What are Customer Insights (Who)?
Within the Wheel of Innovation, Customer Insights focus on understanding the needs, behaviors, and preferences of the target audience through data collection and analysis. This aspect helps organizations tailor their value propositions, products, and services to better meet customer expectations and drive loyalty.
What is a Customer Engagement?
As part of the Wheel of Innovation, Customer Engagement includes strategies and practices to build strong relationships with customers. This includes creating meaningful interactions that foster loyalty and advocacy through marketing, communication, and community-building efforts.
What is a Customer Experience?
In the Wheel of Innovation, Customer Experience encompasses all interactions customers have with the organization, aiming to create positive and memorable experiences. This involves designing seamless and engaging customer journeys across all touchpoints to enhance satisfaction and loyalty.
What is a Customer Problem Task Force?
An optional decentralized cross-functional group of people who sit in each BU. Its mission is to:
Collect customer inquiries, anomalies, and problems
Group these into broad clusters
Share among other BU task forces to identify common trends
Share insights and learnings with the Innovation Task Force
What is a Value Proposition (What)?
In the Wheel of Innovation, Value Proposition refers to the promise of value delivered to customers. It involves defining what the organization offers to meet customer needs, encompassing the creation of products and services that provide unique benefits and solve specific problems. A compelling value proposition differentiates the organization from its competitors and attracts customers.
What is a Brand?
In the Wheel of Innovation, Brand involves the identity and reputation of the organization in the market. This includes brand innovation, building and maintaining a strong brand that resonates with customers through branding strategies, marketing communications, and brand experiences that differentiate the organization and build loyalty.
What is a Channel (Where)?
Within the Wheel of Innovation, Channel refers to the pathways through which products and services reach customers. This includes channel innovation, optimizing distribution channels (physical or digital) to ensure accessibility and convenience for customers.
What is Ideation?
The collection and formation of ideas or concepts linked to one or several strategic initiatives. Here, intelligence is collected externally and internally, clustered, and then validated through testing until a cluster of ideas can be formed into a project delivering on the expectations of a strategic initiative.
What is a Central Funding?
Funding outside a BU, typically to fund radical innovation initiatives, incubation programs, or cross-BU initiatives such as internal and external joint ventures.
What is a Concept Owner?
An appointed person responsible for deliverable(s), including securing the right attention for the project and advocating for the vision of the concept.
What is a Sponsor?
An appointed person in charge of a strategic initiative.
What is a Supply?
In the Wheel of Innovation, Supply focuses on the management of resources and suppliers necessary for production. This involves supply chain innovation, including sourcing strategies, logistics, and inventory management, aimed at creating a reliable and efficient supply network supporting innovation efforts.
What is a Value Capture?
In the Wheel of Innovation, Value Capture involves the mechanisms through which an organization generates revenue and profits from its value propositions. This includes pricing strategies, IP strategies, revenue models, and cost structures to ensure sustainable financial returns while delivering customer value.