Ideate, innovate! Co-creating with Social Customers

Ideate, Innovate!Co-creating with Social CustomersApril 12, 2011

Today’s SpeakersDoug WilliamsRebecca CarrollLaura FeeneyPaul GillihamNational Instruments@lfeeneyLithium@bladefrogForrester Research, Inc.@DougWilliamsMHDVerizon@bcarroll7#lithcast

Lithium Webcast: Ideate, Innovate! Co-creating with Social CustomersDoug Williams, AnalystApril 12, 2011

Source: http://greatfinance.org/a-product-that-doesnt-sell/Image source: http://greatfinance.org/a-product-that-doesnt-sell/

Ideation kick-starts the innovation engineImage source: http://www.sport-touring.net/forums/index.php?topic=31725.0

Ideation is the critical first step in the new product development processValidation of PlanValidation of IdeaValidation of ProjectValidation of ProductIs this idea worth investing time and resources?Is this project worthy of substantial investment?Does the developed product deliver value and is the business plan solid?Is the product and business plan ready for commercialization?Source: Forrester Research

Why invest in the collection and validation of ideas?Identify the best ideasEngage directly with consumers or customersClarify the ideaConduct research into markets, consumers and competitors

Make the ‘fuzzy front-end” of development less fuzzyKill bad ideas early…. …Which reduces wasted resources. Generate better ideas to begin with... …Which translates into more efficient allocation of resources.

Today, product strategists rely on internal resources for ideationThe first step in the product development process is to gather ideas for new products or features. How does your team gather ideas for new products and services? (Select all that apply)Internal resourceTraditional market research toolCo-creation toolOther/None of the aboveSource: Q1 2011 Consumer Product Strategy Panel SurveyBase: 212 product strategy professionals

Social co-creation unlocks new opportunities to engage with consumers in product creation

What is co-creation?Forrester defines co-creation as:Social co-creationis the use of social media or other social technologies to enable co-creation.“The act of involving consumers directly, and in some cases repeatedly, in the product creation or innovation process.”Source: July 9, 2010, “Social Co-Creation” Forrester reportImage source: http://www.12manage.com/methods_prahalad_co-creation.html

Today’s social technologies unveil product improvement opportunitiesSource: July 9, 2010, “Social Co-Creation” Forrester report

Co-creation delivers unique benefitsSource: July 9, 2010, “Social Co-Creation” Forrester report

Nearly half of companies that use social media use it to influence product strategy…Do the product teams at your company use social media to engage directly with consumers in order to influence product design, product creation, and product strategy?Does your company engage with consumers (in any way) using social media?Base: 181 consumer product strategy professionalsBase: 151 consumer product strategy professionals whose companies currently use social mediaSource: Q2 2010 Global Consumer Product Strategy Research Panel Online Survey

…But many focus on the low-hanging fruitSource: Q1 2011 Global Consumer Product Strategy Research Panel Online Survey

Ideation sites give product strategists access to customer-led innovation

Consumers want to be involved…61% of US online adults are willing co-creators

56% of willing co-creators are agnostic about product, service and brand

67% of willing co-creators are concerned about the time commitment

63% of willing co-creators require some form of incentiveSource: North American Technographics® Consumer Technology Online Benchmark Recontact Survey, Q2 2010 (US)Image source: http://www.clker.com/clipart-2839.html

…And they are interested in co-creation across diverse industriesPlease rate your level of interest in participating in co-creation efforts with respect to the following industries. (4 or 5 on a scale from 1 [strongly disagree] to 5 [strongly agree])Base: 2,432 US online consumers willing to participate in co-creationSource: North American Technographics® Consumer Technology Online Benchmark Recontact Survey, Q2 2010 (US)

How can an ideation site help your company succeed?Provide fuel for innovationCollect ideas that would otherwise be shared elsewhereAct as a validation toolSpeed up the product development processGive consumers an opportunity to help their favorite brands

Thank youDoug Williamsdwilliams@forrester.com@DougWilliamsMHD+1 781.631.2948

About your communities. #lithcast

CommunitySnapshotVerizon’s Residential Community is 3 years old, 80K members

Ranked #1 Community in industry, 6th overall for consumers by ComBluSource: State of Online Communities report, November 2010

Verizon Social EngagementA Sampling

NI FactsNI first launched forums around 1999LabVIEW Idea Exchange launched in July 2009More than 150,000 usersIdea Facts:100 ideas submitted/mnth400 comments/mnth2000 votes/mnth

Recognition2008 Supporting Category Winner: Nerd Network: Building an Online Community for Developers2010 Embracing Category Winner: Embracing our Customers for Software Development#LithCast

Why ideation / co-creation?#lithcast

Idea Exchange: Open Innovation

ObjectivesIdentify new product and service enhancement opportunities

Facilitate customer-driven product/service enhancements or new products/services

Enhance Verizon brand as establishing innovative ways to engage with and serve customersObjectives

What results have you seen?#lithcast

Results14 Ideas implemented in LabVIEW 2010NIWeek 2010 included a video of idea authors sharing their thoughts about their implemented ideasFeedback-Driven Improvements were part of the overall marketing message for the 2010 launch13 Ideas currently “In Beta”

Ideate, innovate! Co-creating with Social Customers

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