What do you do when changes in competition and customer expectations necessitate a radical change to your business model? Kevin Turpin is President of The National Journal, where he’s seen a complete overhaul of the company’s business model—from a traditional media advertising model to an advisory and information services company with an ever-growing number of digital products and services. He joins us to discuss the process of this digital transformation, how long new products take from idea to launch, adapting to your customers’ or members’ ever-changing needs, and how National Journal is continuing to evolve today.   Resources:  Learn more at nationaljournal.com Connect with Kevin on LinkedIn      Learn more and get the full show notes at: 3PillarGlobal.com

186. Reinventing Your Business Model to Fuel Growth with Kevin Turpin | INNOVATION

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On this episode of The Innovation Engine, we dig into the recent past and upcoming future of innovation in the Financial Services industry. Rob Murray, 3Pillar’s Financial Services Industry Leader, moderates a conversation with Jennifer Mun and Albert Thibault, two integral members of our Financial Services industry team.    The trio discusses some of the key trends they saw shaping the FinServ space in 2023, including the evolution of consumer behavior toward a cashless (and sometimes even cardless) society, and examining how data and personalization are revolutionizing customer experiences. Looking ahead to 2024, we predict further enhancements in customer and employee experiences, driven by evolving AI applications and data analytics. We stress the importance of ethical AI deployment and data use in a globalized landscape and the strategic decisions between buying or building solutions. Tune in to this robust conversation as we navigate through these exciting developments and lay out a roadmap for the future of financial services. 
 Episode Highlights:The transition to a cashless economy and its impact on financial services.Data-driven personalization as a key to enhancing customer experiences.The crucial role of talent in driving innovation in financial services.Prospects for AI and data analytics in shaping the future of the industry.The balance between innovation, security, and trust in financial services.
 Resources:Connect with Rob Murray on LinkedInConnect with Jennifer Mun on LinkedInConnect with Albert Thibault on LinkedIn
 Produced by NOVA Media

209. Financial Services 2023 Year in Review + Preview of 2024

In this episode of The Innovation Engine, we're thrilled to welcome Arjun Pillai, the visionary co-founder and CEO of the emerging company, Docket. Arjun, a seasoned entrepreneur with a rich history of successful ventures, delves into the critical concept of Go-To-Market First Product Management (GTM First Product Management). This episode is a deep dive into why it's essential to consider market strategy, distribution, and user acquisition right from the inception of a product. Arjun brings to light the importance of aligning product features with market needs and ensuring these are effectively communicated to customer-facing teams. He shares valuable insights from his experiences at ZoomInfo, emphasizing the evolution of product management and the pivotal role of product demos. Listeners will gain an understanding of how to empower teams for effective product demonstrations and the significance of setting clear goals for feature adoption. Join us as we explore Arjun's unique approach to product management at his new venture, Docket, where customer discovery and collaboration are key. His perspective on media consumption and engaging with industry experts offers a glimpse into the mind of a true innovator. Don't miss this opportunity to learn from Arjun's expertise and understand the nuances of bringing a product to market successfully. Tune in for a masterclass in product management strategy and execution. 
 Episode Highlights:Exploring the concept of Go-To-Market First Product Management (GTM First Product Management) and its importance Arjun's experience at ZoomInfo and how it highlights the alignment of product features with market needsThe evolving role of product management, shifting from holistic approaches to more specific tasksImportance and strategies for effective product demos, including the use of synthetic data and maintaining separate demo environmentsSetting and managing goals for feature adoption, with different expectations for different company sizes and markets
 Resources:Sign up to learn more about docketai.comConnect with Arjun on LinkedIn
 Produced by NOVA Media 


