Drill down on the reasons why people do business with you, innovation consultant Stephen Wunker advises CO-OP Think 17 attendees in New York.
If you sell ice cream, for example, understand why people are really buying it. Often it is not because they’re hungry.
There are deeper, often emotional, reasons why people make purchases, notes the co-author of “Jobs to Be Done: A Roadmap for Customer-Centered Innovation.” That’s the sweet spot for innovation.
“Go after what people are really trying to accomplish,” Wunker says.
In financial services, people want to feel financially secure, avoid stress, eliminate debt, and reduce worry about financial surprises, Wunker says. Yet, most financial products do not address those concerns.
For every decision there is an emotional component. Don’t ignore it, he says. Get a 360-degree view of your customers including what they need and desire.
“Focus tightly on the real job to be done,” Wunker says.
To start innovating, think through these three steps:
1. Know where you’re starting from.
2. Chart the destination and roadblocks.
3. Know how you will profit from the journey.
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