Change - tools and ideas to meet the future
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Post on 11-Aug-2014
DESCRIPTIONA collaborative presentation. For the next 90 minutes we will give you ideas to understand the future and collaborative tasks to put it into your context. By the end you…
A COLLABORATIVE PRESENTATION FOR THE NEXT 90 MINUTES WE WILL GIVE YOU IDEAS TO UNDERSTAND THE FUTURE AND COLLABORATIVE TASKS TO PUT IT INTO YOUR CONTEXT. BY THE END YOU WILL HAVE BROKEN A FEW PRECONCEPTIONS, DISCOVERED NEW IDEAS AND HAVE IN YOUR POSSESSION A BROADER TOOLBOX TO SOLVE EMERGING AND DIFFERENTIATED CHALLENGES ON THE RED SLIDES YOU WILL SPEND A MINUTE OR TWO DISCUSSING WITH THE PEOPLE NEXT TO YOU BEFORE PRESENTING DIFFERENT OPINIONS AND ANSWERS TO THE WHOLE ROOM. CHANGE? QUESTION: WHAT IS CHANGING? EVERYBODY IS TALKING ABOUT CHANGE BUT VERY FEW HAVE THOUGHT ABOUT WHAT IT IS... 2min IMAGE BY LOTUS CARROLL ON FLICKR:COM QUESTION: WHAT ARE CUSTOMERS ASKING FOR TODAY? THAT DIDN'T EXIST THREE YEARS AGO 2min COMPANIES ARE EXPERIENCING OR ANTICIPATING PAIN BASED ON A GROWING GAP BETWEEN THEMSELVES AND THEIR CUSTOMERS - THE QUESTION THEY ASK IS: HOW CAN I CLOSE THIS GAP? According to a recent global study of 1,500 CEOs conducted by IBM, the biggest challenge those CEOs face is the so called complexity gap. Eight out of 10 expect the business environment to grow in complexity, but fewer than half feel prepared for the change. The research also reveals that CEOs see a lack of customer insight as their biggest deﬁcit in managing complexity. They prioritize gaining customer insight far above other decision-related tasks and rank “customer obsession” as the most critical leadership trait. SOURCE: An Anthropologist walks into a bar... Christian Madsbjerg and Mikkel B. Rasmussen HBR March 2014 QUESTION: WHAT IS THE GAP BETWEEN YOU AND YOUR CUSTOMERS TODAY AND IN THREE YEARS? IN 2009 MICROSOFT ESTIMATED THAT WITHIN 2014 50% OF ALL INTERNET ACTIVITY WOULD BE VIA MOBILE, WHICH WAS UNTHINKABLE AT THE TIME, BUT TRUE TODAY. 2min THINK BIG1 PART An example: KNIGHT CAPITAL AND THE FLASH CRASH OF 2010: "Technology – software in particular – has had a destabilizing eﬀect on traditional business models." Aaron Dignan, Undercurrent https://medium.com/on-management/d9a3b82a5885 The problem is if you think these people will beat you on YOUR business model, they're not. they will beat you on creating an oﬀer better suited for the larger job the customer is working on getting done. WHAT INDUSTRY ARE YOU IN? RAILROAD OR TRANSPORTATION QUESTION: WHICH INDUSTRY ARE YOU IN? 2min QUESTION: WHICH INDUSTRY ARE YOU IN? A. BLACK HAT THINKING: HOW COULD A MUTATION DESTROY THE BOUNDARIES OF YOUR BUSINESS? 2min QUESTION: WHICH INDUSTRY ARE YOU IN? B. YELLOW HAT THINKING: HOW WOULD A MUTATION BROADEN THE BOUNDARIES OF YOUR BUSINESS? 2min HOW DO WE TAKE THE INTELLECTUAL CAPITAL OF 130,000 PEOPLE AND INNOVATE WHERE NONE OF THE CATEGORY DEFINITIONS OF THE PAST WILL MATTER? ANY ORGANIZATIONAL STRUCTURE YOU HAVE TODAY IS IRRELEVANT BECAUSE NO COMPETITION OR INNOVATION IS GOING TO RESPECT THOSE BOUNDARIES. EVERYTHING NOW IS GOING TO HAVE TO BE MUCH MORE COMPRESSED IN TERMS OF BOTH CYCLE TIMES AND RESPONSE TIMES. - SATYA NADELLA, CHIEF OF MICROSOFT - HTTP://WWW.NYTIMES.COM/2014/02/21/BUSINESS/SATYA-NADELLA-CHIEF-OF-MICROSOFT-ON-HIS-NEW-ROLE.HTML?_R=2 HOW STARBUCKS COULD REPLACE YOUR BANK THE NEXT BIG THING YOU MISSED: HOW STARBUCKS COULD REPLACE YOUR BANK http://wrd.cm/1cA33Tv Companies routinely invest in technology, and too often feel they get routine results. Technology’s promise is not simply to automate processes, but to open routes to new ways of doing business. 78% of respondents, achieving digital transformation will become critical to their organizations within the next two years. However, 63% said the pace of technology change in their organization is too slow. The most frequently cited obstacle to digital transformation was “lack of urgency.” MIT Sloan Management Review http://sloanreview.mit.edu/projects/embracing-digital-technology/ IN A WORLD WHERE THE MARKET COST OF TESTING NEW IDEAS ARE CLOSE TO ZERO. YOUR NUMBER ONE JOB BECOMES TO HARVEST ALL IDEAS AND THEN KILL AS MANY OF THEM AS CHEAPLY AND QUICKLY AS POSSIBLE KILL IDEAS IN THE AGE OF TRANSIENT ADVANTAGE SLOW IS THE GREATEST THREAT. HOW CAN YOU MOVE QUICKLY ENOUGH TO TEST EVERYTHING RATHER THEN BET ON SOME HORSES AND HOPE FOR THE BEST OWLET MARKET VALIDATION COST= $1150 QUESTION: WHAT OPPORTUNITIES DO YOU SEE FROM PRODUCT INNOVATION AND FROM BUSINESS MODEL INNOVATION? 2min QUESTION: HOW WOULD YOU CHANGE YOUR APPROACH IF YOU COULD TEST EVERYTHING CHEAPLY FIRST? 2min THE REASON WE HAVE MASS COMMUNICATION IS THAT THE COST OF COMMUNICATING TO EACH CUSTOMER INDIVIDUALLY WAS TO GREAT. THE BARRIER HERE IS THE COST OF TECHNOLOGY. TODAY TECHNOLOGY HAS BECOME SO CHEAP THAT THERE ISN'T A BARRIER ANYMORE. TESCO SENDS OUT 5 MILLION INDIVIDUAL CUSTOMER LETTERS EACH YEAR. MASS IS QUICKLY BECOMING THE GO-TO STRATEGY OF THE PAST. PRECISION FIXED PRICES ARE ONLY A CONSEQUENCE OF THE COST OF TECHNOLOGY - IS THAT BARRIER STILL THERE? TRADITIONAL CAR INSURANCE INDIVIDUAL CAR INSURANCE [VIEW VIDEO ON THE NEXT SLIDE] QUESTION: IF THE COST OF TECHNOLOGY WENT WAY DOWN HOW WOULD YOU CHANGE THE PRODUCT AND THE WAY YOU CREATE CUSTOMERS? 2min CUSTOMER CENTRICITY IS THE CORE DRIVER TO THE CHANGES WE ARE SEEING. IT IS SO IMPORTANT WE MADE IT INTO ITS OWN PART OF THE PRESENTATION. WE WILL GET BACK TO IT IN PART THREE... WTFCAN I DO ON MONDAY? PART 2 2 PART What should the marketing function's top priority be at your organization? (% respondents) To which area has marketing contributed most in the past year? (% respondents) Driving revenue growth Improving your organization's reputation Retaining existing customers 30 22 22 The C-suite view of the CMO Agenda, 2012 COMMENT: There is a gap between what the organization wants from its communication and how it is used - we except this gap to close the next years. Which means communication will be measured less on communication goals and more on business goals. COMMUNICATION IS A TOOL DESIGNED TO FIT THE BEHAVIORS OF THE CUSTOMER. WHEN THESE BEHAVIORS CHANGE OUR MARKETING NEEDS TO ADAPT. 0 COMMENT: Investments are moving towards channels enabling the nurturing of personal relationships. Today the customers are individuals, not masses. Technology today allows for individually tailored communication to millions of customers at the same time. [How to read the graph: The columns on the right hand side of the dotted line represents the numbers for 2015, the blue and the red columns represent increases (blue) and decreases(red) from 2012 to 2015]. WHEN YOU ASK C-LEVEL EXECUTIVES THEY INCREASINGLY POINT TO PRECISION MARKETING AND CAPITALIZING ON RELATIONSHIPS AS THE EMERGING AND PREFERRED TOOLS. "The implications of our ﬁndings are that fostering customer participation can be very proﬁtable and that companies are better oﬀ when they emphasize customer participation over word of mouth, as opposed to the reverse. Our study of the retail bank mentioned earlier suggests that customer activity directed toward the company creates more customer “stickiness” (greater attachment and commitment) than customer-to-customer activity." Source: http://sloanreview.mit.edu/article/why-customer-participation- matters/ ENGAGEMENT AND WORD-OF-MOUTH IS GOOD, BUT THE BEST VALUE CREATION IS ACHIEVED FROM PARTICIPATION AND COLLABORATION WITH CUSTOMERS. QUESTION: HOW CAN LASER PRECISION AND RELATIONSHIPS CHANGE THE WAY YOU THINK ABOUT MARKETING? 2min CUSTOMERS3 PART CUSTOMER CENTRICITY Inversion. The old logic of wealth creation worked from the perspective of the organization and its requirements—for efficiency, cost reductions, revenues, growth, earnings per share (EPS), and returns on investment (ROI)—and pointed inward. The new logic starts with the individual end user. Instead of “What do we have and how can we sell it to you?” good business practices start by asking “Who are you?” “What do you need?” and “How can we help?” This inverted thinking makes it possible to identify the assets that represent real value for each individual. Cash ﬂow and proﬁtability are derived from those assets. - Shoshana zuboff - Creating value in the age of distributed capitalism, McKinsey Companies’ upstream activities—such as sourcing, production, and logistics—are being commoditized or outsourced, while downstream activities aimed at shaping customers’ perception and reducing their costs and risks are emerging as the main sources of competitive advantage. To compete effectively, companies must shift their focus from upstream to downstream activities, emphasizing how they deﬁne their competitive set, inﬂuence customers’ purchase criteria, innovate to solve customer problems, and build advantage by accumulating customer data and harnessing network effect. - Niraj Dawar - When Marketing is Strategy, HBR We come up with technology, then ﬁnd a use for it and then try to invent meaning through advertising and communication… we have to push meaning to the beginning. - Anne Kirah For many organizations, the challenge lies in ﬁnding innovative ways to capture the “voice of the customer” and infuse customer insights across all business functions, from the point of sale to the call centre, in order to create business value. - The Economist Intelligence Unit and SAS Institute, Voice of the Customer. Whose job is it, anyway? HOW DO WE TAKE THE INTELLECTUAL CAPITAL OF 130,000 PEOPLE AND INNOVATE WHERE NONE OF THE CATEGORY DEFINITIONS OF THE PAST WILL MATTER? ANY ORGANIZATIONAL STRUCTURE YOU HAVE TODAY IS IRRELEVANT BECAUSE NO COMPETITION OR INNOVATION IS GOING TO RESPECT THOSE BOUNDARIES. EVERYTHING NOW IS GOING TO HAVE TO BE MUCH MORE COMPRESSED IN TERMS OF BOTH CYCLE TIMES AND RESPONSE TIMES. - SATYA NADELLA, CHIEF OF MICROSOFT - HTTP://WWW.NYTIMES.COM/2014/02/21/BUSINESS/SATYA-NADELLA-CHIEF-OF-MICROSOFT-ON-HIS-NEW-ROLE.HTML?_R=2 QUESTION: WHO IS YOUR CUSTOMER? 2min QUESTION: HOW DO YOU IMPROVE THE PRODUCT? 2min QUESTION: WHAT JOB IS THE CUSTOMER HIRING YOUR PRODUCT TO DO? 2min QUESTION: WITH THIS JOB IN MIND.. WHAT IS YOUR VALUE PROPOSITION? VALUE PROPOSITION = WHY CUSTOMERS ARE HIRING YOU TO SOLVE WHAT JOB + YOUR UNIQUE ABILITIES AS A COMPANY 2min WHEN YOU ARE HELPING THE CUSTOMER SOLVE A JOB THE PRODUCT IS ONLY ONE PART OF THE DELIVERY THE PRODUCT QUESTION: HOW COULD YOU BENEFIT FROM A CUSTOMER DECISION JOURNEY? 2min IN SUMMARY: THINK BIG WTF CAN I DO ON MONDAY?
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