From Innovation to Wealth Creation - Getting Closer to Customers Faster

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From Innovation to Wealth Creation – Getting Closer to

Customers Faster

Walter AdamsonCEO, NewleaseG2M

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“…creativity and invention without wealth creation is not innovation”

“...innovation is where newness, wealth creation and speed intersect”

The Management of Innovation. Jerry Ellis, The Warren Centre Innovation Lecture, April 1997.

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Low Down and Dirty

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The Low Down:business innovation must satisfy the

fundamental criteria of wealth creation

Outreach to Customers and Knowledge of Competitors and Markets

InnovationInnovationCommercialisation

(DILIGENT)Invention

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Loop Speed Matters Most

@ericries:• New definition of value:

validated learning about customers

• Lean not about cost, but about speed

• About all companies that face uncertainty about what customers want

• Compelling vision, tested by customer feedback

http://www.slideshare.net/startuplessonslearned/2010-04-23-startup-lessons-learned-conference-welcome-slides-by-eric-ries-sllconf

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And the Dirty

IDAIDA

FCSFCS

SBPSBP

ADCADC

TRPTRP

PMRPMR

MVPMVPCPACPA

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Question Time

• Are all (or even most) of Starbucks employees creative?

• Does your service or product offer more value than a cup of coffee?

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Starbucks

• 75,000 ideas submitted

• 25 ideas activated in first year

• 3 ideas per 10,000 submitted 0.03%

• Facebook Page valuation $21 -$77 million

http://www.walteradamson.com/2009/08/my-starbucks-ideas-action.html

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The Startup Bus

• SFO to Austin South By South West Interactive 48 hours• Stopped LA to pitch their ideas to people on the street

“The user experience is the most important thing in a web service, because the product you’re providing is the

experience” @eliasbizannes

• http://thestartupbus.com• http://eliasbizannes.com/blog/2010/04/phil-mckinney-talks-innovation-to-the-startup-b

us/

http://www.flickr.com/photos/dekrazee1/sets/72157623595200638/

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Customer Development

1. The search is called customer development

2. (The implementation is called agile development.)

Steve Blank @sgblank

We want to accelerate the customer development

http://www.slideshare.net/sblank/why-accountants-dont-run-startups-sllc

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Getting downto Social Business

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Social Business

Word of Mouth

http://customerinsightblog.wordpress.com/2008/10/14/my-starbucks-idea-what-starbucks-customers-really-want/

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50X Impact !!!

• High-impact recommendation 50 times more likely to trigger a purchase – McKinsey March 2010.

• Word-of-mouth was the most important factor at every stage of consideration in new markets.  

Bob Apollo @bobapollo

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Social Business

Social Media as Customer-Driven Innovation

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Customer Development

http://www.slideshare.net/jeremiah_owyang/social-crm-the-new-rules-of-relationship-management

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Social Business

Overcome the Myths

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Myth: Social Media not for B2B

Facts

• 81% B2B maintain company profiles, versus 67% of B2C• 93% business buyers believe all coys should have SM presence• 59% B2B buyers engaged with peers who addressed their

challenge• 48% followed industry conversations on the topic

• IBM Twitter 289 “official” accountshttp://listorious.com/eric_andersen/ibm-official

• IBM sMash totally crowdsourced including brand

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Myth: Facebook not for business

Facts

• Intel 17 FB pages 250,000 “Fans”• Intel has FB Directory (@ekaterinawalter )

• Enterprise support through FB– GetSatisfaction– Parature

Etc etc

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HOW TO

Organise a PlanFind the People

Manage your TimeAction

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Think! Form! Storm!

• Think about your:– strategy;– messages;– outcomes.

• Sing from the same hymnbook

• Make it a company effort

• Rolling 3 month plan

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Find & Focus on People

• Find the right places and PEOPLE

• CONTRIBUTE

• Make yourself valuable, gain respect

• Generate PARTICIPATION

• Ask for help

Keep on doing it !

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Manage your Time

• Start day visiting 50 - 80 people in Linkedin, Facebook, Twitter, Slideshare...

• Leave a comment, make a note be social - DO NOT SELL

• Visit 1-3 minutes per person. Sometime 10 minutes sometimes just a few seconds

• Rate against your objectives

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Action

The time for evangelising social media is over@axels 12 May 2010

Real-time is not fast enough@jowyang

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OR! Become a bank

David Cunningham, general manager of marketing and products at Westpac in New Zealand, doesn’t believe there is such a thing as innovation in banking:– “We all offer very much the same thing,” he says.

“The best approach to innovation is to arrive best dressed and last—then you can get your offer better than the others.”

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Social business is not about your marketing strategy it is about accelerating the

validation of your vision and business plan – your route to wealth!

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Walter AdamsonFollow me on Twitter: @g2mCompany: newleaseG2M.comBlog: walteradamson.comMobile: 0403 345 632My social places: http://xeesm.com/walter

Some relevant links:• http://www.slideshare.net/getsatisfaction/hirsch-fei-voice-of-customer-3-may

2010• http://www.openinnovators.net• 30 Ideas for Using Social Networks to Help You Be More Innovative