Enabling Product Innovation
It begins with understanding your customer's needs.
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
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
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.
- 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
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.