As said in the last article, now we are going deeper into creating a compelling case.
You can check the past content where we presented the whole path. Today you’ll see the first tree steps!
1 – EMERGING TRENDS AND TECHNOLOGIES
Anyone thinking of proposing a new technology for their company must be sure that this technology or this solution will not become obsolete quickly. It is also necessary to understand what is the market’s appetite for this technology or this service.
That’s because if you embark on a lonely journey, it’s likely that the startup you’re connecting to will die halfway or can’t finish meeting your demand.
Remember that here we are talking about innovating through partnerships with startups. If your idea is to wear the investor shirt – as long as you have experience for it – the conversation changes figure, and an approach in the style of Corporate Venture Capital should be made. There is a part of this book dedicated to the topic.
To better illustrate how to analyze trends and emerging technologies with startups, later, we will show you a case of Fintech, technology for the Financial Sector.
We will only address the case’s general concepts without delving into any specific fintech segment. It is a pervasive case, so we are going to approach this in a future article. Before the case, there are some important instructions about how to read it.
2 – PERSONAS
The client/user is the basis of everything. Not just in innovation but in all business spheres, customer-focused organizations are much more successful. Therefore, our analysis begins by trying to understand who is the target customer of the opportunity.
A productive way to complete this step is to bring together marketing, sales, and customer service teams for brainstorming. Each opportunity requires such a meeting. The only exception is when options focus on the same personas.
The step is simple but essential to generate ideas that will be useful throughout the case-building process.
To make the meeting as productive as possible, I created a roadmap of the discussion between the innovation team and the departments mentioned above.
Consider that these points are the minimum the company needs to have information.
Roadmap for meeting with teams:
- Title: who’s your target customer? A large company, supermarket, automakers, etc.?
- Description: what makes the persona fit into this profile? In what situation, or how would it use its solution?
- Objectives: persona or job/position enterprise objectives.
- Challenge: What are the tasks, the challenges to “get the job done” in the current process?
- Possibilities: how to evaluate the persona’s performance? What is an excellent result? Considering the persona’s position in the company, what are the challenges they need to achieve that will lead to a promotion in the future?
- Skills: what are the expected skills in its function?
- Reliable Information Sources: where does the persona find information? Consider that this can be an excellent product outreach strategy in the future.
- Influence: people and companies that influence the persona. Depending on the opportunity, the discussion can generate qualitative insights for marketing and sales.
- Knowledge of the Product or the Opportunity: how much the person understands about alternatives in the market.
- Education: what is the level of education of the persona.
- Experience in the Position: does it have a junior, full or senior level?
To have a better understanding of the personas you have created, you should save the information in “Cards” like the one in the model below:
These cards should be enriched with information over time by those involved in the innovation project and will be undoubtedly helpful for several other company projects.
3 – OPPORTUNITY PRODUCT PERSONA
Opportunity Product Persona is a document in which we evaluate each opportunity raised in the previous step and create different offers for the same opportunity.
With this, we can understand the different value propositions for the product and determine which offer is interesting for which group of personas. All this within the same opportunity presented.
In this way, we can explore offers from the earliest opportunity until they have an undeniable value to the customer/user.
You must fill the framework for each opportunity analyzed, add a description and an overview of the topic.
Next, you will design the product offers that meet that opportunity. For each one, assign a name, description, and central values (the same types we described in Opportunity Building, where we talk about value proposition).
Finally, select the group of “persona” for whom the product offer delivers value.
This template clarifies how each product offering can benefit the consumer/user (treated as “persona”) so that offers for specific groups can be grouped.
Keep following our content so you will be able to craft a compelling case.