5 Experience Predictions for Retail in 2019
In the retail industry, one that’s known for its ability to continually reinvent itself and find new ways to connect with consumers, the huge shift in consumer behavior from physical...
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Medallia’s VP of Retail Solutions, Director of Strategy, and a PhD in Behavioral Economics walk into a weBinAR… Oh, you’ve already heard that one before? We’ll just cut to the punch line then: They’ll all want to talk about the future of innovation testing.
That’s exactly what happened during the most recent installment of our ongoing webinar series on retail, which focused on the use of innovation testing in a retail environment to drive growth. We set the stage for our discussion by first reiterating the importance of having a wired enterprise — and the critical importance of having a system in place to measure the impact of what it is that you’re changing and trying to improve. From there, we dig into a system for companies to conduct fast, cheap, educational, and scaleable experiments.
This starts through building a framework for innovation. Remember the Scientific Method? We demonstrate how this highly practical process straight out of 3rd grade science class is a great way to develop hypotheses and quickly test them. By empathizing with customers, prioritizing action, and rapidly learning from test insights, companies can use this method all the way from ideation to the successful scaling of their innovations.
Identifying problems and developing hypotheses is only half the battle for innovation testing though — you still need to test them. To help you do this, Peter Kriss (our Senior Research Scientist) walks through 4 Principles of Testing, which aim to reduce the ambiguity of test results and help isolate the underlying causality behind them. These four simple principles can take you from “That’s interesting” to “Let’s do this.”
For many larger companies however, the effort toward that moment of innovative action can run aground as it climbs up a conservative, risk-averse chain of command. Particularly in the instance of large, disruptive innovations, there are a number of steps to take to make sure your organization does not reject what you’re setting about to achieve. For example: The importance of securing an executive mandate or sponsor. We share these steps as well as ways to help you make your boss and organization more comfortable with failure — a big obstacle in a risk-averse environment. If all your tests are expected to succeed, then you might not be taking your innovation testing far enough, Captain Obvious.
Along with this playbook for innovation testing, we close with several real-life examples from our retail clients in wireless devices, cosmetics, and consumer electronics. If you’re looking to make changes that create real impact in your business — but that also minimize risk, time, and spend — then jump over to the link below to watch a recording of the webinar and grab the deck.
Photo credit: DaveBleasdale