Tag Archives: innovation

innovation

Disruptive Innovation Is Challenging The Old European Banking Model

Disruptive Innovation Is Challenging The Old European Banking Model

These days, ensuring your old fashioned bank is well capitalized enough to deal with more realistic, but still moderate stress tests is a major priority. But just when you think you have put out the fire, the entire structure of the banking model becomes disrupted and structurally unsound.

Lower barriers to entry in terms of financing, securing  banking licenses,  cheaper to source banking software and cheap human resources means it’s never been easier to cherry pick the most lucrative products banks are offering to customers today. The net result? It leaves the unprofitable products to the old dogs to chew on.

And therein lies the problem. How the existing banking industry responds to these disruptive threats will decide their fate. Perhaps they will seek to aggressively promote the concept of a cashless society (yet again), so that the public will once more feel tied into using their services. Deloitte UK produced a nice SlideShare (see below) to illustrate the pressures the traditional banking model now is under.

 

 

What next for the establishment banks of Europe?

former,midland,bank
Former Midland Bank, 100 King Street
Former Midland Bank Banking Hall, King Street (David Dixon) / CC BY-SA 2.0

Top Tweets Of The Week #MG119 (7)

 Top Tweets of the Week on Innovation

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How Tim Ferriss Used Innovation To Growth Hack 4 Hour Chef

Tim Ferris is known for challenging long held assumptions about skills, business and everything else in between. In his latest book he uses the popular vehicle of cooking to impart what he’s learned about meta learning and how you can employ it in your life. But promoting and selling a book amid the din of the publishing circuit is tough at the best of times.

4,hour,work,week
The 4 hour work week         Source: Flickr / Tim Ferriss

Bricks and mortar retail bookstores for the most part refused to stock his book over their objections to it being one of the very first Amazon Publishing releases, which threatened the traditional publishing business model. Tim Ferriss needed to find ways he could reach out to his readership that he had built up through the hugely successful book releases of the The 4 Hour Work Week and The 4 Hour Body as well as find new readers.

The,4,Hour,Body
The 4 Hour Body                                      Source: Flickr / Tim Ferriss

So when faced with being locked out of the traditional retail bookstore distribution channel and with few other outlets to promote his book, it’s perhaps unsurprising that Ferriss took an unconventional route to promoting and publishing, turning the industry on its head in the process.

This situation led to lots of research using innovative tools and techniques not usually applied to a business sector like publishing to look at alternative routes to market.

Finally he hit on something thanks to some advice from a friend. He needed to growth hack, but lacked a vehicle. Ferriss made a call to BitTorrent and talked over his solution with them. If he gave an electronic version of the book away for free using the power of P2P torrents sharing online, more people would engage with the book, and through this re-engineered sales funnel, would pay for the hard copy paper version to accompany the electronic versions as many people still prefer the physical user experience of paper and ink.

BitTorrent
BitTorrent                                                                                                                                 Source: Flickr BitTorrent

Soon after that call, he signed an agreement with BitTorrent that suited both parties. Here was a rare enough win-win. BitTorrent were seeking to expand their offering as a legal content distribution network for marketing books. And Tim Ferriss found a new route to promoting his content. Nobody was sure what would happen next.

Something magical happened. Amazingly, after launching the free e-book version (with exclusive online only content), sharing of the torrent grew massively in a short period of time with over 2 million downloads. The click through rate was over 210,000 downloads in the first week alone. The conversion rate was a previously unheard of conversion rate of 45%.

The most exciting thing of all was that leaving a clear landing page on the BitTorrent site with a link to the Amazon site where people could purchase the physical book or content bundle strongly resonated with readers worldwide, resulting in a staggering click through rate and purchase of over half a million hard copy versions in a short space of time. This stunned both Tim Ferris and Amazon as normal click through rates would be a fraction of what the 4 hour Chef book achieved. BitTorrent also got what they wanted out of the deal.

Essentially Ferriss has taken a medium of P2P torrent sharing which is attacked and feared by traditional media in equal measure, and harnessed its tremendous growth hacking power to reach millions of potential customers extremely quickly, efficiently and effectively better than anyone before. The book also reached the top of all major hard copy book selling charts around the world.  This innovative approach was lauded in business circles for its impressive ROI (return on investment), and has created a blueprint in the publishing industry of how to leverage digital distribution methods in an innovative way.

Tim,Ferriss,books

Customers today are consuming media on multiple platforms, and appreciate getting perceived added value that enhances their user experience. Those who recognize and offer an easy way to consume their media on multiple platforms using innovative methods will win.

What are your thoughts on the post? Did we miss an angle or hit the spot? If so, we’d love your feedback !  Oh and sharing is caring 🙂             ______________________________________________________________________________Sources

Top Tweets Of The Week #MG119 (6)

Top Tweets of the Week on Innovation

 

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Top Tweets Of The Week #MG119 (5)

Top Tweets of the Week on Innovation

TOP TWEETS OF THE WEEK #MG119 (4)

Top Tweets of the Week on Innovation

TOP WEEKLY TWEETS ON INNOVATION #MG119 (3)

Top Tweets of the Week on Innovation

Continue reading TOP WEEKLY TWEETS ON INNOVATION #MG119 (3)

TOP WEEKLY TWEETS ON INNOVATION #MG119 (2)

Top Tweets of the Week on Innovation

 

Continue reading TOP WEEKLY TWEETS ON INNOVATION #MG119 (2)

3 Ways To Innovate In A Stagnant Environment

3 Ways To Innovate In A Stagnant Environment

Harvard Business School (HBS) Professor Rosabeth Moss Kanter discusses

  • Innovation
  • Advanced leadership
  • How to make changes in an inflexible organization

Continue reading 3 Ways To Innovate In A Stagnant Environment

HAVE YOUR SAY – NEW POLL ON INNOVATION & MARKETING

HAVE YOUR SAY – NEW POLL ON INNOVATION & MARKETING

This question as to which is more important, innovation or marketing in a business led me to think about the different businesses throughout history who did well by just focusing on one of the two elements.

Most companies seem to require both to survive these days. But I was curious to know what others think before I write a short history of innovation here on Marketing REDS. So I created a poll for folks to have there say.

Find out what other thoughts as results show up after you vote!

Feel free to share your thoughts below. Get in touch! 🙂