Great Minds discuss IDEAS | Average Minds discuss EVENTS |Small Minds discuss PEOPLE
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In this presentation, delivered February 2014, to the Association of Destination Management Executives, Jim challenged the audience to come up with some new ideas that could 'shift' their business.
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Great Minds discuss IDEAS | Average Minds discuss EVENTS |Small Minds discuss PEOPLE
- 2. “Show me the money” SHOW ME THE MONEY! ©2014 James Feldman
- 3. Creativity vs. Innovation Creativity is the process of developing new or interesting ideas. Innovation is the process of transforming creative ideas into valuable or profitable solutions.
- 4. Creativity vs. Innovation Creativity is the skill to originate the New and make it valuable. Innovation is the process of creating something New that has significant value to the user. Invention is a physical thing. ©2014 James Feldman
- 5. From efficiency; Business As Usual (BAU) to to disruption; Innovation As Usual (IAU)
- 6. Shift from efficiency as business as usual (BAU) or S.O.P. to Innovation As Usual.
- 7. What Drives Innovation? Filtering Focus Shaping Business Case Validation & Launch • • • • • Opportunity Identification Opportunity Development Development Innovation Disappearing trade barriers Increasing rate of “shifts” Increasing customer expectancies Increasing amount & access to data/information Decreasing cost of entry Opportunity Capture
- 8. Innovation Challenges Driving Innovation Failure to understand customers, employees, stakeholders Inspire curiosity Question assumptions Lackluster ideas Challenge current perspectives Think differently Aversion to risk taking Create freedom Experiment Poor execution Drive discipline Get things done ©2014 James Feldman
- 9. The real trend in business is ©2014 James Feldman
- 10. Is there a disruptive way to solve a problem?
- 11. Culture eats strategy for breakfast!
- 12. Environment Culture Structure, Function & Design Governance 7 AREAS Language, Conte xt & Communication ©2014 James Feldman
- 16. Champion creativity and Innovation will follow ©2014 James Feldman
- 19. Threat of new entrants Are there important forces that shape your industry’s competition? Bargaining power of buyers Rivalry among existing competitor s Menace of substitute products or services Bargainin g power of suppliers ©2014 James Feldman
- 20. Choose to do things differently ©2014 James Feldman
- 24. keep focused on your
- 25. the achievement of your vision resides in your clients’ level of contentment with your solutions
- 26. the biggest challenge for Innovation is the resistance to it
- 27. don’t reduce your price
- 28. People do not default up! Aha Sell from top down not bottom up. ©2014 James Feldman
- 29. you are the competition
- 31. focus on service
- 33. clients want bright & inviting
- 34. change is the key to success
- 36. take more risks
- 39. genuine wins. uncommon wins. original wins.
- 40. stop doing it the old way
- 41. start doing what works
- 42. don’t slow down
- 43. speed up
- 44. don’t panic
- 45. stay cool
- 46. don’t just get ready
- 47. get going
- 48. don’t waste energy on emotions
- 49. create your own bucket list
- 50. stop ‘shoulding’ all over yourself
- 51. when they give you paper
- 52. spend energy on solutions
- 53. It is simple to make things complex, but complex to make things simple. – Meyer’s Law
- 54. listen = learn
- 55. knowledge is free wisdom comes from experience
- 56. how you think is everything!
- 58. $263 billion industry can be slow to change
- 59. a few have been quicker
- 61. some have…
- 62. People buy from people they trust. Aha Build trust and price isn’t an issue. ©2014 James Feldman
- 63. Wealth is not gained by perfecting the known, but by seizing the unknown. ©2014 James Feldman
- 64. logic makes people think
- 65. emotions make people act
- 66. use this shift as a new innovation business model
- 67. Customers want the product of your product. ©2014 James Feldman
- 68. start doing what works
- 69. don’t panic
- 70. stay cool
- 71. don’t just get ready
- 72. don’t slow down
- 73. speed up
- 74. what am I doing differently tomorrow that will obtain better results than I achieved today?
