We had the pleasure of recently hosting Vincent Pirenne (Partner & CEO North America) and Jennifer Tsitsopoulos (Insights Lead & Founding Member of NYC) from Board of Innovation for a Lumency Lunchtime Series.
ABOUT BOARD OF INNOVATION
Board of Innovation is a strategy and business design firm, who partner with the world’s largest organizations to help solve their biggest challenges and fundamental shifts. BOI does so through meaningful innovation and growth strategies.
IN THIS LUMENCY LUNCHTIME SERIES…
Vincent and Jennifer toured us through their report on the “Low Touch Economy”—a term coined by Board of Innovation referring to the new state of our society and economy, altered by COVID-19. The Low Touch Economy is one characterized by low-touch interactions, new health and safety measures, new human behaviors, and permanent industry shifts.
They first defined the Low Touch Economy for us, with a focus on how the economy is evolving, and shared emerging opportunities for brands. Jennifer and Vincent also provided numerous insights on how one can adapt their marketing and commercial strategies to fortify for this new normal.
CLICK HERE FOR THE WEBINAR VERSION OF THE PRESENTATION*
A few highlights and takeaways:
- Innovation does not just mean new products. Innovation through business strategy can be a powerful tool for companies needing to find growth, identify future scenarios, and develop solutions to ensure they are delivering meaningful impact on societies.
- Not everything will go back to how it was, as many new habits, digital innovations, and low touch interactions may be here to stay
- Our long, slow bumpy recovery features multiple aftershocks following the outbreak of COVID, such as mass unemployment, bankruptcies, the rise of nationalism, and more.
- Change is happening across three main contexts: professional, family, and social.
- How three brands in particular—Peloton, Panera and Beyond Meat—have successfully been adapting through partnerships, new offerings, and pricing structure innovation.
- Why the ‘new normal’ does not need to be unpleasant—opportunities range from close-to-home to disruptive, and it is important to not get caught up in only the disruptive white space.
- Why first-mover advantage and innovation will be more important than ever.
- Tools for companies to assess impact on their own businesses, track behaviors across emerging shifts, determine their own level of readiness for the Low Touch Economy, identify opportunities, and develop a strategy.
Thank you to Vincent and Jennifer and the entire Board of Innovation—for putting together this sharp thinking and sharing it with us!
These insights are extremely relevant for brands, marketers, and even fellow agencies, looking to better anticipate new consumer habits, make use of the resources already available within their organizations, innovate for success, and ultimately prepare for what will surely be a very different environment.
*BOARD OF INNOVATION’S REPORT ON THE LOW TOUCH ECONOMY IS BEING CONTINUOUSLY UPDATED, SO CHECK HERE FOR THE LATEST VERSION.
For any questions specific to this Lunchtime Series, please follow up with Vincent or Jennifer directly at;
By: Kirby Zdrill
