FInding Value in Serendipity

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Finding Value In Serendipity WebinarFebruary 28, 201210:00 am PST

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Daniel Rasmus Industry Analyst & Strategist @danielwrasmus

Brian Cator Sr. Dir. Communications & Store Operations @briancator

Maria Ogneva Head of Community @themaria

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What Is Serendipity?

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The World Has Changed

linear networked

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We Need To Update Our Thinking

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Industrial Economy Serendipity Economy

Traditional measures do not account for the value from serendipitous activity

VS. • Focuses on incremental improvements

• Measures inputs and outputs

• Standard measurements to gauge improvements

• Views serendipitous activity as “intangibles”, too difficult to measure

• Exists alongside Industrial economy

• Economic model that is emergent & unpredictable

• Unfolds in a non-linear way

• Have yet to create a measurement system to account for it

We have to update our paradigm

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Process Separation

Time Delay

Un-forecastable Value

External Validation Dynamic Configuration Undefined network potential

How Is Serendipity Economy Different?

1 2

3 4

5 6

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Differentiator 1: Process Separation

What this means for you

Idea Creation time

! ! !

! !

Value is generated throughout the existence of an idea, not just the moment

it was created

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S M T W Th F s

Differentiator 2: Time Delay

Users sharing merch. photos

Photos leads to strategy convo

Takes several weeks to realize

the value

Network created

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Differentiator 3: Un-forecastable Value

Leads Ideas

Questions

?

?

Network

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Differentiator 4: External Validation

Peer posts a photo of new merchandising display on Yammer

See merchandising photo on Yammer,

apply this concept to your store

Run sales report to assess if new

merchandising strategy boosted

sales

Second process validates the first

Only the third process can validate the

application of the new merchandising

concept

1 2 3

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Differentiator 5: Dynamic Configuration

•  Began using Yammer in 2008

•  Transformation through serendipity

•  Reduce turnover rate of 2% vs. firm-wide

average of 15-20%

Usefulness increases with number of people and ideas

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Differeniator 6: Undefined Potential

Serendipity may enter at any point & change configuration

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Now what?

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Serendipity at 7-11

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Intended benefits Unintended benefits

We had a general thesis, but we couldn’t foresee all the benefits

• Restructuring of the field organization

• Simplification of the infrastructure

• Getting field consultants into the stores

• Sharing best practices • Feeling connected

•  Increased store performance

•  Increased market performance

• Morale booster • Expansion of the notion of a team

• Faster onboarding •  Increased quality of answers

• Faster iteration

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What do diapers and beer have in common?

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Recognize success!

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Encouraging Serendipity

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10 Steps To Planned Serendipity

1 Go big or go home

2  Integrate social profiles with performance

3 Make the system accessible

4 Give people permission to collaborate

5 Track results:

Use a tag #yamwin or #yammersuccess to track value

6  Learn from failure

7  Look beyond productivity and efficiency

8  Executives, lead by doing

9 Celebrate value

10  Be patient

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Please use the questions module on the lower left

Q&A

Daniel Rasmus Industry Analyst & Strategist @danielwrasmus

Brian Cator Sr. Dir. Communications & Store Operations @briancator

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Thank You

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