The Marketing Science Institute has formed a new Innovation Roundtable to explore common issues and challenges in the world of corporate innovation. The roundtable representatives are from Johnson & Johnson, GE, P&G, Diageo, Eastman Kodak, AT&T, Kraft, Merck, Thompson Healthcare, Praxair, Aetna, and General Mills.
Credit card companies must innovate to overcome the financial and public relations consequences of recent government legislation. The Credit Card Reform Act of 2009 is a "bill to protect consumers, and especially young consumers, from skyrocketing credit card debt, unfair credit card practices, and deceptive credit offers." These changes go into effect in 2010, and they will undoubtedly reduce the financial performance of card issuers.
Imagine a Web site that detects a visitor's "thinking" style and "morphs" its look and feel to suit that visitor's style? Professor Glen Urban and his colleagues at M.I.T. describe an approach in the Sloan Management Review article, "Morph the Web To Build Empathy, Trust and Sales." They collaborated with BT Group, the UK-based telecom company to create a website that learns whether a person prefers a more analytical style versus a holistic style, and whether the person is a more visual versus verbal in how they process information. Once the Web site learns this (based on a few preliminary clicks on the site), it adapts itself to present information in an optimal way:
Mobility is a good thing. As mobility increases, so does our standard of living. Mobility expands job opportunities, enriches our personal life, and boosts prosperity. For nations, mobility expands trade, creates wealth, and makes countries more competitive. Mobility even helps us live longer. For hundreds of years, life expectancies hovered around 40 years. During the 1800s they began to shoot up when road transport improved. Today life expectancies in many advanced societies approach 80 years thanks to improved mobility in transportation, communications, and network computing.
How can we use structured innovation to create more of it? How can we make the products and services we use every day more mobile? For this month's LAB, we will use the Division Template. We begin by listing the product's (or service's) internal components. Then we divide one or more of the components in one of three ways:
There are a 183 million pet fish in the United States, more than double the number of dogs. Fourteen million U.S. households have fish. During the past decade, the pet fish category grew by more than 20% making it one of the fastest growing in the industry. For this month's LAB, we will apply the corporate innovation method, S.I.T., to the mainstay of fish keeping - the aquarium.
Here are five unique aquarium concepts invented by one of my graduate students, Janette Douglas, at the University of Cincinnati as part of her final exam in "Applied Marketing Innovation." For the this exam, each student was given a product randomly. They had three hours to create new-to-the-world concepts and demonstrate proficiency using each of the templates.
LG Electronics is getting ready to announce their third annual Design the Future Competition. Last year, more than 800 entries were submitted by consumers with their take on the future of mobile communications. The winning entry is the focus of this month's Innovation Sighting.
What sets innovative products and services apart from others? Common sense would suggest they have unique and unusual characteristics that make them very different than all the rest. Furthermore, if you wanted to study innovative products and services to learn the hidden secrets they hold, you would try to identify those different and original attributes. But just the opposite is true. A very high percentage of successful new products launched each year follow the same set of patterns. Innovative products are more similar than different from each other. If you can identify these patterns and overlay them onto your products and services, you should be able to innovate in a predictable, templated way. THAT is the essence of the corporate innovation method, S.I.T..
Over 2 million couples marry every year in the U.S.. This fuels the $50 billion dollar wedding industry. In an industry that prides itself in tradition, companies must innovate new products and services within those traditions if they want to grow and prosper. For this month's LAB, we will use the corporate innovation method, S.I.T. to create new-to-the-world ideas for wedding invitations.
Here are five unique ideas from graduate students* at the University of Cincinnati taking the course, "Systematic Innovation Tools." They constructed a hypothetical "Dream Catalog" of these ideas for a local start-up design company. Listed with each innovation is the specific innovation template the team used to create the idea. You can download this and the other Dream Catalogs here.
Here is an example of two innovation templates in one product. The Double Down sandwich from KFC removes the traditional bread slice (demonstrating the template, Subtraction), and it assigns the additional job of "sandwiching" to the two slices of fried chicken (demonstrating the template, Task Unification).