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The Futures Company Enterprise Week 2014

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Information about The Futures Company Enterprise Week 2014
Business & Mgmt

Published on March 14, 2014

Author: DonegalCEB

Source: slideshare.net

Description

The Futures Company presented a workshop which allowed businesses to take a closer look at their customer and the global consumer trends ensuring their business is fit for future opportunities. Use of this work should be referenced to The Futures Company
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Welcome!

1 © The Futures Company 2012 DRAFT

Global Energies © 2013 THE FUTURES COMPANY 22013/14 Customer connections exercise Who Are Your Main Customers? Why Do They Buy Your Products Or Services? Why Do Your Customers Buy From You Rather Than From Your Competitors? Your Competitors?  Price  Value  Quality  Other factor

What are consumer trends?

Global Energies © 2013 THE FUTURES COMPANY 42013/14 Trends exist on different levels Macro Micro Typeoftrends MACRO Social, technological, environmental, economic, political and organisational trends that shape the operating environment MICRO Trends in consumer or brand behaviour within specific categories

Global Energies © 2013 THE FUTURES COMPANY 52013/14 Consumer trends provide an understanding of how macro trends can link to business trends Macro Micro Typeoftrends MACRO Social, technological, environmental, economic, political and organisational that shape the operating environment MICRO On the ground manifestations of consumer, citizen or brand behaviour often* in response to macro trends pressures CONSUMER TRENDS Sustained shifts in consumer attitudes and behaviours

Global Energies © 2013 THE FUTURES COMPANY 62013/14 Why do organisations use trends? Trends help you make sense of change Trends provide inspiration for new ideas and innovation

Global Energies © 2013 THE FUTURES COMPANY 72013/14 What are the benefits of using trends? Trends help you to become more: • Outward looking • Forward looking • Consumer focused

Consumer ‘big picture’ trends Andrew Curry

Global Energies © 2013 THE FUTURES COMPANY 92013/14 Six faces of the global consumer exercise Positive Why? What can you do? Negative

March 2014 The six faces of the global consumer A presentation to Enterprising Donegal 2014

Global Energies © 2013 THE FUTURES COMPANY 112013/14

Organisat- ional environment Operating environment Contextual environment Thinking in futures

Six Faces of the Global Consumer

Face One: The Urban Consumer

© 2013

+57 % +78 % +231 % +39 % +6% -1% Household income of $10 to $100 dollars a day PPP From $7 trillion to $20 trillion? The new middle class Source:1.OECD(2010)TheEmergingMiddleClassinDevelopingCountries.2.McKinsey(2012)Winningthe$30trillion decathlon:Goingforgoldinemergingmarkets

Face Two: The Female Consumer

$5 trillion

Face Three: The Older Consumer

© 2013

Face Four: The Connected Consumer

© 2013

• But its arrival is slow and erratic • It needs reasonable 4G takeup to create markets • Opportunities for monetisation are still unclear • Locational services appear to represent a significant opportunity • Mobile advertising is overhyped

Face Five: The Aware Consumer

“In a digital world, truth has gone round the world before the corporate affairs department has got its boots on.”

The Futures Company: Global MONITOR survey 2012 Brands - with benefits?

Images: {left) www.primark.com; (right) www.wikipedia.org

Face Six: The Activist Consumer

© 2013

The Futures Company: Global MONITOR survey 2012 28% of all Global MONITOR respondents feel „a LOT‟ of anger about all four of these issues: „the Global Enraged‟

© 2013

Six Faces of the Global Consumer

Global Energies © 2013 THE FUTURES COMPANY 372013/14 Six faces of the global consumer exercise Positive Why? What can you do? Negative

The Futures Company 2013 © | 38 Consumer attitudes and behaviours Vera Kiss

Global Energies © 2013 THE FUTURES COMPANY 392013/14 Innovation and proposition development Innovation Proposition What would you do? How would you do it? Why would you do it?

The Futures Company 2013 © | 40 40© 2013 THE FUTURES COMPANY The emergence of more savvy definitions of value and ownership that help consumers gain the most from each shopping decision

Global Energies © 2013 THE FUTURES COMPANY 412013/14 Considered Consumers Consumers are changing how they define ownership and measure value, in order to thrive in the "new normal" of economic austerity.