Editor's Notes
- Today we are in a deep depression and deterioration when it comes to the way we treat our Customers. I applaud you for taking this step to develop a WOW Customer Return Policy. Regardless of the industry with few exceptions the creation and retention of a Customer is a lost art.Think your Customers are satisfied? They very well may be. Unfortunately, Customer satisfaction doesn’t always lead to Customer loyalty. These days even if your Customers are completely satisfied with your product or service, 40% of them will leave you and start doing business with your competition. On the surface, 40% may not seem like that much. After all, over half of your satisfied Customers are coming back. But in dollars and cents, 40% is costing you more than you may think, because. According to the Wall Street Journal, attracting new Customers can cost nearly double the amount it takes to attract repeat business from your existing Customer base. What’s the solution? Quite simply, in order to retain all your Customers and increase your sales, you need to go beyond Customer satisfaction and develop the rapport that will make your Customers adore you. Only then will you achieve true Customer loyalty.So let’s create a WOW Customer RETURN POLICY.
- What is BAU? BAU is all the norms inside your company that govern how your company operates. Are all kinds of changes and circumstances we can’t control that exert their own force and shift us sideways.There’s a ton of room for growth in that unplanned space.Innovation capabilities remain a part of the lore of many firms, but those references and stories seem misplaced in an era of high efficiency, cost-cutting, and outsourcing.” Ever-increasing focus on efficiency creates an Innovation trap: the more efficient BAU becomes, the more the firm seeks to protect and isolate BAU, leading to less and less Innovation.It's no longer about cost cutting, outsourcing, or efficiency; it's about Innovation. Time to think 'inside the box' and create new products and services. Jim asks the audience "If you were starting from scratch, and there were no hindrances, no obstacles and no limit to your resources, if anything was possible, what would your business look like?"It is not enough to have a good idea or to find the best ideas lurking within a company - a company must be able to overcome BAU.The most important factor sustaining Innovation is an operating model that considers Innovation as “business as usual (BAU).Innovation is a strategic choice rather than an act of fate.
- We can work hard towards our goals but thereWhat is BAU? It's all the norms inside your company that govern how your company operates. Are all kinds of changes and circumstances we can’t control that exert their own force and shift us sideways.There’s a ton of room for growth in that unplanned space.It is not enough to have a good idea or to find the best ideas lurking within a company - a company must be able to overcome BAU.
- It’s time to buck convention, find new solutions, and rethink our beliefsAbout the environment, energy, technology, food, health, transportation, urbanism, and poverty.
- Innovation is often the result of random conversationsCOLLISIONS or DISRUPTIONS.Innovation is a defined process commonly used to achieve measureable objectives.My role is to accelerate those collisions.The value of innovation comes from achieving new levels of results that would not be obtained through continuous improvement identify trends and build trend spotting and competitive intelligence systems, synthesize trends and determine what the trends may mean for future business by building scenarios.My goal is to help organizations achieve innovation, remain viable and competitive, while optimizing financial success.Having a leader of innovation is an essential part of having an innovation culture.A distinct innovation leader further establishes a clear accountability for fulfilling the innovation strategyAnd ensures that innovation remains a priority.
- My focus today is to ask you to think abouthow to shift from business as usual to Innovation As Usual.Business as usual stymies innovation by overly focusing the organization on efficient business processes and meeting short term demands, and by commanding the attention of the middle management cohort to the exclusion of creating new things.Unsuccessful companies describe their innovation culture asLackingConstrainedFollowerWeakIsolatedAspirationalSuccessful companies describe their innovation culture asInvigoratedFocusedCollaborativeAggressivePassionateInspirational1. Is there an important problem that customers can't address because existing solutions are expensive or inconvenient? Is there a high-potential job to be done?2. Is there a disruptive way to solve the problem in a simpler, more convenient or more affordable way?3. Is there a plausible hypothesis about an economically attractive, scalable business model? Answering this question doesn't require a detailed financial model, but it does require a sensible story that's at least conceivable - an a plan to turn that hypothesis into reality.4. Does the team have the right stuff to course-correct according to in-market learning? Remember, the odds are high that the first idea isn't quite right. A team that is dogmatic and keeps trying to prove it is right is the wrong team for many innovation efforts.5. Can early profitability be a choice? Ultimate success requires a profitable model. The sooner there is a line of sight to profits, the better.
