REFLECTION- MIND MAPING

Challenge: I lead a team that is in charge of the commercial strategy and product development  for the financing of cars and motorcycles. This market has had important changes because car  brands are having their own banks; which reduces the possibilities of growth for other banks like  ours. This is why we decided to focus on the used car market; because it is 4 times bigger than  the new car market; it does not have large banks and the financing percentage is low. Our  company is the leader with a 23% share; But while 70% of new cars are financed, only 10% of  used vehicles have formal financing. The main challenge is to reach more dealers and especially  more customers, one by one.

Selection:

We decided to choose mind mapping because in some meetings the different teams of the  company (sales, customer experience, partner experience; credit analysis) show difficulties to  grow in the used vehicle market, and each team provides a possible solution; but we have not  had an integrated plan that involves all teams. So, this tool could help us to find patterns in  order to built a complete plan

Application:

We plan a meeting called ¨Taller de Used¨; and we chose one person from the sales team,  customer experience, partner experience, product and credit analysis. At the beginning of the  meeting we gave them the premise that “we want to grow more in the used vehicle market, even  though we are already leaders”. Then we talked about the different initiatives we had had in the  past (with their results), and the ones we had in the present. In the same way, we exposed the  advantages and disadvantages that we had today compared to our competitors.

we draw a board with rows and columns; columns represented the time horizon (short, medium  or long term) to implement the idea; and rows if it was an idea that leveraged one of our strengths  or if it was an idea to mitigate our weaknesses. In the end, we were able to identify similar ideas  among the teams that, when classified by a time horizon, allowed us to build a more orderly  strategic plan

Insight:

By applying mind mapping tool, all teams were able to put their ideas in order, identify which  ones were valuable to customers and which ones to the company. Meanwhile, our team was  able to build a more articulated work plan and was able to identify which ideas needed to be  prioritized. Similarly, the identified patterns were evaluated based on the availability of money  and time, in order to define the experiments that would be carried out.

Approach: At the beginning of our workshop the teams were very focused on very tactical  ideas and not on transformation ideas. In a specific moment, we check our table and we only  had short-term ideas, so we had to motivate the teams to think in a more disruptive way. We  believe that in the initial phase of the workshop, we should have asked questions more  oriented to the future of the market, future consumer behavior, future barriers and in general  motivate to see the business in a different way.