208. Go To Market First Product Management

On this episode of The Innovation Engine Podcast, we dive deep into the realm of innovation, change, and the human resistance to new ideas with David Schonthal, an award-winning professor at the Kellogg School of Management. David, co-originator of the revolutionary "friction theory," sheds light on why promising innovations often stumble before reaching their full potential. David and host Scott Varho explore the profound influence of human psychology on the acceptance and adoption of change. Why do people love the idea of innovation but dread the concept of change? David presents insightful real-world examples, highlighting the necessity of understanding the human element for successful innovation. As the discussion unfolds, listeners will be intrigued by the power of subtle shifts in approach, like shifting change management or marketing strategies to foster self-persuasion. It's an enlightening conversation that delves into the intricacies of introducing change, managing resistance, and ensuring that innovations don't just shine but also find their rightful place in the market. Tune in to discover the hidden challenges that await new ideas and how to navigate them successfully. 
 Episode Highlights:The challenges faced by promising innovations and the nuances of "friction theory," including the four types of frictionThe significance of empathy in product development and the limitations of traditional marketing personasReal-world examples of subtle marketing techniques that can influence consumer perception
 Resources:Learn more at davidschonthal.comRead: The Human Element by Loran Nordgren and David SchonthalConnect with David on LinkedIn
 Produced by NOVA Media

207. Fuel vs. Friction: Navigating the Forces of Change and Innovation with David Schonthal

3Pillar’s Financial Services Industry Lead, Rob Murray, joins us on the latest Innovation Engine to share some of the latest insights he’s gleaned from serving 3Pillar clients across the Financial Services space.  Rob and Scott Varho dive deep into what it takes to successfully drive innovation in a tightly regulated industry like Financial Services, where many organizations feel handcuffed by the legacy software and systems that power their customer experiences. In this episode, we explore the myriad of opportunities and challenges that the rapidly evolving banking, insurance and broader Financial Services sector presents, and how institutions are navigating this ever-changing landscape. Throughout the conversation, Rob sheds light on the pivotal role of innovation in shaping the future of banking. From the adoption of groundbreaking technologies like blockchain and artificial intelligence to strategic partnerships between traditional banks and FinTech startups, Rob provides a comprehensive overview of the forces driving change in the industry. He emphasizes the significance of customer-centricity and how banks are leveraging data, analytics, and technology to enhance user experience and meet the rising expectations of consumers in the digital age. In addition to his work at 3Pillar, Rob has extensive experience in leading digital transformation for renowned banks such as Wells Fargo and Bank of America, and he recently co-hosted our episode on Innovation by Design, which featured a conversation with JPMorgan Chase’s Chief Design Officer, Sam Yen.  Tune in to this episode for a deep dive into the state of innovation in Financial Services, where Rob offers valuable insights, discusses future trends, and shares his vision for a more connected and customer-focused banking experience. 
 Episode Highlights:Rob delves into the significance of innovation in the financial sector, discussing how it shapes competitiveness and meets the ever-evolving expectations of customers in the digital age.The potential and challenges of blockchain technology, highlighting their impact on trust distribution and the financial industry’s future.The shift towards a customer-centric approach in banking.The hurdles of digital transformation, including regulatory compliance, cybersecurity threats, and the integration of emerging technologies into legacy systems.Future trends and developments in banking, focusing on the integration of new technologies and the emergence of customer-focused business models.
 Resources:Connect with Rob Murray on LinkedInRead: "The Product Mindset" by David H. DeWolf and Jessica S. HallRead: "Amp It Up" by Frank Slootman
 Produced by NOVA Media 


206. Unlocking Innovation in Financial Services with Rob Murray

In today's transformative digital landscape, what truly defines a tech company? Matt Brandon, the Industry Leader for the 3Pillar Technology Vertical, joins us for a deep dive into the multifaceted world of technology. From the evolution of technology sectors to the omnipresence of data, Matt shares insights on navigating opportunities and threats in this high-paced arena. Matt's rich background showcases a blend of partnerships with leading tech entities, his impactful journeys at Colego and Gartner, and a pivotal role in Gartner's acquisition of CEB. At Three Pillars, the term "tech company" goes beyond the traditional. Whether it's cybersecurity or even a home relocation firm, if there's a significant digital or electronics-based product or service, you're in the tech space. This episode provides a holistic view of the opportunities driven by data and AI, the challenges of security, and the ever-present need to innovate. Dive into Matt's perspective on the importance of talent, the essence of agility, and the dual power of quantitative and qualitative data. Matt also highlights the intriguing world of water technology and shares book recommendations that have influenced his career. Tune in to understand the nuances of today's tech world, where the lines are blurred, the stakes are high, and innovation is at the heart of success. 
 Resources:Connect with Matt on LinkedIn
 Produced by NOVA Media

186. Reinventing Your Business Model to Fuel Growth with Kevin Turpin | INNOVATION

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