- Corporate culture is more powerful that any individual strategy.If your corporate culture is structured to favor business as usual BAU, innovation will alwaysbe difficult. You must change culture to create an innovation business as usual.Many challenges are cultural in nature, such as not having a tolerance for risk-taking or providingEmployees with enough resources for innovation work. Creating an effective culture of innovation is an essential, Burt often overlooked component for an organizations long term, sustainable, innovation success. Ultimately, it’s an organizations’ people who make innovation happen and to be successful at it, they have to work in an environment that support and encourages risk taking and failure.
- Successful innovators demonstrate strategic alignment, cultures that encourage innovation, people who understand innovation methods and tools, and clear communication. The gap between executive expectations and new innovative products and services indicates that some or all of these capabilities aren’t met in most organizations.
- what stifles Innovation are two barriersBusiness as usual and middle managers
- Innovative thinking- takes place inside the box InvestigationIdentificationIdeationAcceleration is outside the box ImplementationImpact
- There’s a tendency in most industries to bePart of a scene. This provides little of the supportNeeded for professional development. Today, to succeedYou need to know a wide array of people. Then you go ‘inside the box’ to do your 3D Thinking.
- There are many reasons firms can't sustain Innovation. These include everything from a "project" rather than "capability" mindset to fear of failure,to a lack of resources, and uncertain support from executives.Today I want you to think about your company's fundamental approach to doing business.Is it ‘outside the box?” If it’s outside the box you can’t see the problem.You can’t see the side of the box. You can see the components that make up the problem.And your back is to your potential audience.You need to go inside the box.Move the components around. Get them out of the shadows. And discover and gather information.
- ➠A typical 21 year old has played 5,000 hours of computer games, exchanged 25,000 emails, SMSs and chat messages, has used a cell phone some 10,000 times and spent 3,500 hours on line. Cell phones in the last decade have gone from big single purpose telephones to small smartphones. Now they are getting bigger to accommodate videos, photos, and tactual keyboards. Yet to many of you in this room these are developments that you expect to deal with but find it uncomfortable.
- The most successful people will adapt their role to provide value in collaborative relationships.What stops most companies from Innovation is hesitation due to uncertainty.Our value is measured by the size of the problems we can solve.In our short time we share today, I want you to find at least three concepts that unleash the unlimited possibilities that result in new profits for your organization. ➠The time to make a change is now!
- The building blocks of Innovation culture comes with its own set of components that allows a company to develop a culture that motivates employees to innovate. The building blocks are Imagine is about determining the vision for your Innovation culture including purposes and objectivesInspire-is about engaging employeesInstill-centers on having the right mechanisms including resource commitment, structure and teamsInvolve-focuses on bringing the entire organization on board with training of all the employees, communication, and leadership guidelinesUltimately, culture is about the value, norms, and attitudes that exist in the organization and they’re the driving force of Innovation success.
- Focus is the beginning.Focus kicks open the door and possibilities follow.Focus resets everything.Focus moves us forward… fast.We all want Focus.Focus isn’t later…it’s now.What will you do if You Re-Focus Your Focus?And Focus on the RESULTS, Not The Effort!
- Get comfortable with chaos.As I said….It’s time to INNOVATE and INITIATE.It’s time to focus on your ROIReturn On Your IdeasProvidea collaborative workflow that delivers innovative solutions process that drive high adoption rates, that quickly validates dynamic innovation ideas, while also uncovering where some innovation ideas may fail the “stress test” before investment in time and resources are incurred. You must help your clients see and sustain a company-wide innovation capability.
- When large organizations embrace these concept and break into smaller groups, they increase their ability to mobilize quickly, slash response time, cut through layers of bureaucracy, and ultimately drive down costs. Small, organized work units allow for greater risk-taking and promote creativity,allowing everyone to actively participate in the risk and reward dynamic.A process organization allows you to reap the benefits of creative thinking, increase problem-solving abilities, and draw from the untapped sources oftalent that surely exist in your organization. Giving your associates the freedom to try new ideas will allow your business to continue to be forward-looking and creative, and to increase your chances of success.
