When you’re creating something truly innovative, thats not just some fun mashup or app idea, that truly creates some business and industry impact, can you allocate to one of 3 in each of the 5 lines in the above diagram?
Lets explore each row.
WHAT WE CREATE
We can … Create New Products
Innovation can deliver entirely new products that break the mould, that disrupt the market. The product may be a combination of existing product concepts (think packages or bundles) or a flip on an existing paradigm (think ANZ’s credit card that rewards you as you pay it off)
We can … Better Distribute & Service Products
Channel innovation is an obvious space of activity at the moment. With mobile and touchscreen interfaces becoming prolific, almost ubiquitous this year, channel and distribution will be critical to get right. Front end and back of house development and innovation will create speed to market, and better customer experience.
We can … Have Customer Conversations
Again, a busy space, with the obvious reference to social media here. How can we have genuine conversations with customers that build trust, create return activity from the bank and break down the
barriers?
THE WAY WE CREATE IT
By … Enhancing The Old Using New Ways
Looking at old fashioned problems, challenges or previously missed opportunities (like Straight Through Processing, or – related – document fulfilment; or multi-channel integration) using new approaches, technologies, and even other industries can create a fresh way to solve an old problem.
By … Creating The New Using Old Ways
This is an area to focus on emerging customer experiences and business opportunities that can be fit into your existing business model and value proposition. It may be something as specific as a web interface and process, or something as general as a new regulatory imposed approach to security.
By … Creating The New Using New Ways
This is the real cutting edge area, that may take some not so Business As Usual activity (skunkworks its sometimes called round our way). The key here is to find a way – any way! – to keep up with the evolving and changing speed of customer expectations, and the other brands that serve them. Try using a new technology like Augmented Reality, or touchscreen technology, to create a prototype or proof of concept.
HOW WE COMMUNICATE IT
Creating a … (Proof Of) Concept
This can simply be a one pager, or even a simple screen wireframe, product description, customer experience interaction map, business benefit analysis. But get the idea on paper, and add it to a list to be analysed, assessed and considered for further work.
Creating a … Working Prototype
This can be a working technical execution based on dummy data. Or a physical product mockup. Or a recording of a proposed service interaction (thats right – get ready for role play). But nothing shows the benefit of a concept than when its in action, particularly if its showing a before (ie. its currently pretty bad huh?) and after (ie. if we fix it the way I want, it will be this good!)
Creating a … Ready To Launch Product With Business Case
So you feel the opportunity is strong and have some support. Take it all the way and package it up ready to make a decision so it can be in market … next week! Now, just to get that decision …
MAKING A BUSINESS DECISION
Forcing a … Decision To Stop
Your superiors or supporters will need to make a decision. If you’ve presented a compelling concept paper, prototype or even full business case, then a decision is an informed one. A decision to stop may be the best thing in the long run.
Forcing a … Decision To Explore Further
Exploring further means there’s potential. So take the opportunity to progress a concept to a prototype, or a prototype to full business case.
Forcing a … Decision To Proceed
Wow you’ve made a great case and … holy crap! Its going ahead. Fantastic. Now the hard work starts!
THE BENEFITS WE CREATE
Resulting in … Increased Revenue
These benefits will be critical. Showing these benefits upfront will do you a lot of good and increase your chances of the idea progressing and indeed, surviving. A benefit like increasing revenue and sales is an obvious one…
Resulting in … Decreased Cost
… but probably not as crucial as cutting costs. Innovation can often be confused with process improvement – please don’t make every idea one of these, otherwise your staff, and indeed your people, will die of boredom.
Resulting in … Increased Customer Satisfaction
Making customers happier is indeed a soft benefit, but it has some clear business benefit, and anyway it creates some karma. We all need that.
Give it a try and let me know your results.
