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The objective of Innovation Research is to identify new product and service concepts that add real value to the consumers. We follow a problem based ideation process to generate useful and viable ideas that are practical and implementable.
The research follows a three phase process: Identify Problem Set; Develop Opportunity Set; Generate Concept Set.
In the first phase, internal company research and exploratory qualitative research is used to identify potential consumer problems. The problem set starts with the concrete and easily identified problems and progresses to the more difficult psychological and social-psychological problems and issues. For example, in a study of e-banking customers, the problem set included practical issues with balancing the check book online to the increasingly more abstract issues such as poor financial planning skills, psychological barriers to realistic goal setting, and controlling impulsive spending behaviors.
The problem set is used to develop opportunity set. An "Opportunity Set" outlines broad market and product opportunities emerging from the consumers' problems. In the e-banking example, there may be an opportunity to partner in the consumers' long term financial life by offering a host of internet based software solutions that address planning and goal setting issues.
In the final phase, new ideas and concepts are generated for each opportunity area identified in the Opportunity Set. The idea generation exercise is done both with the consumers as well as with researchers and an expert panel. The creative group exercises are scripted to provide disciplined creativity.
The ideas and concepts generated over several groups are assembled and a final edited list is created for preliminary screening based on criteria developed in consultation with the client. An "Innovation Portfolio" of the best ideas is presented to the client as the final deliverable. In the e-banking example, an Innovation Portfolio of 82 ideas crystallized around 8 opportunity areas was presented to the client.
Case Study:
e-Banking Innovation
Phase 1 Discovery Research to Identify Problem Set |
Phase 2 Develop Opportunity Set |
Phase 3 Generate Concept Set |
The problem set starts with the concrete and easily identified problems and progresses to the more difficult psychological and social-psychological problems and issues. |
The problem set is used to develop opportunity set. An Opportunity Set outlines broad market and product opportunities emerging from the consumers problems. |
New ideas and concepts are generated for each opportunity area with preliminary screening based on criteria developed in consultation with the client. An Innovation Portfolio of the best ideas is presented to the client as the final deliverable. |
The problem set included practical issues with balancing the check book online to more abstract issues such as poor financial planning skills, psychological barriers to realistic goal setting, and controlling impulsive spending behaviors. |
Identified an opportunity to partner in the consumers’ long term financial life by offering a host of internet based software solutions that address planning and goal setting issues. |
Innovation Portfolio of 82 ideas crystallized around 8 opportunity areas was presented to the client. |