© 2013 THE FUTURES COMPANY 43 Global Energies 2013/14 Considered Consumers: Drivers and opportunities Global MacroDynamics: Key opportunity areas for businesses and brands Forces of change in consumers’ lives New models of ownership Giving consumers alternatives to full ownership as a way of reaping the benefits of goods and services The new barter economy Giving consumers the chance to use the residual value of things they already own to access things that they want Premium economy Giving consumers access to premium options at lower prices Opportunities: The continuing softness of the global economy The rising middle class in emerging economies Increasingly squeezed middle classes in developed markets Growth of Internet-enabled devices The increased socialization of online commerce Declining trust in businesses Global Energy

Global Energies © 2013 THE FUTURES COMPANY 442013/14 Opportunity areas New models of ownership Giving consumers alternatives to full ownership as a way of reaping the benefits of goods and services The new barter economy Giving consumers the chance to use the residual value of things they already own to access things that they want Premium economy Giving consumers access to premium options at lower prices Mexico: Sampled ownership Canada: Recycle clothing for credit France: Direct access to unique products

The Futures Company 2013 © | 45 45© 2013 THE FUTURES COMPANY Finding reassurance in the authentic, amidst a continuing explosion of choice

Global Energies © 2013 THE FUTURES COMPANY 462013/14 Seeking the Genuine Article Consumers everywhere face an explosion of choice in their lives, driving them to look for reassurance in what they perceive as authentic or genuine.

© 2013 THE FUTURES COMPANY 47 Global Energies 2013/14 Seeking the Genuine Article: Drivers and opportunities Genuine provenance Offering consumers the reassurance of a well-made product by leveraging an authentic story of where it’s made The bigger, the better Offering consumers the reassurance of a well-made product/well-delivered service by leveraging size and scale Global Energy Genuine passion Offering consumers the reassurance of an honest and passionate human force behind a brand Global MacroDynamics: Key opportunity areas for businesses and brands Forces of change in consumers’ lives Opportunities: Low trust in businesses and government Growing awareness of organized crime and counterfeiting Growing pressure from NGOs on businesses The rising availability of information on products and businesses More and more choices in more and more categories Growing perceived risk from unsafe, unhealthy or otherwise fake products

Global Energies © 2013 THE FUTURES COMPANY 482013/14 Opportunity areas Genuine provenance Offering consumers the reassurance of a well-made product by leveraging an authentic story of where it’s made The bigger, the better Offering consumers the reassurance of a well-made product/well-delivered service by leveraging size and scale Genuine passion Offering consumers the reassurance of an honest and passionate human force behind a brand France:Genuine sourcing Russia: Deep origins China: Reliable international service

The Futures Company 2013 © | 49 49© 2013 THE FUTURES COMPANY Enriching daily life with fun and fulfilling experiences that provide an antidote to the pressures of modern living

Global Energies © 2013 THE FUTURES COMPANY 502013/14 Seeking Experiences Consumers continue to look for small thrills and pleasures to escape from the pressures of everyday life, but there’s also a resurgence of interest in bigger, once-in-a-lifetime experiences.

© 2013 THE FUTURES COMPANY 51 Global Energies 2013/14 Seeking Experiences: Drivers and opportunities Everyday play Encouraging playfulness and frivolity to make life more fun Once-in-a-lifetime thrills Offering people life-changing, eye- opening experiences that take them out of the ordinary everyday Global Energy Simple pleasures Small indulgences and modest experiences to rediscover the more profound joys of life Missions with vision Giving people the opportunity to engage in big, purpose-driven activities that reaffirm their connection to others Global MacroDynamics: Key opportunity areas for businesses and brands Forces of change in consumers’ lives Opportunities: Growing use of new measures of social progress The expanding middle class in emerging markets Increasingly squeezed middle class in developed markets Increasing prominence of online social networks More and more choices in more and more categories Increased affordability of travel

Global Energies © 2013 THE FUTURES COMPANY 522013/14 Opportunity areas Everyday play Encouraging playfulness and frivolity to make life more fun Once-in-a-lifetime thrills Offering people life-changing, eye- opening experiences that take them out of the ordinary everyday Simple pleasures Small indulgences and modest experiences to rediscover the more profound joys of life Missions with vision Giving people the opportunity to engage in big, purpose-driven activities that reaffirm their connection to others U.K.: The joy of silence Spain: Pajama Party for Vouchers USA: Travel Roulette China: Personal life journeys

The Futures Company 2013 © | 53 53© 2013 THE FUTURES COMPANY Participating in trusted and active networks that are reciprocal in nature, and leveraging them in everyday life

Global Energies © 2013 THE FUTURES COMPANY 542013/14 Networked Lives As social networks have reached ubiquity in many markets, consumers are stepping back and taking a more mindful, self-aware approach to the way they participate in the networks they are embedded in—and sometimes trapped in.

