Blog Intro: In a recent publication titled Minimalism; Is Shrinking the Growing Trend?, Maria Ferrante-Schepis, Executive Vice President and Managing Principal from Maddock Douglas, shares interesting insights about global trends, consumer needs, and their potential impact to the future of life insurance. To learn more about what trends may impact Life Insurance the most, register today to join us for a complimentary webinar on Thursday, October 19, live at 2 p.m. ET or on demand thereafter.
I have been fascinated hearing my futurist colleagues talk about the subject of minimalism as an emerging trend. While not new, the practice of deliberately ridding one’s self of things that do not add real value to life is apparently gaining traction for a variety of reasons that point to the need to understand it better.
Just the fact that I was fascinated by it suggests that I may be a minimalist myself, and not even know it. I read an article by Courtney Carver called “25 Reasons Why You Might Be A Minimalist”, and I saw myself in about 18 of them. The one that made me chuckle the most is, “If you can’t stop giving stuff away, and your dog is afraid he might be next, you may be a minimalist.” I don’t have a dog, which is another sign, but my husband expressed this concern to me last year (after I spent my entire summer sabbatical finding ways to reduce the amount of stuff in our lives, making sure he was not on the list).
To be clear, minimalism might sound like a religion or cult and is sometimes described as having less than 100 things in your life. However it is more of a mindset than it is about strict rules. For example, Steve Martin’s character in the 1979 movie “The Jerk”, had a memorable scene where he was running away from home and said “I don’t need anything. Except this.” (And picks up an ashtray). Then he gradually picks up several other items and says, “The ashtray, this paddle game, and the remote control,” etc. etc. until he is laden with stuff that was actually useless, but to him, was important.
So, what does this have to do with innovation? Everything. If you are in an industry that intersects with people’s stuff. Let’s see, that would be insurance, investments, banking, real estate, education, entertainment, food, packaged goods, appliances, furniture, clothing, media, pets…what doesn’t it include?
And so what if it intersects? Aha! When an emerging trend intersects with your business, and there is a potential new need that your capability can fulfill, that’s called innovation “whitespace.”
At Maddock Douglas, we have experienced an increase in demand from established corporations for understanding where new growth opportunities lie. New growth opportunities are generally not obvious, so to find them we must triangulate emerging trends/drivers of change with basic human needs that never change- plus, the current and potential capabilities of the company. This is the fuzziest of the fuzzy front end of innovation.
To get a better idea about how this is done, do this exercise:
Pick a trend, such as minimalism
- Choose a human need, such as the need for freedom, stability, simplicity or control* (refer to MD Trend Framework Wheel).
- Brainstorm many possible future states around how the trend and the need would potentially impact the core of your business competency, or provide opportunity.
Here is an example for four different industries. If you cross minimalism…
- Insurance: With the need for control, you may imagine that people might scrutinize the value of insurance from every direction, and expect ultimate in transparency. How do products and experiences stack up?
- Banking: With the need for stability, you may imagine that more people in the future may pay off their debt faster than they are required to. How does that change your business model?
- Education: With the need for freedom, you might imagine that fewer students opt for higher, specialized degrees, and instead want real world experience. If your institution relies upon the predictable growth of the student body, how will you lean in?
- Real Estate: With the need for simplicity, you may imagine that more people in the future may live in tiny homes. If tiny homes are not considered real estate, how would that future impact or provide opportunity?
These are just a few examples. You certainly could, however, imagine many more permutations, combinations and scenarios.
So how do you know which ones to bet on? While nothing is guaranteed, there are ways to de-risk your choices through the application of different types of research, understanding what your organization will support, and by developing your team’s consumer focused insight and design skills.
If you would like to learn more about this topic and how to de-risk the process, please register to attend, or receive the replay of a WebEx hosted by LOMA and sponsored by LexisNexis Risk Solutions.
In the meantime, clean out your closet and see how it makes you feel!