Rick Watson ETail West 2012 ECommere Strategy Presentation
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Transcript of Rick Watson ETail West 2012 ECommere Strategy Presentation
ELEVATE STRATEGY AT YOUR COMPANY: HOW TO BUILD A REPEATABLE PROCESS FOR
INNOVATION
Rick Watson
February 28, 2012
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SITUATION AT MANY RETAILERS…
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SITUATION AT MANY RETAILERS…
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SITUATION AT MANY RETAILERS…
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RICK WATSON
• GM, Marketplace for Barnes & Noble.com
• Software / Technology Background
• Been in ECommerce Industry for 13 years
• Twitter: @rickwatson
• Website: http://rickwatsonsblog.com/
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A DIFFERENT FILTER IS NEEDED
Project Type Project Goals Strategy Execution
Expand & Improve Improve one of your KPIs 25% 75%
Experimentation Business segment replacement/addition in 3-5 years
75% 25%
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GENERAL FRAMEWORK
1. Think critically about people’s needs
2. Capture relevant trends inside/outside your industry
3. Brainstorm at the intersection
4. Execute
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PEOPLE ANALYSIS
• Focus on: emotions, decisions, priorities in their lives.
• What jobs are they hiring you to solve?
• What else people did people do before to solve these kinds of problems?
• What types of people are not able to access your industry’s services?
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PEOPLE ANALYSIS: STROLLERS
• Zero time in the day for themselves
• What will I do with this thing when my daughter outgrows it?
• Neighborhood status symbols
• Wonder where my babysitter goes with the child when I’m away?
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THINK ABOUT BROAD INDUSTRY TRENDS
• What types of things are:
• People using more of? Less of?
• Getting more or less expensive to produce?
• What do you know will be certain 10 years from now?
• What things did you grow up with that are now completely irrelevant to a 10 year old?
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BROAD INDUSTRY TRENDS: EXAMPLES• Economy doesn’t look like it will improve quickly for most people.
• Subscription services are becoming more popular rather than buying everything up front.
• More people are starting families later in life.
• It’s 10x easier to manufacture your own product today than it was 20 years ago.
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PEOPLE/INDUSTRY INTERSECTION
• Setting Expectations
• What if?
• Why not?
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INTERSECTION EXAMPLES
• GPS Tracking or Tiny Cameras on Strollers, viewable on Mobile
• Custom-built Travel Stroller
• Stroller Trade-in Service
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EVALUATING YOUR IDEAS
• Open up access to a new set of customers?
• Could see yourself tinkering with idea 5 years from now?
• Could envision a shallow investment profile?
• Unclear who else might execute this?
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EXECUTION
• Goal: Select one idea a year to execute
• Look for a market
• Establish ownership & ideas to test
• Independence is critical
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SUGGESTIONS ON HOW TO APPLY THIS
1. Start in your own area: your group is a microcosm of the company.
2. Early on:
Take shortcuts. Use vendors. Outsource. Build prototypes. Think critically and learn the domain.
3. Later on:
Firm up critical systems. Refine business model & expectations.
Define critical success factors. Scale & build.
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SUMMARY/TAKEAWAYS
• Innovation and long-term investment must be priority #1 to get attention. Traditional thinking needs to flip.
• Thinking needs to evolve beyond how to improve your metrics – those ideas go in another bucket
• Questions about the intersection of people and industry trends provide the fuel for product & services
• Experimentation takes time
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