“Think like a CFO.”<\/p>\n
That was my response when I was asked by Ben Malbon of BBH Labs<\/a> during Tuesday’s Jay Chiat awards <\/a>panel\u00a0on innovation:<\/p>\n “How can planners raise the bar?” .<\/p>\n My response was directed at planners but I think it might be useful to anyone involved in brand building.<\/p>\n Many agencies talk a good game about striving to understand their client’s business.<\/p>\n But I often hear this question phrased as you have to think about “what’s keeping\u00a0the CMO up at night?”<\/p>\n Well with all due respect to CMO’s, I don’t think it’s their beauty rest that counts the most.<\/p>\n I think a more relevant question, especially now, is “what’s keeping\u00a0the CFO up?” Or perhaps the head of operations, or sales.<\/p>\n <\/p>\n I didn’t always have this point of view.<\/p>\n When I was on the Agency side, I thought our primary focus should be on bringing the voice of the consumer\u00a0to the table.<\/p>\n To, in a sense, rise above the commercial realities and restrictions and bring fresh, aspirational, dare I say “untainted” thinking to the table.<\/p>\n The ideas would have plenty time later<\/span> in the process to be turned and twisted to fit the “real world” requirements.<\/p>\n What’s changed? Well, now I’m the client.<\/p>\n Now I am part of the team charged with not only blue skying, but actually implementing, these ideas.<\/p>\n And it’s really difficult.<\/p>\n And the sooner the “details” of operational viability are worked out, the better.<\/p>\n I will give you a purely hypothetical example to illustrate my point.<\/p>\n Imagine during a meeting on a creating a new hospitality experience an idea is brought to the table to include a concierge on every floor, thus offering guests a new level of attention.<\/p>\n Great idea. Distinctive and builds on the brand’s reputation for brilliant customer service.<\/p>\n Definitely rooted in a consumer insight about\u00a0hotels feeling impersonal.<\/p>\n But here’s the problem, it’s totally ignorant of any operational reality.<\/p>\n This\u00a0 idea has just added (maybe doubled) staff headcount. How is this cost offset?<\/p>\n Double the room rate? Perhaps but not very consistent with the brand’s focus on good value for money.<\/p>\n Reduce staff elsewhere?<\/p>\n Perhaps there is some accompanying innovative thinking that makes this possible.<\/p>\n But has\u00a0it also\u00a0been thought through and presented at the same time as the “floor concierge” was brought to the table?<\/p>\n Probably not.<\/p>\n Idea people (whether Agency or internal) will have more impact and credibility if they become better at thinking through the commercial implications of insights.<\/p>\n Agencies that can combine creative and operational thinking will be the most valued partners in the new economy.<\/p>\n Making this part of your training and process will reap many rewards.<\/p>\n You will earn more credibility with clients, they will treat you more like the valued partner you aspire to be and a great percentage of your ideas will get to market- instead of living solely as pretty pictures in a power point presentation.<\/p>\n I’m not saying that all planners need to get degrees in operations managment.<\/p>\n If you don\u2019t have the right people on the team then bring in some collaborative expertise.<\/p>\n One of the upsides of the down economy is there are plenty of industry experts (in every <\/span>industry) who are available for hire on project work.<\/p>\n Maybe your already doing this. If so, \u00a0good for you.<\/p>\n Perhaps focus on doing it more often, earlier, or with more rigor.<\/p>\n But from the reactions I saw last night at the panel discussion, I think there is still perhaps more room for “commercial creativity” in the innovation process.<\/p>\n I’ve come to the point of view that the difference between insight\/ideas and real innovation is that the latter is defined by adding real value.<\/p>\n And who doesn’t want some of that?<\/p>\n That’s my point of view. What’s your twist? “Think like a CFO.” That was my response when I was asked by Ben Malbon of BBH Labs during Tuesday’s Jay Chiat awards panel\u00a0on innovation: “How can planners raise the bar?” . My response was directed at planners but I think it might be useful to anyone involved in brand building. Many agencies talk a […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22,30],"tags":[],"class_list":["post-280","post","type-post","status-publish","format-standard","category-brand-experience","category-brand-strategy"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t
\nAre you consistently running ideas through the operations filter?<\/p>\n","protected":false},"excerpt":{"rendered":"