by James Atkins, Vantage Strategy & Marketing | Apr 14, 2014 | Business Tips
One way not to go to unlock innovation is to hold a brainstorm! Or at least to turn up with butchers paper, pens and little else!
You need stimuli and a process to gain insight and inspiration. You need always to be on the look out – innovation happens all around you every day!
Here’s three ways that I found have helped people think about developing innovative products and services:
1) Look at the Edges and Intersection of your Users, Products and Competition
Where are there non standard uses for your products by customer groups you weren’t targeting? How have customers used your products to solve a problem you hadn’t thought of? Which of your customers are they using your competitors products – and for what purpose?
Lead users, those who are early adopters, can be indicators of a broader market opportunity.
2XU, for instance, were able to identify that a small group of non professional sports people were wearing high performance sportswear (that they didn’t need for performance purposes!). They created a new category by making those products widely available at (relatively) lower cost. Add a fashion angle and you not only have weekday joggers wearing
2XU but it’s become acceptable weekend attire.
2) Take a Future Forward view
Take a trend and extend it as far as you can. What trends can you tap into and be ahead of the curve …Social, Environmental, Technological, Political, Regulator.
Back in 2009, Jetstar decided to jump ahead of their competitors by ramping up social media marketing whilst everyone else was dabbling at best. They allocated over 40% of marketing dollars to this segment and got stellar returns in terms of ROI. Seems sensible now but two years ago they were ahead of the curve.
3) Turn your business Upside Down and Inside Out
Change how you look at your Organisation, Staff, Supply Chain, Partners.
My favourite example here is Build-a- Bear. They completely inverted the accepted industry model. Teddy bears are a low cost, low margin, high volume, seasonal, fad based business. They created a business model that was low cost, high margin, moderate volume, all year round and experiential. From one store in the late 90’s they now have over 400.
Interestingly their revenue has flat lined lately – may well be time to turn things upside down and inside out again!
James works with a wide range of organisations from large to small, start up to established. He facilitates planning and strategy workshops, undertakes reviews, develops insights and ideas, and mentors and coaches leaders. As Chair of the Growth Leaders Forum he helps business leaders unlock their potential and chart a path to growth – http://www.vantagemarketing.com.au/
by James Atkins, Vantage Strategy & Marketing | Jan 29, 2014 | Business Tips
With over 3,000 commercial messages served up to an individual every day it’s no wonder people feel overwhelmed with choice. Add to that an economy under stress, and brands desperately trying to be heard, and you have a recipe for confusion and customer switch off.
Effective marketing helps customers solve problems and, in so doing, cut through the clutter.
The answer? Marketing needs to move from being a monologue to a dialogue.
And dialogues are based on exchanges of information, or content, based on value to each party.
Content should be the new currency of marketing and those that deliver it effectively will engage their customers.
John Jantsch in The Referral Engine touches on what he calls the 4C’s Marketing as a new way of thinking. He is spot on.
Context, Connection, Content and Community, whilst they may not exactly replace the 4P’s, they certainly give them a run for their money! Here’s a brief overview from my perspective:
Context– Customers are looking to make sense of the explosion of data and information served up, in part, by the digital revolution. Truly understanding a customer’s life, their pressures and problems is a huge contextual opportunity. Situating your brand and its competitive advantage in a relevant, engaging manner is a core tactic of the future. But only if you truly understand the context.
Connection – Technology has increased the ability to connect but it’s how you balance so called ‘high tech’ connections with ‘high touch’ engagement that is key. Linking and informing what you learn online with how you behave and engage face to face will be a winning strategy.
Contentt – We have more than enough content! Your inbox is testament to that! Content can be the new currency for marketing. But only if it is authentic and genuine to your brand and business. Developed, curated, edited and remixed. Tailored to real problems. Delivered how your customer wants – face to face, email, blog, twitter, brochure, advertisements. If you understand the customer context then you can deliver content in a way that truly engages.
Community – Communities are built on shared interests and passions. The question you have to ask is does your business have a crowd or are you building a community? How do you motivate and connect your customers – either as a whole or, preferably, by sensible interest based groups. Effective communities around your business enable you to grow and develop.
Thinking about your business from the perspective of the 4C’s will throw up some interesting challenges to how you approach your marketing. It may just engage your customers in a dialogue… and that’s exciting!
James works with a wide range of organisations from large to small, start up to established. He facilitates planning and strategy workshops, undertakes reviews, develops insights and ideas, and mentors and coaches leaders. As Chair of the Growth Leaders Forum he helps business leaders unlock their potential and chart a path to growth – http://www.vantagemarketing.com.au/