Friday research issue: Real-time market data not market research!
Most of my twitter community seemed to approve of these themes. A couple sharp readers noted The Gap as perhaps a counter-example
I attended the annual PDMA conference last week and delivered two papers on innovation. I will likely have more to say about the conference in the weeks ahead, but one observation – the Just Do It! theme of innovation was prominent. Internet innovation is influencing all product and service innovation.
These themes are expressed in numerous ways:
- “many crummy trials beat deep thinking” – #Fogg 2008
- “The cost of trying is lower than the cost of analyzing” #Shirkey
- “If you are not embarrassed by your first release, you waited too long”
- The theory of Effectuation- entrepreneurship theory (one of my papers) – Sarasvathy
Effectuation (Sarasvathy) is a prescription for innovating when the risk is unknown and unknowable. Four key steps:
- Affordable loss – limit your maximum exposure and enter the market
- Strategic alliances – partner to share knowledge and reduce exposure
- Exploit contingencies – act and learn!
- Control future – don’t predict the market, shape it!
I mentioned effectuation once before: http://servicecocreation.com/2009/07/28/cola-co-creation/
Effectuation is similar to “Probe and Learn” and Skunkworks paths for innovation.
I am planning another posting just on effectuation
Another variation this theme is “Agile Innovation” – bringing the rules of agile and extreme programming to products and services: rapid innovation, constant user input, quick changes, changing ahead of documentation…
Another interest of mine is how SM can aid these experiential innovation processes.
I will be writing more on these themes in the weeks ahead!
Other stuff of note this week:
Social Media Marketing
ROI… RT @ckburgess Excellent collection of 34 case studies that prove social media is profitable: ROI – SMROI @JohnNosta
How did Starbucks boost their revenue 18% in 2008? They engaged in social media channels. StarbucksSM RT @HubSpot:
Innovation in Education
Murdoch on Ed reform: If Schools Were Like ‘American Idol’ . . . EDbyFox #WSJ