Sparks to fire up your innovation combustion
This coaching session discusses how to measure value created by innovation.
Starring: Inna (Innovation Leader in a large Pharma corporation) and Wim (coach for Innovation Leaders). [Transcription far below]
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Are you looking for a personal innovation coach?
- Do you want a soundboard, a sparring partner?
- Do you want to run an idea by a passionate outsider?
- Did you just start an innovation program or want to improve it?
- Do you need practical ideas to stimulate innovation?
- Do you want tips on how to manage an innovation portfolio?
If yes, I’m ready to help you!
- I believe in KISS: Keeping Innovation Super Simple. High focus on passion, low focus on processes.
- I have coached more than 50 innovation leaders across the globe in Pharma/healthcare.
- I work as independent coach: per hour or as long as you consider valuable.
- You can reach me (Wim Vandenhouweele) at wimvand@outlook.com
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Transcript
Inna:
⁃ Hi Wim, my corporate management wants Innovation that creates value.
Wim:
⁃ Hi Inna, this is an important topic! We indeed do not innovate for the sake of innovation. The goal of innovation is to create value.
Inna:
⁃ How do I measure value? Is it always financial?
Wim:
⁃ Not really. First, you need to define what problem you want to address. Examples could include
- A differentiating service for a brand – in this case, the value you could measure is the impact on market share for the brand
- A more efficient solution to distribute a product – here, you would look at cost reduction.
- A more engaging approach towards customers – so, use engagement metrics
- A more environmental friendly product packaging – apply sustainability measures.
Inna:
⁃ This makes sense. Do you have an example of a customer engagement innovation?
Wim:
⁃ Let me take you to Israel. A marketer wanted her physician-customers to have a deeper product knowledge. This should be accomplished through increased engagement at her booth, when her customers attended medical congresses. She came up with the innovative idea to adapt the “escape room”concept to an “escape box”. Physicians who visited her booth were invited to solve a sequence of riddles that were laid out in a 1 square meter box, which the physicians could access from all sides. The riddles were related to characteristics of the marketer’s medicine. Scores were displayed, so there was a competitive element. The value she aimed to create was three-fold:
- Physicians would be more engaged
- This would result in a better understanding of how the medicine could help their patients
- And ultimately, the patients would have better health.
⁃ The marketer measured engagement by:
- Measuring the time customers spend at the booth
- Number of physicians that came to the booth
- Retention of the messages she wanted her customers to remember
⁃ Does this help?
Inna:
⁃ Yes!
- Problem
- Target audience
- Measure
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