- Creativity is the ability to take that new idea and make it valuable in your clients' eyes. Realize that every problem has a solution, although the solution may not be in plain sight. To make the solution more apparent, remove "standard operating procedures" whenever possible and inspire creative thinking throughout the organization. Use novel approaches, strive for dramatic results, andreach for the highest goal possible. Reward business associates for finding the "innovative solution" and for "thinking creatively."
- To establish credibility you shouldKnow the boundaries and resources of your companyListen to Your Players needsGive Attention To DetailProvide Meaningful InformationFollow ThroughWhile that sounds simple, many companies “simply” have forgotten the basic premises?Do you find that airlines have, in general, learned how to satisfy their passengers?Is your cable TV supplier responsive to your needs?Have you made a recent visit to your bank and found anyone that knows
- Innovative thinking distinguishes the best companies from the also-rans. Truly innovative companies encourage their employees to think creatively, to develop new ideas, and to offer unique solutions. The company that encourages creative change has many resources at hand when faced with new challenges.You don’t have to reduce your price.
- Opportunities will be waiting for you if you can overcome any resistance to new ways of thinking. Don’t stay within the lines that were drawn years ago.Turn the paper sideways and change everything. The most successful people will adapt their role to provide value in collaborative relationships.What stops most companies from innovation is hesitation due to uncertainty. But when you cast aside uncertainty and Start to ask “What If,” you will unleash the unlimited possibilities of incentives that result in new profits for your organization.
- Sales people are promise makers.Employees are promise keepers.
- Is the focus on you or your services?Are you listening and observing?Are you informative or persuasive?Do you provide adequate support?Did you create magic in your message?Did you engage your policy manual?
- Did you know ... If you start with just one penny and double your money every day for a month, at the end of the month you'll end up with more than five million dollars. Go ahead. Do the math. Pull out your calculator. Verify this for yourself. The exact number at the end of 30 days, starting with just one penny is — $5,368,709.12. Okay, I know that it's probably not practical for you to double your money in this way every day. But the purpose of this simple little exercise is to demonstrate that the key to immense success at anything is to get better and better and better at that one thing every day.
- There is nothing wrong with your business that can not be cured with what’s right for your business.
- You PROVIDE Solutions You CREATE ValueYou ENGAGE your clientsYou REWARD LoyaltyYou do not Major in minor thingsYou remain passionate You make Shift Happen!
- Most people know a lot of things. Which makes them great at nothing. The real secret is to know a few pivotal things so well that you become greatat nearly everything.
- Are You Listening to your clients, Employees, and Suppliers?They are at the center of gravity, where the customer is.
- Knowledge today, is free. It’s on the internet or there is an ap for that.Wisdom comes from experience and people will pay for Wisdom.
- Your clients want-Better Results-Better OutcomesYour Challenge is to find ways to deliver it to them.
- Where do the profits in your business come from? What are the areas where you beat the pants off your competitors? Why do clients seek you out? Am I hunting elephants or rabbits? Who is our customer? Why would they buy from us? What is my business? Why would I work here?Am I happy doing what I do?These are the critical areas of success -- and you'd better be darn good at them.
- Focus on the customer’s needs for ideas, not what management wants.Understanding those needs and frustrations will allow them to focus on Innovation efforts that really matterto consumers/consumers. Apple makes 46 products. Mac products 6IPOD 5Iphone 2Software 17Accessories 16
- Change is a matter of survival. Don’t Listen to what was said years ago.Change everything. The most successful people will adapt their role to provide value in collaborative relationships.Listen to your clients, Employees, Suppliers? They are all asking the same thing?
- Change is a matter of survival. Don’t Listen to what was said years ago.Change everything. The most successful people will adapt their role to provide value in collaborative relationships.Listen to your clients, Employees, Suppliers? They are all asking the same thing?
- Two words often describe products. They are so loosely used by the average sales person that they often say them together really fast, almost as if they were one word "features & benefits.”Features are unique characteristics that your product has to offer a customer. Without Features your product would look just like everyone else's product in the marketplace.Benefits-the product of the product- are what the unique characteristics of your product can actually do for a person or business.What your customer sees are features, what they use are benefits.Features just fill the prospects needs. Innovation should show how the benefits will actually improve that person's business or improve their life.The customer wants the product of your product.