Enabling Product Innovation
It begins with understanding your customer's needs.
Profile
Industry: Software engineering for Financial Services
Customer in focus: Small and medium sized companies
Change topic: Strategic product development
Engagement: 3 month engagement with 2 changeUp|GLOBAL partners; 2 additional changeUp|GLOBAL coaches brought in for the workshop
Location: London, U.K. engaging worldwide participants
Challenge
A banking software development company conducted market research which showed that small to medium sized businesses (SMEs) had both huge growth potential and a critical need for tools and services. With this hypothesis in mind, the company was eager to explore the opportunity for new product development, however some challenges were clearly ahead:
- Lack of intelligence around what specifically small businesses needed; what were their greatest obstacles to growth?
- The need of a structured approach enabling the generation of viable and feasible innovative solution alternatives
- A desire to move quickly and be first to market with an offering to fill this perceived gap
Approach
changeUp|GLOBAL was brought in as a partner to first strategize on the most effective approach, and then design, organize and facilitate its execution. To do so, we applied our Re:Solve™ framework in the following way:
- Designed a 2-day event bringing together small business owners with those looking to understand and help them - a cross-industry group of banking leaders and technology specialists.
- Applied a Design Thinking methodology to provide structure, speed and efficiency while ensuring a customer centered approach, enabling creativity and collaboration.
- Layered in exercises to explore the desirability of small business owners, as well as the viability and technical feasibility of solution concepts.
- Created the environment (the space, event structure, agenda, materials, food ... even the music) enabling participants to connect with their customers, immerse themselves in the problem and generate inspired ideas.
Deliverables
- Design and support of participant recruitment which included 64 participants representing cross-functional roles across the banking industry
- Management of event logistics - location, facilities, scheduling
- Preparation of all supporting materials including an illustrated guide to each step of the 2-day event
- Design of the agenda and supporting exercises tailored to the SME client segment and workshop goals
- Facilitation and coaching of participants throughout the event using a ‘learn by doing’ technique enabling them to walk away with new skills as well as customer insights
- Generation of over 200 solution ideas that culminated in 7 solution prototypes, each of which had a high level customer marketing strategy and lean business plan
- Capture and delivery of event results in the form of documentation as well as photography and video, designed to enable the easy transition of the 7 solution concepts to new product development
" We came up with ideas that can not only create great customer experiences, but also a new revenue stream for the bank."
Client Bank - event participant
Impact
Product Innovation: This forum and process led to the delivery of a new digital banking product designed to specifically meet the needs of a fast-growing, profitable market segment.
Discovery and Insight: During the course of the event, participants conducted 45 SME interviews. These first-hand interactions with customers gave participants rich and valuable insights into SME goals, problems, behaviors and factors driving decision making.
Efficiency: In the span of 2 days, 7 viable solution concepts were designed based on customer needs, and prototyped to validate their technical feasibility.
Customer Engagement: An engaged client community, willing to partner on an ongoing basis was formed. The foundation of a trusting partnership was in place.
Contact Us today and make an appointment to get the full story on this example as well as others.