Idea Generator Chapter 3: Ten Tools To Create New Growth
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Transcript of Idea Generator Chapter 3: Ten Tools To Create New Growth
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