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Customer first - another look at value innovation

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Customer first - another look at value innovation

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Who's the user of your product or service?
Where's your product or service aimed at?
Who decides on purchasing your product or service?

The answer to the above questions is "your customer".
And "your customer" can be each element in your ecosystem, from a private customer, an employee of to the organization itself.

The key is to convert customer insights in meaningfull innovation.

Who's the user of your product or service?
Where's your product or service aimed at?
Who decides on purchasing your product or service?

The answer to the above questions is "your customer".
And "your customer" can be each element in your ecosystem, from a private customer, an employee of to the organization itself.

The key is to convert customer insights in meaningfull innovation.

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Customer first - another look at value innovation

  1. 1. CUSTOMERS FIRST another look at value innovation Andries Reymer Business innovation coach kmo-connect beurs, Lotto Arena
  2. 2. Master in Product Development University of Antwerp 2006 Since 2016 at AMS as Business Innovation Coach. I assist companies in broad innovation trajectories. Currently working on a ’Value Based’ project. Previously worked for KOMONO, PHILIPS, SIRRIS.
  3. 3. Expertise Center Business Design and Innovation
  4. 4. Answer some of the most difficult questions facing managers: •How does one design global operations so they are at once effective and equitable? •How does one can stay focused on the customer and navigate through a myriad of ways to connect, engage and communicate with customers. •What is the purpose of a corporation beyond the creation of shareholder value? •…. What we do: applied research
  5. 5. In this deck • WHAT • WHY • HOW
  6. 6. What?
  7. 7. costscosts priceprice valuevalue customer surplus value profit COMPANIES WHO STRIVE FOR SUCCES COMPETE BY SHIFTING MEANING Barco
  8. 8. Compentence blindness Company experts tend to focus on features of products that are interesting for them, but not always for customers. By doing so, they can miss the next big thing that will disrupt their business.
  9. 9. Commoditized customers Going from commoditized customers, only focussed on price towards engaged customers chosing a product or service based on the value it brings for them.
  10. 10. Qualitative user researchQualitative user research
  11. 11. Methods Brief Explanation Observation The researcher gets close enough to study objects to observe (with/without participation) usually to understand whether people do what they say they do, and to access tacit knowledge of subjects Interview This involves asking questions, listening to and recording answers from an individual or group on a structured, semi-structured or unstructured format in an in-depth manner Focus Group Discussion Focused (guided by a set of questions) and interactive session with a group small enough for everyone to have chance to talk and large enough to provide diversity of opinions Other Methods Rapid assessment procedure (RAP), free listing, photo ethnography, diary, visual anthropology, pile sort, ranking, life history (biography) …
  12. 12. can give you insight in what people do or think but won’t tell you about. Because, qualitative user research
  13. 13. Going from assumptions to validated facts
  14. 14. Context Water is worth a lot if you’re stuck in the desert for some days. When your basementWhen your basement is flooded you wantis flooded you want to pay to get rid ofto pay to get rid of the water.the water. In the supermarketIn the supermarket where water iswhere water is abundant, you’reabundant, you’re choice is deliberate.choice is deliberate.
  15. 15. Qualitative research
  16. 16. “Beauty is in the eye of the beholder” Shakespeare
  17. 17. “Beauty is in the eye of the beholder” Andries Reymer Value
  18. 18. Why?
  19. 19. 80% of innovations fail Most innovations fail because their creators are “Putting the ‘wow’ before the ‘why'” Mark Payne. Cofounder, Fahrenheit 212
  20. 20. Source: IDEO Meaningfull innovation considers not only the technical feasibility, but values the desirability and viability aswell.
  21. 21. Source:Doblin,DeloitteDevelopment There is more than one way to innovate.
  22. 22. revenue from innovation With the aim of RAISE
  23. 23. and development time REDU CED
  24. 24. How?
  25. 25. Customer value The only base to formulate your price in this flow is your product and the cost it represents. The value and the reaction of the customer is only a consequense of this price.
  26. 26. Cost plus COSTS + Margin = PRICE
  27. 27. Cost plus Changing costs Changing forecast? 100k -> 50k Obsolete stock? Bad engineering? Changing exchange rates? Declining value Discounts for over stock? No innovation -> commodity?
  28. 28. Competition based Predictability competition What do you know from competitors? Do you know their roadmap? Is their direction the right one? Action -> reaction! Price war No differentiation -> commodity? Race to the bottom -> price pressure!
  29. 29. Customer value In a reversed flow you have insights from your customers needs and the elements your customer values. This gives you insight in their willingness to pay what gives you a good angle towards your pricing.
  30. 30. Research is ongoing, want to get involved? More information here: PROJECT VALERIE
  31. 31. Business value Price realization The research focusses on 2 major topics: price orientation and price realization.
  32. 32. Price orientation Customer insight Perceived value Next best alternative Willingness to pay Value for money Next best alternative
  33. 33. Price realization Sales Pricing team Selling value Engineering Creating true value Cost to serve
  34. 34. We developed a scan to position yourself in this grid as an indication on your price setting and price getting capabilities. Price realization Business value
  35. 35. Curious? You want to learn more? Get in touch! andries.reymer@ams.ac.be
  36. 36. Project Valerie The project starts by building buying personas, mapping the stakeholders, discovering insights with your customers up to price and sales learnings. A new methodology is developed to create value step by step.
  37. 37. VALUE BASED INNOVATION 1. VALUE DETECTION 2. VALUE CREATION 3. VALUE CAPTUREProject Valerie The methodology is based on 3 phases: value detection, creation and capture. And on 3 business elements: product, service and brand.
  38. 38. 1,99€ Launch of new private label yoghurt with initial price setting of: Case Research by MIT-Sloan mgmt review
  39. 39. Case Considered to be a commodity in between competitors: all having the same characteristics. They found one unique feature that their target audience, mothers buying yoghurt for their little children, could relate to: the yoghurt was perceived as healthier due to the low sugar content. This gave them the opportunity to position and price the product completely different. Just below the A-brand but well above their competitors.
  40. 40. LOW IN SUGAR Case The health benefit was highlighted and the price was set 40% higher: 2,49€Sales numbers were higher than expected and revenu was 600% more than anticipated.
  41. 41. So if you recognize this, know that we can help you!
  42. 42. www.antwerpmanagementschool.be Andries Reymer Mobile +32 472 175 504 andries.reymer@ams.ac.be Andries Reymer @AndriesReymerGet in touch!
  43. 43. Opening minds. Touching Souls. Energizing Business.

