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Matt Austin - Senior Director, Retail Strategy & Innovation, Samsung
- 1. Innovating in Chaos Matt Austin SENIOR DIRECTOR, RETAIL STRATEGY & INNOVATION
- 3. Not all or nothing.
- 4. “Innovationalmost always is not successful the first time out.” –Clayton Christensen, HBS professor
- 5. Think Big. Even when you have to play small.
- 6. You canchangethe world without needing to change it all at once.
- 7. If youseek glory, youcan lose sight of innovation.
- 9. Internal External Oh Sh*t!Internal External 3 types:
- 10. “There is alwaysa risk that there are unknown unknown” - Nate Silver
- 28. “Don’t callit a comeback” –LL Cool J
- 31. “There is an immutable conflictat work, in lifeand in business,a constantbattle between peace andchaos. Neither can be mastered, but bothcan be influenced.Howyou go aboutthat is the key to success.” - Phil Knight
- 33. Q&A
Editor's Notes
- THANK for a great intro First, for the few of you saw the initial program and came here to see a Robotics expert, I’ll have to disappoint you now. SO here’s what you need to know about me : How did I end up here… honestly: DUMB Luck…what I find more important, is why I stayed. I managed to get a good breadth throughout my career. As I built it, I realized I was good at connecting the dots and helping come up with and sell in new solutions INTRODUCE: the topic The reality in which I believe many of us live: chaos…and how we can still imagine and make big things happen that ultimately change our lives and the world.
- DEFINE Innovation ‘So what exactly does innovation mean?’ That is a loaded question! DESCRIBE POV innovation over time…10 years ago vs. now When I first started my career I would have said that innovation is… Thought Texas was the best country in the world HINT at Narrow minded But then I racked up 1 million miles in 4 years. Mindset expanded. Awareness of world brought perspective on innovation to life Thought of the need to innovate by: Believing in big ah-ha ideas Taking things from good to great Always improving (faster, cheaper, better) TRANSITION to concept of Innovation changes based on where you sit Innovation means different things for different people, at different times. Innovation is approached differently depending on a persons: Industry Function Level Start career: knowing you will be a disruptive force, but struggle to find your place. Initially think of how to bring new ideas to your boss that sound creative and different. You are the ‘creator’ and ‘doer’ Then start to broaden outside of specific ‘doer’ tasks and think of new ideas that address customer challenges Lastly, focus on ability to execute and P&L As an executive, it is your job to take innovation from an idea to a reality. Each stage important Consistent thread: Providing the customer with something new and unique. Ultimately something they didn’t even know they needed.
- Transition: Some parts of corporate environments make you think that you have to do something huge. Highlight: Innovation cannot be looked at as all or nothing It takes a team and a variety of perspectives. Transition with: It also takes the willingness to lose perfection, test things, and fail.
- FOCUS on challenges & roadblocks We all face challenges & roadblocks when trying to launch new ideas. No one can predict the future We all want more data. Transition with: So what do you do?
- FOCUS: You have to think big, even when sometimes you have to play small Lighthouse. You set your mind to where you want to go, then you get out there and test over and over and over again. Take that data and you iterate each time, until you get to the point that your tests become something meaningful
- FOCUS: You can change the world without needing to change it all at once. Eventually all of those small ‘somethings’ are going to get you to your big idea.
- FOCUS If you are soley thinking glory, you can lose sight of innovation. Reference Pepsi career and how you can take pride from your team Goal is to get innovations in market and bring to life
- TRANSITION So all of this about innovation through testing and learning and moving along a path sounds great. But, I am the first to agree with any skeptics out there that this is not always reality. FOCUS The world we innovate in is chaotic! EXPLAIN So, what is chaos?
- FOCUS: I see three types that affect innovation divided into external, internal, and ‘oh shit’ categories. SHARE Types of chaos Internal chaos This one is different for each company External: environmental factors. DEFINE: Environmental Factors: These are things happening in the environment outside of the four walls of our organization that we have little control over. I use these as a framework for building my innovation strategy Market Dynamics – ie, what is happening with our economy that will drive pricing for new products and services Competitive Behavior – considering you are always trying to take a customer from your competition, what are they doing that you can then go and do better? Or, what have they not done that you can beat them to? Consumers - Target Segments – then evaluate what your (and their) customers are responding too and how can you think ahead to provide them something they don’t even know yet they will need Products – how can you integrate new ideas into existing products and go to market quickly Trends – what are other industries doing and how are customers responding that you can learn from Distributors – who is selling your product and how are they selling it? OH SH*T Lastly, this one may just be my favorite – or not! – but it is what I refer to as “OH SH*T” moments Oh shit moments are moments that you cant see coming. You think you have the best idea and it hits market, then… oh shit.
