New Customer Experience
Whether you’re an “incubator”, “out-post”, “accelerator”, “start-up” or just a straight forward corporate driving innovation, hopefully all would agree that they key to success is delivering a totally new (or improved) experience for your target customer/consumer.
More frequently organisations “innovate” with new products, services or business models, however the experiences that they deliver are new to their organisation or improvement on their existing portfolio but deliver no incremental value for the target customer/consumer.
This may create an internal momentum and sense of success (which innovation should do) and refreshing your existing portfolio is important, though are your compelling “what’s next” big bet innovations really breaking through to your target customer/consumer? Do they really care?
In an increasingly competitive marketplace, it is now critical to differentiate your portfolio through experience versus competitor offerings. Improving or creating a new experience will create differentiation, new market space, competitive advantage and above market sales growth!
An “experience” needs to be relevant, that is it solves a problem or improve lives for the customers/consumers in the geographical market which it is launched. For example, a brand that solves a problem by facilitating a community interaction service experience for the elderly in Japan is extremely relevant given the high ageing population and rise of separation in this country. This experience may not be relevant in countries where this situation does not exist.
“New Experience”, how can you deliver this through your innovation? Here are a few examples that we like....
Functional Attributes provide a functional benefit to the target customer/consumer. There are many functional attribute innovation examples in the physical, mental wellbeing, health and beauty space. Pepsi’s unique Driftwell beverage helps you to relax. New “euphoric” non-alcoholic beverages Kin, Edi made from adaptogens, nootropics and botanics claim to positively alter your mind and mood. Peleton and Zwift enable a tech-connected work-out experience in the convenience of your home.
Brand attributes encompass price, brand, service, authenticity, trust, transparency and sustainability. TerraCycle’s Loop business model partners with major retailers and consumer brands globally to facilitate convenient waste (and guilt!) free shopping. Against a dark industry past, fashion brand Patagonia has taken a more positive path for their sourcing, manufacturing practices through to their corporate eco-initiatives. Patagonia say they are "in business to save the planet" and are widely recognised by a loyal fan base as one of the worlds most purpose-led companies.
Product attributes includes how product is prepared, consumed or sensory dimensions such as how it looks, smells, tastes and feels. Despite competitor products that some say are functionally superior, Apple attracts a loyal customer base with minimalist, simple products that have a superior look and feel. Vegan's and flexitarian's are today provided with a broad array of attractive products e.g. Beyond Meat, Just, Vuna, Califia Farms that convincingly replicate the sensory dimensions of meat, dairy, fish and eggs.
Leverage eutopos consulting’s strat-X framework and innovation capabilities to re-align your innovation agenda, stratify your market position and carve out a competitive advantage. Make contact today contact@eutopos.co