I participated in the Frost & Sullivan Marketing World 2009 event November 2 in Chicago, leading a round table on getting around innovation roadblocks. The next several days will highlight some of the many intriguing ideas shared during the day from great marketing practitioners.
Yesterday’s Creative Quickie mentioned the title “Chief Creatologist” which belongs to Joe Batista at HP, who spoke on “Creating New Market Revenues in a Down Economy.” I met Joe at a 2007 Frost & Sullivan event, and his case study-driven presentations at both events were tremendously thought provoking considering HP targets $3 billion in new growth quarterly from the approaches Joe shared.
He looks for business growth through discovering and exploring new areas to respond to clients’ needs. His efforts center on going beyond a closed innovation model and exploring the company’s research in new ways and looking beyond its boundaries for new opportunities:
- Joe highlighted techniques to help identify new growth sources, including thinking broadly about the available assets a company has, generalizing what the assets (especially technology) can do, and connecting organizationally-dispersed assets inside a company. Comment – These all tie to fundamental lateral thinking principles, stressing the real-life importance of being able to apply abstract thinking skills in identifying opportunities that would otherwise be missed.
- Look for pockets of knowledge and expertise inside your business and explore how they can be converted into new revenue streams. Comment - A great way to do this is to identify what BENEFITS your knowledge can provide and then think through what other parties are seeking these or related benefits.
- One more potential growth source? Growth arises from examining currencies you have available inside your company (i.e., what flows through your value system) and by making the boundaries of your company porous so ideas from outside can flow through it. Comment – Joe’s remarks continually underscored the importance of being able to step away from detail and “get” the bigger, potentially underlying picture, whether it’s inside or outside your company.
There’s a lot behind these summarized comments. I look forward to trying to connect with Joe further and better understand the innovative approach he’s bringing to business growth! – Mike Brown
BTW -This is the second anniversary of the blog’s first post. No big deal in the posts this week, but it seemed like at least worth a mention. Look for the Brainzooming redesign and move to a WordPress format in the very near future!