- Transition: It’s not enough just to define innovation in chaos. I want to share how we at SAMSUNG and me personally have encountered chaos and innovated
- INNOVATION IN INTERNAL CHAOS SHARE Example of environment of SAMSUNG Product launches & planning cycles We launch nearly 50 products a year!! # of Launches in a year Smartphones 2 launches – 4 iconic + 2-4 other phones Tablets - 3-4 products launches TV - 4-8 models launched per year HA – Washers 4-8 models HA – Refrigerators 6 – 10 models HA – Ranges 5-8 models DAV 2-3 models
- SHARE Example of environment of SAMSUNG Internal complexity
- SHARE Example of environment of SAMSUNG
- SHARE Example of environment of SAMSUNG
- SHARE Example of environment of SAMSUNG Retail through channel partners ILLUSTRATE the Situation SCENARIO: We work with channel partners to sell our products in the U.S. Rely on recommendation of salespeople who don’t work for us We send out our teams to train. ISSUES: Not enough training Not enough incentives Not enough excitement Understand demographic and preferred methods of consumption 140 characters or less SO, What did we do? SHARE INNOVATION ON TRAINING PROGRAM We gamified the learning: Essentials We created stronger e-loyalty program: Elite Provided more support in-store: Retail Mode & Experiential Kits TRANSITION TO VIDEO: It’s not just within our company we need to worry about. An even bigger impact can be the external chaos.
- INNOVATION IN EXTERNAL CHAOS SHARE. Example of innovating in external chaos REMIND about ENVIRONMENTAL FACTORS Play a huge part in creating chaos. A few years ago, three factors converged creating chaos for me and my colleagues
- COMPETITVE BEHAVIOR Had more stores Were creating a more and more closed ecosystem
- CONSUMER BEHAVIOR Want physical and digital Not just wanting omnichannel…demanding it Paying more for experiences over products
- PARTNERS (For us it carrier stores and national retailers -Best Buy) More device agnostic Telling a more connected story when products show up all over a partner’s store Communicating the message, it’s not our folks
- NOTE IF your companies and teams are anything like mine, you have no shortage of data on the above. HIGHLIGHT The crucial question is how you’re going to make a move that doesn’t just solve the issue, but potentially changes the game SHARE At Samsung, here’s what we did: RESPONDED with a Suite of Experiential engagement centered around the opening of SAMSUNG 837 in the Meatpacking district of NYC in 2016. The Unstore: No salespeople, no purchasing All about experiencing and immersing yourself in the SAMSUNG brand Place SAMSUNG products at the heart of passions like cooking, film, art, music, and fitness: Titanic launches to public on 10/2
- 2. Pop-ups We have this great experience in NYC, so how do we use concept to test components in new markets
- 3. Increased Consumer Engagement Events Meeting our consumers where they are and showing them how our products can enhance their lives and expand their possibilities
- INNOVATING IN OH SH*T SHARE. Example of innovating in OH SHIT
- SET SCENARIO: DESCRIBE Excitement internally about the launch of N7 DESCRIBE initial feedback externally: “Beats the new iPhone” “Phalbet FTW” “Love how it feels in my hand”
- THEN: The reports started DESCRIBE: What the feeling was internally What is like to get on planes and hear the warning Butt of jokes from SNL to gifs to Grand Theft Auto
- HIGHLIGHT What we decided to do next was crucial SHARE: “Don’t Call it a Comeback” – LL Cool J Company focused on: Using this incident as a way to learn and innovate We needed to rebuild our relationship with our customer on ALL levels Both tangible and in tangle innovations mattered Key things that immediately went into place Battery testing Supply chain Personal shopper and other engaging methods to reach out to our customer Next Slide image of Note 8
- Outcome: creating two of the most innovative devices in our history: Galaxy S8 and Note 8 launched in April and August
- WRAPPING UP I talked to you about these points on innovation Believing in big ah-ha ideas Taking things from good to great Always improving (faster, cheaper, better) Highlighted these examples on chaos Internal – How we digitized our training programs amongst the constant product launches External – How we launched the ‘unstore’ and used concepts from within to test new innovations to customers amongst attempted competitive barriers Oh Shit – How we created new touchpoints to rebuild our relationship with shoppers amongst one of our lowest moments Ultimately, when it comes to innovating though, it is about what we get to next. And what I love about my job is that… CLOSE: Do Bigger things
- Ultimately, when it comes to innovating though, it is about what we get to next. And what I love about my job is that… CLOSE: At Samsung we innovate so you can Do Bigger things