How to identify and meet new customer needs

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This report outlines best practice in identifying and scaling new business opportunities, in terms of how to organise, the necessary culture, where to start, who to involve, and how to exit.


Format: PDF filePages: 28 pagesCharts: 07Author: Vikki EcclesPublication Date: July 2021

Table of Contents

  • Executive Summary
    • Create a dedicated and separate team
    • Take a customer centric approach at all stages of innovation
    • Types of innovation will meet different new needs
  • Introduction
  • Create a separate team to maximise new business opportunities
    • A separate team has many benefits
    • Telia Smart Family: The case for a separate innovations team
    • Evaluate success in relevant ways that may be non-traditional
  • Take a customer centric approach to all stages of innovation
    • Ensure a customer centric culture
    • Start with a customer problem
  • Meeting needs and scaling bets
    • Co-create with customers, but choose them carefully
    • Elisa’s empowered teams enable a successful response to COVID-19
  • Types of innovation to meet different new needs
    • New needs in the core versus new businesses
    • Dedicate some resource to extreme innovation
    • Telia Data Insights: New Business innovation in response to COVID-19
    • The case for disruptive innovation
  • Plan exit strategies
    • Perseverance and pivoting can bring success
    • Be prepared to kill your darlings

Table of Figures

  • Figure 1: Telco top investment priorities
  • Figure 2: Rationale for a separate team
  • Figure 3: Elisa’s customer centric culture
  • Figure 4: Telia’s Division X customer segmentation in IoT
  • Figure 5: Types of innovation to meet new customer needs
  • Figure 6: John McDonald’s FORCECASTINGTM methodology
  • Figure 7: Attitudes to learning from failure in Elisa

Technologies and industry terms referenced include: co-create, connectivity, core business, core capabilities, customer centric culture, customer data, customer insight, data insights, Disruption, disruptive innovation, Division X, Elisa, Exit strategies, experiments, forecasting, Innovation, International Digital Services Unit, Investment, IoT, learning, partnerships, sandbox, scale, start-up, Telia, TELUS