluntary-sector-network/2015/mar/23/the-science-behind-why-people-give-money-to-charity
  24. 24. The Warm Glow
  25. 25. Transactional (Cold)
  26. 26. We give because we value the Experience of the Warm Glow
  27. 27. Investing in Community ~$35k/year https://www.fastcoexist.com/3046331/this-homelessness-organization-says-you-should-stop-donating-to-the-homeless
  28. 28. Giver (Me) Busker (Dave) Busker Value Exchange
  29. 29. Giver Loose Change Digital Currency? ??? Busker Experience Warm Glow Busker Value Exchange
  30. 30. Give back to yourself! BoA “Keep the Change”
  31. 31. Types of Value Exchange Monetary Value Payment (revenue) Payment Commitment Payment (cost) (Loose Change, Digital Currency) Credits Non-Monetary Value Product Service Data / Information Right Exposure/Attention Experience Content Knowledge https://www.cooper.com/journal/2016/5/from-cx-to-cvx-delivering-and-capturing-value-by-design
  32. 32. Types of Value Exchange Monetary Value Customer Non-Monetary Value Business
  33. 33. Types of Value Exchange Monetary Value Non-Monetary Value Customer Business Non-Monetary Value Business
  34. 34. Types of Value Exchange Monetary Value Non-Monetary Value Customer Business Partner Non-Monetary Value Business Partner
  35. 35. Types of Value Exchange Monetary Value Payment (revenue) Payment Commitment Payment (cost) (Loose Change, Digital Currency) Credits Non-Monetary Value Product Service Data / Information Right Exposure/Attention Experience Content Knowledge
  36. 36. Giver Loose Change Digital Currency Information Exposure/Attention Content Busker Experience Warm Glow Music Exposure Attention Knowledge Busker Value Exchange
  37. 37. Prototype & Test!
  38. 38. GiverHomeless Charity (Organization) Homeless + Charity Value Exchange
  39. 39. Summary & Recap
  40. 40. Loose Change as small bills and coins in our pockets is disappearing!
  41. 41. Loose Change will still exist in a cashless society in another form.
  42. 42. Brands in the future will need to deal in different currencies - beyond just money
  43. 43. What’s Your Loose Change?
  44. 44. 1 Find something that deeply moves you A moment An experience A segment of individuals
  45. 45. 2 Understand and unpack existing values Human Centered Research Find motivations and needs Experience Map or Service Blueprints for touchpoints
  46. 46. 3 Think about your customers as partners Your customers are complex Think win-win Who are unlikely partners?
  47. 47. 4 Brainstorm and prototype proposed Value Exchanges Fail early and often Learn quickly Iterate
  48. 48. Thanks! Erik Johnson, contact@erikjohnson.org #findyourloosechange @heyerok

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