His topic was Innovation in Today's Environment, and he offered the following 12 key points that companies should apply to ensure survival - and growth - in the down economy.
Think about what you are offering your customer - specifically, what is the value proposition? Think of introducing new products or services.
Think about the platform that you are using to deliver your products or services. There is lots of technology that will allow you to add value. How do you do what you do? And are there new, more efficient ways to do the same thing, using a different platform? For instance, you might be doing something “face-to-face”, that can instead be done using online technology.
Can you orchestrate a “stretch”? Even if it is laterally? Try to solve an end-to-end customer problem, by maybe entering into new partnerships. Try to sell the entire solution. For example: don't just sell an airline ticket, but also sell the pickup and drop-off service, accommodation bookings etc.
Think of your customer's unmet needs. A shop like Home Depot offers the complete customer solution. Don't think you can ask your customers what they want: they don't know, because they don't know what is possible. Rather, try to find their problems, and offer to solve them .
Rethink the customer experience. Ask yourself how your customers interface with you. Change the experience the customer has with you. Can you do something different? What is the nature of the customers' feelings when they do business with you? Add value. Get their heart to go “boom boom” instead of just “tap tap”!
Redefine how you get paid or find new control points. As an example, compare Motorola, which gives its handsets away at huge discounts (implying that the phone is not worth the original price), and Apple, which not only charges a premium for the phone, but also take a share of the data packages sold with the phone. Where do you make your money? Where can you make more?
Innovate in your core operating processes. Don't get stuck with the old, accepted way of doing things.
Change form, function or scope of your firm. Consider outsourcing.
Think differently about sourcing and fulfillment. Where do you get your stuff? Who delivers them? Under what conditions? Tighten your supply chain. Change your terms of service. Renegotiate payment terms. The worst that can happen is that your suppliers will say “no”.
Create new channels or innovative points of presence . Ask yourself if you are everywhere that you could be. Move away from segments to communities.
Create network-centric intelligent and integrated offerings. Be open to new marketing opportunities.
In conclusion, Carney said that Africa is, in a sense, occupying the “high ground” in the global scene. This can be leveraged for those who want to and can grasp the future.
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