The Assiduity Method of Innovation is a powerful framework for innovation and organizational development that can be applied to a wide range of industries and applications. One area where the Assiduity Method was particularly effective is in the development of a geotargeting solution for a digital advertising agency's Omni-channel platform for car dealers. After struggling for years to work cross functionally and develop the solution, the company’s innovation team turned to Assiduity for help performing the required diligence.

 
The development of this geotargeting solution was planned using the key principles of the Assiduity Method of Innovation. It included a complete market analysis, financial projection, business plan, and differentiated product requirements. By following this framework, the digital advertising agency was able to create a plan that earned the approval from executive leadership, allowing them to secure approval to receive company resources.  Below is an overview of the steps the team followed with the guidance of an Assiduity advisor. 

 

Market Analysis: The first step in developing the geotargeting solution was to conduct a thorough market analysis. This involved researching the needs and preferences of car dealers and car shoppers, as well as the trends and challenges facing the automotive industry as a whole. The market analysis identified several key insights that helped guide the development of the geotargeting solution. One key insight was the importance of location in the car buying process. Car shoppers often prefer to visit multiple dealerships and compare prices and features before making a purchase decision. This means that location-based targeting could be an effective way to reach car shoppers when they are actively considering their options. Another insight was the importance of personalization in digital advertising. Car shoppers are often looking for specific makes and models, and they want to see ads that are relevant to their needs and interests. This means that the geotargeting solution would need to be able to serve ads that are tailored to each individual shopper's preferences.

 

Revenue Projection: The next step in developing the geotargeting solution was to create a financial projection. This involved estimating the costs of developing and maintaining the solution, as well as projecting the potential revenue and profitability of the product. The financial projection identified several key areas where the geotargeting solution could generate revenue, including advertising fees from car dealerships, as well as revenue from data analytics and other services. The projection also identified several key cost areas, including software development, data storage and processing, and marketing and sales.

 

Business Plan: The third step in developing the geotargeting solution was to create a business plan. This involved identifying the key goals and objectives of the solution, as well as the strategies and tactics needed to achieve those goals.The business plan for the geotargeting solution included several key objectives, including increasing the number of car shoppers who visit car dealerships, increasing the effectiveness of digital advertising for car dealerships, and generating significant revenue and profitability for the digital advertising agency. To achieve these objectives, the business plan included several key strategies, such as developing a user-friendly interface for car dealers, building strong partnerships with car dealerships and other stakeholders in the automotive industry, and leveraging advanced data analytics and machine learning algorithms to optimize ad targeting and personalization.

 

Differentiated Product Requirements: The final step in developing the geotargeting solution was to identify the differentiated product requirements. This involved identifying the key features and capabilities that would make the solution stand out from other digital advertising platforms in the market. Some of the key differentiated product requirements for the geotargeting solution included advanced geotargeting capabilities, robust data analytics and reporting tools, and a user-friendly interface for car dealers. The solution also needed to be able to serve ads across a range of devices and platforms, including desktops, laptops, smartphones, and tablets.

 

By following these key principles of the Assiduity Method of Innovation, the digital agency was able to create a powerful geotargeting solution that helps car dealers execute digital ads for their inventory to car shoppers that were actually in the market for a vehicle. The solution has been successful in reaching a wide audience of car shoppers, and it has generated significant revenue and profit following in its first year.