10. Customer engagement innovation
Going beyond the sale.
These kinds of innovations are about creating innovative interactions with people to allow them to connect with the business, outside of the core product or service you offer them – often free of charge.
Think of the Lego Company as a prime example of this type of innovation. A company founded in 1932 that sold plastic, interlocking toy blocks, now has a media (movies and TV shows), theme park and gaming empire worth a whopping $7.57 billion as of 2018.
This type of innovation requires you to intimately understand your client’s aspirations, developing insights and tapping into those to create compelling experiences that continue to keep them engaged.
American Family Insurance, a Fortune 500 company that offers auto, home, business, and life insurance, was seeking a way to make an impact beyond its traditional insurance services, helping people earn and protect—not just insure—the things they value.
They did this by establishing the Moonrise platform which is a match-making platform for people looking and organisations offering short term shift work. Workers can sign up for shifts through a simple text message interface and get paid as soon as their shifts are done. Through Moonrise, American Family Insurance is able to provide their customers with the ability to earn more, building on their desire to offer more than just insurance. This innovation engages their clients in a new and unexpected way, keeping American Family Insurance front of mind.
Harley-Davidson is another brand that achieves excellence in its approach to customer engagement. Once a customer purchases a Harley, that customer is a member of the Harley family for life. For more than 15 years, Harley-Davidson has organised an initiative called Harley Owners Group, or HOG, that connects owners with each other and the company. HOG helps members with all sorts of bike-related issues, providing seminars on maintenance and assistance in developing a local chapter of their motorcycle club. By far, HOG is the world’s largest factory-sponsored bike club, claiming 325,000 members and 940 chapters. By encouraging customers to remain active in the Harley-Davidson community, the company provides them with an outstanding experience and nearly guarantees their loyalty to the brand.
Thank you for reading our special report on innovation. We hope these examples of innovation has inspired you to get creative and tackle any challenges facing your business.
To help you get started on your innovation journey we've worked with some of Australia's leading innovation experts to create a collection of resources, workshops and tools for you and your team to use.
Use this workshop to identify pain points in your customer’s experience with you, and develop innovation solutions to address them.
Download the toolkitThe Netwealth Innovation Cards is a deck of 35 cards containing bite-sized innovation challenges to help you and your team unleash its inner creative genius.
DownloadPrioritise technology solutions and develop an AdviceTech roadmap for your business with this 90-minute team activity.
Download the toolkitCapitalise on changing consumer expectations by getting your team to inspire new products, services and ways of doing business to .
Download the toolkit1. Profit Innovation: How your business makes its money
2. Network innovation: How to get the most from your connections
3. Structure innovation: Making the most of your assets
4. Process innovation: How to gain from advanced technology
5. Product performance innovation: Improving features and functions
6. Product system innovation: Developing your ecosystem
7. Service innovation: Supporting and amplifying your offer
8. Channel innovation: How to deliver your value
9. Brand innovation: Building the identity and personality of your company
10. Customer engagement innovation: Going beyond the sale