KBC Bank’s Gap In The Market: People’s Insights Volume 2, Issue 20

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crowdsourcing | storytelling | citizenship | social data KBC bank’s Gap in the Market People’s Insights Volume 2, Issue 20

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This week, we distill insights around KBC bank's Gap in the Market – a collective intelligence platform to crowdsource local business opportunities, aggregate data and present it back to local entrepreneurs. 100+ thinkers and planners within MSLGROUP share and discuss inspiring projects on social data, crowdsourcing, storytelling and citizenship on the MSLGROUP Insights Network. We share these insights with you on our People’s Insights blog and compile the best insights from the network and the blog in the People’s Insights Quarterly Magazine, as a showcase of our capabilities. We have further synthesized the insights to provide foresights for business leaders and changemakers — in the ten-part People’s Insights annual report titled Now & Next: Ten Frontiers for the Future of Engagement, now available as a Kindle eBook. For more, see: http://peopleslab.mslgroup.com/future-of-engagement

Transcript of KBC Bank’s Gap In The Market: People’s Insights Volume 2, Issue 20

crowdsourcing | storytelling | citizenship | social data

KBC bank’s Gap inthe Market

People’s Insights Volume 2, Issue 20

Volume 2, Issue 20, April - June, 2013

Future of Money

KBC bank’s Gap in the Market

100+ thinkers and planners within MSLGROUP share and discuss inspiring projects on social data, crowdsourcing, storytelling and citizenship on the MSLGROUP Insights Network. Every week, we pick up one project and curate the conversations around it — on the MSLGROUP Insights Network itself but also on the broader social web — into a weekly insights report. Every quarter, we compile these insights, along with original research and insights from the MSLGROUP global network, into the People’s Insights Quarterly Magazine.

We have synthesized the insights from our year-long endeavor throughout 2012 to provide foresights for business leaders and changemakers — in the ten-part People’s Insights Annual Report titled Now & Next: Ten Frontiers for the Future of Engagement.

People’s InsightsIn 2013, we continue to track inspiring projects at the intersection of social data, crowdsourcing, storytelling and citizenship.

Do subscribe to receive our weekly insights reports, quarterly magazines, and annual reports, and do share your tips and comments with us at @PeoplesLab on Twitter.

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What is Gap in the Market?In February 2013, KBC bank in Belgium launched The Gap in the Market – a collective intelligence platform to crowdsource local business opportunities, aggregate data and present it back to local entrepreneurs. The bank accompanied the platform with a vote-based contest to crowdsource business ideas and supported popular ideas with coverage and prizes.

Source: lareclame.fr*

171,157 gaps in the market were reported in three months – an average of 560 reports per town or city – and 1,500 business ideas were submitted. The program also piqued the interest of marketers and advertisers and won a Gold Lion in the Direct category at Cannes Lions 2013.

Purpose-inspired marketingWith The Gap in the Market, KBC establishes a sound overlap between people’s interests and business interests. The program helps local entrepreneurs identify opportunities and also helps KBC promote its banking, loans and insurance services for entrepreneurs.

In addition to helping entrepreneurs identify opportunities, KBC also encouraged entrepreneurs to discuss their ideas with local KBC executives and awarded 20 contest winners the use of company cars for 6 months, to help them set up their new business.

Source: twitter.com/zhangcheng_uk

Blogger Pierre-Nicolas Schwab commented:

“Kudos to KBC. We usually see banks as a hurdle in the entrepreneurial process but this time someone seems to think differently and wants to re-invent the process.”

The program is quite timely too, as copywriter Hugo pointed out:

KBC has done what any bank would do given the current economic situation: truly help citizens to start businesses and thereby improve the economy.*

Indeed, purpose-inspired programs are becoming the new standard, as MSLGROUP’s Pascal Beucler points out in his reflections as a PR Lions juror:

“It’s a purpose-led world: more and more big corporations and brands are embracing a ‘bigger-than’ USP and even old style social responsibility. For engaging Gen Y, and soon Gen Z, this is no longer an option.”

Crowdsourcing “gaps”People submitted gaps in their local market online using the Gap Finder tool. Then, entrepreneurs browsed through this data on an interactive map, and filtered to see the top businesses needed in a specific region and compare needs across regions.

*Translation via Google

Volume 2, Issue 20, April - June, 2013

Future of Money

KBC bank’s Gap in the Market

Source: slideshare.net/cleverwood

Source: hetgatindemarkt.be/nl/8500/viswinkels*

The interactive map displayed gaps shared by people and also statistic data collected by yellow pages business Truvo.

Using statistical data as seed contentKBC pre-seeded the map with statistical data to create a base of content, which would then inspire the first wave of visitors to create additional content.