Hinweis der Redaktion

  • Such broad, multifaceted questions do not easily lend themselves to scientific experiment or validation.
  • 2 sides of looking to cost, price and value
    Internal vs external
    Company vs customer
  • BY qualitative user research
  • BY qualitative user research
  • BY qualitative user research
  • PROBLEMS WITH cost based?
    PROBLEMS WITH competition based?
  • Costs + margin = price
  • Costs + margin = price
  • What do they do?
  • A good farmer knows to not drain the soil, he has to shift his crops every year
    Blue ocean strategy !
  • 2 AXES
    Price orientation = prijs goed kunnen vastleggen – idealiter op waarde gebaseerd
    Cost – based = wat met variabele kosten/vaste kosten? 100k verkocht – 50k verkocht…
    Concurrent – based = price war – brand value!
    Value – based = ideaal! Waarde detectie – perceived value – willingness to pay
    Price realization = krijgen wat je er voor vraagt
    Is samenspel tussen marketing en sales.
    Waarde moet uitgedragen worden door sales – moeten eigen waarde geloven
    Waarde moet gecommuniceerd worden door marketing – consument moet waarde kennen en geloven
    Systemen en procedures moeten sales houvast geven – geen adhoc kortingen - negotiation power – etc;
  • PerWillingness to pay?
    Next best alternative?
    Value for the customer?
  • Setting up pricing team – ongoing challenge!
    Setting up salesforce – selling value!
    (Discounts only in certain cases: limited in time – action to buy – cash in!)
    Value thoughout the company – selling value!
    Engineering value for the customer
  • Doorlopen methodologie
    Staps gewijs naar resultaat
    Analyseren wat is – richting wat gewenst is
    Divergeren – convergeren
  • Methodology
    3 PHASES
    DETECTION – limited
    CREATION – focus of innovation
    CAPTURE – innovation is not common
  • Large European supermarket – private label of yohurt delivering heath benefits.
    They decided to launch at 1,99€ with a cost of 1,29€
    In comparison A branded product was 2,99€
    MIT-Sloan mgmt review
  • Competition based pricingunder A brand = 2,99€
    Competition = equal
    Selling way more than expected
    Why?!
  • Changed packing – higher focus on health benefit
    Despite increase in price of roughly 40%
    Sales volumes exceeded targets
    MIT-Sloan mgmt review

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