All successful companies must eventually answer the same basic question: How do you establish new growth strategies and business opportunities from within your organisation?
Marc Sniukas is a global expert on strategic innovation, corporate entrepreneurship and business transformation who has helped countless businesses pinpoint the answer to this very question. He will be sharing valuable insights at our upcoming “Unleashing the Power of Innovation” conference, but here is a glimpse into what to expect, adapted from his book “The Art of Opportunity”
Strategic innovation differs from more traditional approaches by shifting the objective from focusing on achieving competitive advantage by being cheaper or different, to finding and seizing opportunities by creating value. Traditional strategy is focused on the company, trying to position the company as being a cost leader, being different, focusing on a niche, etc. By looking beyond positioning your company to a larger holistic perspective that involves creating value for your customer, your form and your business ecosystem your company will have the potential to reach new heights of success.
The Art of Opportunity offers a fresh perspective to look at three areas to design your strategy:
- Where to play
- How to play
- How to win
Where to Play: Find your Opportunity
Where to play is all about finding your new growth opportunities. Instead of focusing on industries, markets and competitors, focus on customers, non-customers, their needs, the customer experience, barriers to consumption and hurdles to satisfaction. Opportunities are a function of the chosen customer segment, its needs and expectations toward the solution offering, and current barriers to consumption or hurdles to a satisfactory customer experience.
How to Play: Craft your Strategy
How to play is all about crafting the strategy and designing the business required to seize these opportunities. Defining how to play requires you to craft your:
- Offering: the unique blend of products, services and the customer experience
- Business Model: The necessary set of activities to create and deliver your offering in a specified sequence of these activities, employing the skills, capabilities and assets necessary to do so and identifying who provides them. It also includes how you work with your partners.
- Revenue model: The combination of your revenue streams, pricing mechanisms, and payment schemes.
How to Win: Create Value
Instead of simply addressing cost and pricing or product/service differentiation, we focus on creating three types of value:
- Customer Value: Solving your customers’ needs better than anybody else by removing barriers to consumption and hurdles to satisfaction
- Firm value: Crafting a strategy that will generate value for your company in terms of opening up further opportunities and operational and financial benefits.
- Ecosystem value: Creating strategic, operational and financial value for your partners and the larger ecosystem your company is embedded in and relies on.
Dr. Sniukas goes beyond strategic innovation of your new growth strategy, and applies business design thinking that focuses on the practices that enable your team to achieve success more efficiently. His book is a must-read, and the opportunity to meet him in person and hear him speak could be invaluable to your business organisation. Early bird tickets for our upcoming conference are available by clicking on link below: