Ten tools to create Ten tools to create new growth new growth

opportunities opportunities

Chapter 3 of Chapter 3 of The Idea Generator : Tools for Business GrowthThe Idea Generator : Tools for Business Growth by by Ken HudsonKen Hudson

Tool 3/1:Tool 3/1: Study unrelated Study unrelated industriesindustries

LEARN ADAPT BORROW Can help to eliminate me too

thinking Explore opportunities in other

industries– i.e. Some airlines testing of buy 10

get one free promotions Some of these ideas may

need some modifications to fit with your industry or situation

Sets up pipeline for more innovative solutions

Application: pick an industry from a magazine or newspaper; scan for interesting products or ideas from that industry and then try to apply it to your industry; focus on core of idea not execution; repeat this process every month

– i.e. retail -> core -> work closely with suppliers -> facilitate business building meeting next month

retail

airlines

Compare

Tool 3/2:Tool 3/2: Design the perfect customer Design the perfect customer

experienceexperience Leap in performance Imagine what the perfect

experience would be– i.e. post office that would

be a joy to visit; friendly, helpful and full of surprises

compare and contrast between current and perfect state; identify gaps and the address the gaps

ApplicationApplication: : describe the current state; imagine the perfect customer experience (HINT: use emotional language); compare and contrast; What do you need to do to build the perfect solution

Tool 3/3:Tool 3/3: Place two unrelated Place two unrelated

things togetherthings together Disrupt view and gives us a Disrupt view and gives us a

new lensnew lens Bringing two genuinely Bringing two genuinely

unrelated things together and unrelated things together and forcing a connectionforcing a connection

Use two intersecting axes as Use two intersecting axes as primerprimer

ApplicationApplication: : customers (x) = customers (x) = teenagers distribution teenagers distribution channels (y) = university; channels (y) = university; change education policy to change education policy to have juniors in high school have juniors in high school attend college for a month to attend college for a month to determine whether college is determine whether college is right for themright for them

Teenagers

Univ

ers

ity

XX

Tool 3/4:Tool 3/4: Become one of your Become one of your competitorscompetitors

Think of yourself as one of Think of yourself as one of your competitors; what actions your competitors; what actions would I take in the next twelve would I take in the next twelve months?; what new products months?; what new products would I develop in the next would I develop in the next twelve months?; what new twelve months?; what new distribution channels?distribution channels?

Prime exercise for a larger Prime exercise for a larger groupgroup

ApplicationApplication: outline or : outline or chart current & future; chart current & future; direct and indirect direct and indirect competitors; current/direct competitors; current/direct other airlines; future/direct other airlines; future/direct private jet services; private jet services; future/indirect bus future/indirect bus companiescompanies

Private Private jet jet

servicesservices

GEGE

Other Other airlinesairlines

Bus Bus companiecompanie

ss

Direct Indirect

Future

Current

Tool 3/5:Tool 3/5: Imagine your future Imagine your future

landscapelandscape Imagine your operating Imagine your operating

landscape in 3-5 yearslandscape in 3-5 years Broader range of possibilitiesBroader range of possibilities Where would you like your Where would you like your

business or brand positioned? business or brand positioned? Who will be your competitors Who will be your competitors be? What will consumers want?be? What will consumers want?– i.e. think of printers -> young i.e. think of printers -> young

people buy products that are people buy products that are cool or hip -> might lead to a cool or hip -> might lead to a merger with Billabongmerger with Billabong

Application:Application: capture your capture your current landscape under each current landscape under each of the following categories: of the following categories: customers, competition, customers, competition, channels, margins suppliers; channels, margins suppliers; now imagines a different now imagines a different landscape for each of these landscape for each of these categories in 3 years; consider categories in 3 years; consider the impact on your brand or the impact on your brand or business; consider abrupt business; consider abrupt changes (i.e. in laws or changes (i.e. in laws or competition)competition)

Tool 3/6:Tool 3/6: Become a fashion brandBecome a fashion brand

Think of a mindset change; think Think of a mindset change; think of your brand as a fashion of your brand as a fashion statementstatement i.e. mobile cell phones have i.e. mobile cell phones have

become fashionable; mobile become fashionable; mobile music players have become music players have become fashion accessoriesfashion accessories

are you ahead of curve, up-to-are you ahead of curve, up-to-date or just following trends?date or just following trends?

Application: think of as many Application: think of as many fashion brands as you can in a fashion brands as you can in a few minutes (consider both few minutes (consider both female and male brands)female and male brands) i.e. Nokia, Apple, Chanel, Armanii.e. Nokia, Apple, Chanel, Armani

Select brand from the list; what Select brand from the list; what can you learn; how does it stay can you learn; how does it stay relevant; how does it change relevant; how does it change between different national between different national marketsmarkets

Answer: who is the fashion Answer: who is the fashion brand in your industry? How to brand in your industry? How to become fashionable?become fashionable?

Tool 3/7:Tool 3/7: Make your product beautifulMake your product beautiful

Make your products brands Make your products brands functional but beautiful in functional but beautiful in appearanceappearance– i.e. items at consumer i.e. items at consumer

electronics show: toasters electronics show: toasters refrigeratorsrefrigerators

Pleasing to the eye + good Pleasing to the eye + good quality = real advantagequality = real advantage

Design is the new expectationDesign is the new expectation Application:Application: hire an interior hire an interior

decorator or architectural decorator or architectural designer; hold a design designer; hold a design competition for employees; ask competition for employees; ask consumers for ways to improve consumers for ways to improve the design; visit art gallery or the design; visit art gallery or museum for ideas; talk to museum for ideas; talk to award winning designersaward winning designers

Tool 3/8:Tool 3/8: Get a win-winGet a win-win

Work with your suppliers and Work with your suppliers and partnerspartners

Break cost mindset by asking: Break cost mindset by asking: How can we both win?How can we both win?

Change ground rules; get to Change ground rules; get to solution that both parties can solution that both parties can accept and or that benefit both accept and or that benefit both partiesparties

Application: Application: conduct a conduct a quarterly business building quarterly business building session with each of your key session with each of your key clients, suppliers and partners. clients, suppliers and partners. Strive for new propositions Strive for new propositions that benefit both; be clear that benefit both; be clear upfront what constitutes a win upfront what constitutes a win for both partners.for both partners.

Tool 3/9:Tool 3/9: Consider the never-eversConsider the never-evers By focusing on attracting defined By focusing on attracting defined

customers, we limit growth potentialcustomers, we limit growth potential To expand this base, ask: who are To expand this base, ask: who are

the people who never or rarely buy the people who never or rarely buy our product and what could we offer our product and what could we offer them?them?

i.e. mobile phones are designed to i.e. mobile phones are designed to be small and stylish; how might we be small and stylish; how might we make these phones appeal to the make these phones appeal to the aging market; “built-in” safety aging market; “built-in” safety devices, larger face, better speakersdevices, larger face, better speakers

Application: Application: List, at least, six List, at least, six groups of people who never/rarely groups of people who never/rarely use your products; try to make these use your products; try to make these groups as interesting as possible groups as interesting as possible (i.e. unemployed, single parents, (i.e. unemployed, single parents, visually impaired, English as second visually impaired, English as second language); if in a large group language); if in a large group setting, give each of these groups to setting, give each of these groups to a smaller group; they come with a smaller group; they come with propositions, and present to large propositions, and present to large group; decide on best offerings and group; decide on best offerings and test in 3-6 months.test in 3-6 months.

Tool 3/10:Tool 3/10: Expand your usage Expand your usage occasionsoccasions

Builds on Tool 9Builds on Tool 9 How-to maximize consumption How-to maximize consumption

of product?of product?– i.e. cereal @ breakfasti.e. cereal @ breakfast

create new problem definition, create new problem definition, think of when else you might think of when else you might use cereals use cereals

i.e. McDonald’s = Drive-thru, i.e. McDonald’s = Drive-thru, McMenusMcMenus

Application: Application: List five to seven List five to seven occasions that you haven’t occasions that you haven’t considered in the past (i.e. considered in the past (i.e. brunch, taking dog for a walk; brunch, taking dog for a walk; Saturday night dinner party; Saturday night dinner party; watching your kids play sports watching your kids play sports on Saturday); use small teams on Saturday); use small teams to generate new propositions to generate new propositions for specific usage occasions; for specific usage occasions; ask team with best approach ask team with best approach to develop action plans to test to develop action plans to test concept in 90 daysconcept in 90 days