Exploiting Chaos

150 Ways to Spark Innovation During Times of Change

150 Ways to Spark Innovation During Times of Change - an award-winning business innovation book by Jeremy Gutsche, CEO of Trend Hunter

Issue link: http://book.trendhunter.com/i/42053

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Page 219 of 273

ADAPTIVE INNOVATION · Portfolio: Control the Size of Your Bet Create ar tificial constraints WHAT WOULD HAPPEN if you had to complete your entire project with just $100,000? What if you only had $10,000? Applying Eisner's box concept can help you look much differently at your problem. At Capital One, my team was trying to find a way to dramatically change people's likelihood of considering our product. To do so, we had been de- signing large multimillion dollar tests. The experiments seemed to work, but they were pricey. We kept wondering if there was a better way. 218 Instead of allocating a couple million dollars to the next project, I chal- lenged my team to see what we could do inside a $500,000 box. At first glance, that still sounds like a lot of money, but when you consider the price of media, half a million bucks means we couldn't use tv and everything else would have to be on a smaller scale. So we pushed ourselves. What if it was personally our $500k? How could we use that money to better under- stand our customers and lure them toward our wonderful products? Within our box, we developed word-of-mouth campaigns, publicity stunts, charity sponsorships, and our first-ever referral program—an impressive list of projects, given the budget. The project led us to a revised view of just how much we could do with our money, making us more effective in all of our much more costly campaigns. Even artificial constraints can lead you to success.

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