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Innovation VS. Renovation
Posted by Janet Rouss
When does a house reno become an innovation?
Canadian Tire just bought a house, a real house in a real neighbourhood. They’re renovating it to demonstrate their selection of DIY products. Then they'll flip it to make some money for their Jumpstart charity. A great innovative marketing initiative but what's so innovative about a home renovation?
The word innovation is overused, abused and misused. Not only have they used the word innovation 3 times in this one poster, but also it's misleading. Innovation... Bring it on. What does that mean? Are they taking on innovation as a challenge? House of Innovation... come on! What are they doing that any average homeowner couldn't do? And isn't that exactly the point they’re trying to make? How is a home renovation innovative? Yeah, I get the new products and services but really.
What’s up with the blatant overuse of this word. Perhaps the brief asked for innovation and that's literally what they wanted. Is the word really that important to the average Canadian Tire shopper or is it just a trendy buzzword to satisfy the business community? If you don't actually say the word will people not recognize it as innovation? Does it negate the innovation altogether?
I’m seeing this copywriting trend everywhere. Is the word innovation the 'new' green in marketing terms? At least ‘green’ meant something to the general public. Innovation in this use just doesn’t hold the same emotional meaning. What do you think?
Subway Shopping
Posted by Janet Rouss
Mobile Munching
Every now and again you hear about another innovative use of mobile technology. Keeping in the retail theme from my last blog, this mobile shopping excursion take the prize for innovation in customer service. I hate grocery shopping and apparently so do the people in Korea. Imaging never having to step inside a grocery store again! Well Tesco, one of the largest retailers in Korea, made it happen while increasing their sales and elevated their rating to Number 1 online retailer. Check out the video.
Walk a mile in these shoes.
Posted by Janet Rouss
Process and systems innovations are responsible for some of the highest return on investment. Many of these are innovative enabling systems for employees.
I must confess, I love shopping for shoes though with my specific needs, I am very particular. After searching the vast selection, I am always thrilled to find the perfect style. Now the sales person who has been hovering disappears into the back anxious to connect me with my new acquaintances. Only to reappear 5 minutes later regretful and empty handed.
Think about the cost of that sales person searching for shoes and not selling to more customers. Not to mention the frustration of my valuable time wasted.
The last time I shopped for shoes, the store had touch-screen inventory checks that saved the sales person from having to run to the back each time a customer wanted to try on a pair of shoes. Voila! An innovative enabling system to streamline the sales process.
Anywhere there is a process or system, there is an innovation waiting to happen. Your front line workers are best equipped to find innovative solutions. So reach out to the ones who know the system or process. Ask them what works and what doesn’t. Let them provide the insights for your next innovation. Create a culture of innovation that empowers all your resources to safe time and money in the process of your business.
What adaptation or innovation would make your systems run smoother, faster or more efficient? Where have you seen an innovation that enables people to do their job better or with more added-value?
Who says it has to be new and improved?
Posted by Janet Rouss
Give them less and they’ll love you more.
I was in Atlanta for a conference recently. The hotel we were in had a very innovative approach to service. They wanted to take it away. The Atlanta Sheraton was offering reduced housekeeping service with an incentive to get less. They wanted to reduce your room cleaning! And they were prepared to make it worth your while.
You had the option to send the housekeepers packing. And they made it really simple for you to do it. Each day there was a card slipped under your door. If you hung this card on your doorknob by 2am that evening, the night staff would reward you with a $5 discount at the in house shops and restaurants. Brilliant!
Think of all the financial implication of just that one innovative initiative. The hotel saves on the cost of housekeeping services, reduces their laundry expenses while increasing traffic to in-house retailers resulting in increased sales. A wonderful linking strategy for their customer and a financial win for several aspects of their business. And really the $5 incentive cost them nothing while give good value to their patrons. In this case, less is really more for everyone.
Nobody is forcing the customer to participate. The hotel gave their patrons the option to opt-in to the program. but those who are more interested in the environment and saving money then having a pristine room are motivated to participate.
Is there a natural link to your customers’ intrinsic motivation? Is there packaging or other ‘extras’ that do not provide real value to them? Things that they would prefer NOT to have in exchange for something that is more meaningful to them. And ultimately drives business to another profit center.
Reduce, reuse or recycle some of your creative thinking to increase your innovative competitive edge.Think about what you are giving away as part of your product or service offering. Is there something that is costing you more than it’s worth to your customer? Is there something that they would be happy to sacrifice in exchange for something with a higher perceived value?
What service or product innovation has your company initiated that saved you money and gave your customers more of what they really want?
Everyone wants something for FREE. They’ll even pay for it!
Posted by Janet Rouss
The word ‘innovation’ has been abused, confused and overused. The common belief is that innovation is invention. Wrong! Innovation is not only a new or improved product or service. In fact, the biggest ROI on innovation is not from new products at all. In this blog series, we will investigate a variety of innovative solutions that net big results. The purpose is to get you thinking about how your business can think more creatively and focus on innovation for your competitive edge.
Financial innovation is about new and novel ways of making money.
In today’s on-line economy the price of entry is FREE. That single 4-letter word has more power to change behaviour than any other sales or marketing tool. So how do you make money when the expectation is open source and open sharing? Look at your internal financial structure for innovative opportunities. You may be able to change your customers’ purchase behaviour to turn a profit.
Welcome to the concept of the Tele-conference series. These new offerings are a wonderful opportunity to listen to a series of interviews with interesting and sometimes ‘famous’ people talk about their expertise. Highly targeted and list-based direct marketing attracts just the right audience. They share their insights on anything from sales and marketing, relationships, abundance, social entrepreneurship and how to live a conscious life. Anything and everything you ever wanted to know for FREE!
The set up in time for tele-conferences is huge but the payoff is even bigger. It works like this. An individual invites other ‘like-minded’ business folks (with a prerequisite number of opted-in subscribers) to partake in an series of interviews for a multi-event tele-summit. Once assembled and recorded the invitation goes out to ALL of the participants’ subscribers. This shared promotional effort can net 10s of thousands of impressions.
Most of which are trusted followers and are motivated by the FREE content so will sign up for the tele-summit.
Depending on the participation, these tele-summits can often run over several days or weeks. So if you opt-in to listen for FREE, chances are you’ll miss a few. But that’s okay. If you can’t make the initial online interview than the recordings are available for up to 24 hours after. For FREE!
Still not good enough? With your busy schedule and the shift to on-demand programming, you have the opportunity to purchase the entire series for a limited time at a special price of only $97. If the content is good and relevant than you won’t want to miss a thing. Chaching!
This is the ultimate FREE sampling program with a twist. Sampling has been marketing’s highest conversion incentive especially in the packaged goods industry. You try the product and there’s a high chance that you will purchase. The web has taken it to the next level. You don’t get a taste. You get the whole enchilada. Not just once but twice.
It’s like reading an entire book in the bookstore and then buying it anyway. Like eating an entire pie at the grocery store with no expectation to drop a dime. Who would have thought that a financial innovation could come from giving everything away for free?
What can you give away for free? Something that entices your prospects to taste the brilliance of your offering while know that they have the option to purchase for future reference. How have you filled your sales funnel with FREE innovative offerings?
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