Growth through Service Thinking and Imagination – MSTLN Conference

by NIck Frank on September 29, 2015

Growth_shutterstock_166045121 copyI was asked to speak at ‘The Manufacturer’s‘ magazine conference on Services this month on a topic which is close to my heart;

A short summary of the discussion is shown below and you can download a PDF of the presentation Growth Through Service Thinking & Imagination_final.

“Growth and change are key to developing long term sustainable and successful businesses. Living in a digitalised world makes change faster, but also more confusing.”

“Service thinking and imagination are key ingredients to driving growth and innovation. Service thinking is a way to tap into a customer’s or industry’s profit pools. Value is created by applying your technical or business knowledge to improve whatever it is your customer is trying to achieve.”

“Value or profit pools are hidden in the customer’s (or industry’s) total cost of ownership (TCO). So alongside the direct cost of equipment or a part, you have factors such as maintenance; downtime; labour; material; logistics; operating risk; quality; purchasing; financing; engineering; infrastructure, management and so on.”

“The result of service thinking will change your relationship with your customers and create more loyalty and long term value.”

“What are the first steps towards implementation? The key to success is your mindset. As Steve Jobs said, “You’ve got to start with the customer experience and work back toward the technology – not the other way around.””

“It’s no secret there are many tools to faciliate service thinking – Customer Insight (interviews; focus groups; surveys; mystery shoppers; video, etc.); Business Tools (value chain analysis; five-forces model; innovation models, blue ocean, etc.); Service Design (journey maps; touch-point analyisis, blue printing), and Experimantal/Pilot Projects.”

“The key takeways are: move to an outside-in mindset, deep insight into your customer business processes and how they generate revenue, and try out ‘small’ ideas to stimulate your imagination.”

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