Here’s a slide from KBC’s The Gap in the Market case study that explains the value of seeded content:

Typically, we see marketers use social conversations around a hashtag or real-time data feeds and indexes to populate content on collective intelligence platforms.

Reactions to the programThe program sparked conversations around local businesses, as people shared gaps, analyzed the data and commented on the methodology of the platform.

Source: twitter.com/hannelulu*

Source: twitter.com/BartRosseau*

Bart Rosseau commented on the presentation of data:

*Translation via Google

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Source: Moustache vond het gat in de markt

Source: twitter.com/playzone_be*

Source: haberdasher28 on Instagram

Source: twitter.com/WouterLecluyse*

Olivier Maes and Wouter Lecluyse noted the use of the data in identifying general trends.

Crowdsourcing business ideas After the gaps were identified, KBC invited entrepreneurs to ‘fill the gaps.’

To help entrepreneurs come up with ideas, KBC created videos featuring stories of successful entrepreneurs. Bart Claeys, a creative director, wrote:

The second phase of the campaign is now focusing on the potential entrepreneurs. Three TV spot… and five different ads show examples of original companies and companies that should inspire people with good ideas to venture.

The program then entered Phase III: Social Battle – a contest in which participants gathered support from their networks for the chance to win one of twenty company cars.

Sixteen cars were awarded to the most popular idea in each of the 16 regions where KBC operates. The remaining four cars were awarded to the next most popular ideas in four other regions.

Promoting The Gap in the MarketKBC promoted The Gap in the Market through localized PR stories and advertisements – posters, radio ads, TV spots, online ads and innovative outdoor ads on empty store windows.

Bart Claeys reported:

Every village, town and city received personalized posters in their offices KBC (eg: What is missing in your opinion Halle?). Messages were stuck on vacant premises in shopping areas. Regional sections of the newspapers elaborated on the specific needs of each municipality.

*Translation via Google

Volume 2, Issue 20, April - June, 2013

Future of Money

KBC bank’s Gap in the Market

Source: twitter.com/ddumery

Source: nieuwsblad.be/extra/gatindemarkt/

Source: KBC: The gap in the market

KBC partnered with leading newspaper Het Nieuwsblad to provide local coverage across the country and to create a special micro-site – nieuwsblad.be/extra/gatindemarkt – which presents interviews with participants, results by region and top business opportunities based on third-party data and people’s submissions.

The micro site also features results of an iVOX survey commissioned by KBC to study people’s satisfaction with the shops and services around them.

Entering national discourseThe Gap in the Market brought attention to the lack of local businesses and inspired both people and public leaders, like Daphne Dumery, to join the conversation.

Trend: Move from saying to doingMarketers from across the industry are calling for more programs, like The Gap in the Market, that highlight people’s problems and deliver effective solutions – especially as technology creates new opportunities to do so.

Razorfish’s chairman Clark Kokick penned the entire book Do or Die to inspire what he calls “effective marketing: moving from just saying things to your audience to actually doing things people find entertaining, useful, and relevant”:

“In the past, you could simply turn up the volume if you wanted to get your message across. Today, you have to turn up the value. You have to give consumers something they actually prize in order to have them pay attention to you.”

AKQA’s chief creative officer Rei Inamoto just recently argued that “Brands should aim to solve real problems by providing connected services over 365 days and by inventing new businesses that benefit people, not just the brand”:

“Creativity and innovation are about finding unexpected solutions to obvious problems or finding obvious solutions to unexpected problems. We should use our creativity to provide better businesses and solutions rather than constantly trying to disrupt what people are doing.”

Other examples of brands that are actively helping people include Adelaide and Bendigo Bank with PlanBig, and beyond money, Nike with the FuelBand.

People’s Lab is MSLGROUP’s proprietary crowdsourcing platform and approach that helps organizations tap into people’s insights for innovation, storytelling and change.

The People’s Lab crowdsourcing platform helps organizations build and nurture public or private, web or mobile, hosted or white label communities around four pre-configured application areas: Expertise Request Network, Innovation Challenge Network, Research & Insights Network and Contest & Activation Network. Our community and gaming features encourage people to share rich content, vote/

comment on other people’s content and collaborate to find innovative solutions.

The People’s Lab crowdsourcing platform and approach forms the core of our distinctive insights and foresight approach, which consists of four elements: organic conversation analysis, MSLGROUP’s own insight communities, client-specific insights communities, and ethnographic deep dives into these communities. The People’s Insights Quarterly Magazines showcase our capability in crowdsourcing and analyzing insights from conversations and communities.

People’s Lab: Crowdsourcing Innovation & Insights

Learn more about us at: peopleslab.mslgroup.com | twitter.com/peopleslab

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