© 2013 THE FUTURES COMPANY 55 Global Energies 2013/14 Networked Lives: Drivers and opportunities Global Energy Global MacroDynamics: Key opportunity areas for businesses and brands Forces of change in consumers’ lives Opportunities: Monetizing networkedness Giving people the opportunity to derive financial gain or advantage from their data and networkedness Networked shopping Helping consumers tap into their networks in order to make better- informed purchases The fight for privacy Helping people take control of their data to keep what should be private, private Increasing supply of, and access to, information Changing household structures and family roles Increasing prominence of online social networks The proliferation of smartphones Growing focus on privacy and the security of personal data Increasing distance within relationships of all kinds

Global Energies © 2013 THE FUTURES COMPANY 562013/14 Opportunity areas Monetizing networkedness Giving people the opportunity to derive financial gain or advantage from their data and networkedness Networked shopping Helping consumers tap into their networks in order to make better- informed purchases The fight for privacy Helping people take control of their data to keep what should be private, private U.K.: Networked wardrobes Colombia, Philippines: Loans based on online reputation Global: Safeguarding personal data

The Futures Company 2013 © | 57 57© 2013 THE FUTURES COMPANY The new ways of exploring, expressing and experiencing identity through personal demographics and beyond

Global Energies © 2013 THE FUTURES COMPANY 582013/14 Dynamic Identities The more consumers have the opportunity to experience life beyond their age, gender and culture, the more they seek the security of being anchored to a core identity that's grounded in those demographics.

© 2013 THE FUTURES COMPANY 59 Global Energies 2013/14 Dynamic Identities: Drivers and opportunities Anchoring roots Providing anchor points based on tradition, religion or cultural heritage in fast-changing times Fusion selves Helping people incorporate and integrate aspects of "other" identities into who they are. Global Energy Exploring otherness Helping people expand their identities by experiencing life beyond their gender, age or cultural background. Global MacroDynamics: Key opportunity areas for businesses and brands Forces of change in consumers’ lives Opportunities: Changing household structures and family roles Changing definitions of ageing Increasing empowerment of women The increased ease of digital cultural exchange The increased affordability of travel

Global Energies © 2013 THE FUTURES COMPANY 602013/14 Opportunity areas Anchoring roots Providing anchor points based on tradition, religion or cultural heritage in fast-changing times Fusion selves Helping people incorporate and integrate aspects of "other" identities into who they are. Exploring otherness Helping people expand their identities by experiencing life beyond their gender, age or cultural background. Spain: Exploring foreign traditions Australia: Traditional male heritage China: Fused luxury

61© 2013 THE FUTURES COMPANY The changing aspirations and actions around managing our health and wellbeing

Global Energies © 2013 THE FUTURES COMPANY 622013/14 Navigating Wellbeing: Headline story for 2013 There is a growing gap between how healthy and well consumers want to feel, and what they can actually achieve through their daily actions

© 2013 THE FUTURES COMPANY 63 Global Energies 2013/14 Navigating Wellbeing: Drivers and opportunities Short-term health horizons Offering consumers a concrete promise of better health in the short term, rather than the long term Microspecific measures Giving consumers personalized and/or hyper-specific indicators of health improvement Global Energy Step-by-step to better health Guiding consumers to the next, easily manageable step on their wellness journey Global MacroDynamics: Key opportunity areas for businesses and brands Forces of change in consumers’ lives Opportunities: Global rise in costly lifestyle diseases Increasing use of new measures of social progress The rapid growth of the health and wellness business The emergence of personalized approaches to medicine Increasing supply of, and access to, health information

Global Energies © 2013 THE FUTURES COMPANY 642013/14 Opportunity areas Global: Getting fit, one milestone at a time UK: Personal vitamin pouches Short-term health horizons Offering consumers a concrete promise of better health in the short term, rather than the long term Microspecific measures Giving consumers personalized and/or hyper-specific indicators of health improvement Step-by-step to better health Guiding consumers to the next, easily manageable step on their wellness journey Global: Instant smoking cessation

Innovation or proposition ideas

The Futures Company 2013 © | 66 INNOVATION Are there ways that you can change the way you make or sell your products or services so they appeal more to customers? Or offer more value to your customers? Or are more convenient for them? For example: In the US, Dollar Shave Club delivers razors through the post to men in exchange for a small monthly fee. So they don’t have to remember to buy them when out shopping. 1. WHAT would you do? 2. How would you do it? 3. WHY would you do it? Exercise: Using ONE Energy, design an innovation or a change to your proposition PROPOSITION Are there ways in which you can change the way you position your products or services (i.e. the way you talk about them to customers) so they’ll make an easier connection to why they are worth buying? For example: In the UK, the newly created TSB bank emphasises its localness, in contrast to the other high street banks.

Thank you Andrew Curry Director andrew.curry@thefuturescompany.com

The Futures Company 2013 © | 68 Afternoon: session 1

Global Energies © 2013 THE FUTURES COMPANY 692013/14 Exercise 1: STEP exerciseBusinessOrganisation External Environment Internal Environment Structure People Task

The Futures Company 2013 © | 70 Afternoon: session 2

Global Energies © 2013 THE FUTURES COMPANY 712013/14 Exercise 2: Planning exercise What does success look like What do we have to do next (in 12-14 months) What do we have to do now (in next 12 months) Where are we now?

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