September 24, 2018
Smart innovation can save businesses and help to re-invent industries. Just look at the music industry:
The rise of the internet sparked the demise of the CD market and this threw the music industry into chaos. This transformed the dynamics of the music industry and threatened to spell trouble for key players like Sony, EMI and Universal. Tumbling physical sales left the music industry scrambling to find new ways to provide value to music fans that would keep their industry healthy.
Industry leaders drilled down on how music fans were in touch with music and they understood that these people didn’t just listen to music but attended concerts, bought merchandise and followed the trends set by the musicians that they admired. Music labels had been thinking only about a small part of the experience. This realisation sparked the emergence of 360° music deals. These comprehensive deals took the place of traditional record deals and saw the music industry boosts its revenue but, more importantly, give a consistent consumer experience.
This innovation revitalised the music industry and shaped it into the industry we all know today. That type of innovation isn’t easy and countless workshops won’t do the trick: they have to be effective and provide results. Here’s how you can make sure your workshops achieve that:
Step 1: Identify what makes your customers tick
The workshop process needs to begin with an investigation into who your customers are and their world of experiences. There are a range of approaches and techniques that you could use here, depending on your preferences and what you’re comfortable with. Buyer personas and fictional characters are one way, for example, that people develop an understanding of the various customers that are out there. Read More