Here's a real example: Remote Deposit Capture, the little desktop scanner that enables businesses to scan and deposit checks directly from their office, has started to gain popularity with small to mid-sized businesses. Most banks have an offering and non-bank solutions have begun to enter the market. The predominant message is focused on convenience. “Make a deposit from your office and never have to drive to the bank again.” Are the banks and non-banks missing the bigger picture? Maybe so. By using a day-in-the-life approach you can quickly get to the underlying need and develop the right message that works with your target market.
Let’s visit with two accountants, Mary who works for a small company and receives a few checks a week and Stan who works at a mid-sized company and receives checks every day. We hypothesize that the frequency of checks and the value of the check may drive the differences of how they handle bank deposits.
Low Volume of Checks
A couple of times a week Mary receives checks from her customers. When she gets them she opens the envelopes and immediately makes copies of the checks so she can file them with the corresponding invoice. Because Mary doesn’t have a lot of checks coming in on a daily basis she stores the checks in her draw throughout the week and makes one deposit every Friday. Some of the checks are large and Mary knows that if she could get them onto the bank sooner the money could be working for her. Mary matches the copies of the check with the right customer invoice and then manually enters the information about the check and the amount into her accounting system. On Friday Mary writes up the deposit slip, adds up the checks, enters each one separately on the slip and drives to the bank to make the deposit.
High Volume of Checks
Stan goes through a very similar process as Mary only Stan receives many checks every day. Because some of the checks are very large Stan wants to make a deposit every day. That usually doesn’t work out that way because although the bank is close by Stan can’t find time to always get there and checks sit for days before they are deposited. Also, because there are a lot of checks Stan spends hours coding and entering check information into his accounting system. Stan rechecks his work and sometimes has to reenter information due to keying errors. At different times during the week Stan writes up the deposit slip, adds up the checks, enters each one separately on the slip and drives to the bank to make the deposit.
Applying DITL (Day-In-The-Life) Approach
By visiting with Stan and Mary we observe that they both do a lot more with the checks they receive. In fact, we also now know that they think about higher value checks differently than lower value ones. Our investigation of the market with other merchants uncovers that how often checks are received and the value of the checks received drive a lot of the processes.
By plotting the information into a classic 2x2, volume and value we get the following exhibit. Notice where convenience is? It’s in the lower left box where volume and value are both at the lowest points. Is that the message you want to go out with to all of your customers?
Developing Targeted Messages
Using the same 2x2 we can develop very specific messages for the various target audiences. By using a DITL approach we are able to direct specific messages to potential customers.
You can also apply this to verticals. Where would a property manager fall, a doctor’s office, a landscaper or plumber? Plot verticals and with a DITL approach sharpen the message.
Stages of Innovation helps companies create, communicate and launch new products.
Rob Goldberg
--copyright 2009
