Being an Innovate Strategist Chapter 5
Imagining bold new strategies for your business
Thinking Big by Planning to
Re-create Your Business
You need to innovate to achieve a
significant jump in performance and success
Due to
Imagine ways to innovate
Such as
Expanding
areas
New
customers
Improving
products
New
Technology
Turnaround
your products
Including a mix of traditional and
creative elements in your planning
Planning needs to include some
creative elements along with the traditional
Thus
Take to look around not
only in your area
In addition to
Most business and brands
compete head-to-head
Alternating between focusing on efficiency and innovation
Ensuring a Healthy Strategic Cycle
Organization's Strategic Phases
Efficient production phase
Doing something consistenly
There are 3 ways t get it
Planning
sessions
Box
suggestion
Use yourself
as an example
Creative searching phase
Searching for the next big thing
You have to look around
fresh ideas and opportunities
Selecting and investing in a portfolio of winning products
Investing in a Family of Innovations
PORTFOLIO
Selected group of assets
Will benefit you in the future
Innovative ideas and projects
Risk of failure and a chance of success.
- PRODUCT
-PROCESESS
-STRATEGIES
Being tough on underperforming projects and products
key insights of strategists
Resources are limited and should be shifted promptly to where a winning strategy is emerging
You need to be open-minded and give it a chance to succeed
Eliminate unpromising projects and products to make room for fresh ones with more promise.
Making your next strategic move
pursue some exciting strategy that holds the promise of a rosy future.
Strategic move needs is to be embraced by customers,
it has to be big enough to make a difference in your overall performance.
Deciding how big a strategy to pursue
types
Corporate strategy is what business you want to be in
business strategy is how you want to run a business
The idea is that you change or improve performance your business
marketing strategy is how you will build the strength of a brand
Including customer value in your strategy
so as to
Is necesary that you search
- To make your customers lives easier
MANAGING YOUR PRODUCT PORTAFOLIO
RIDING A BEST-SELLING PRODUCT TO THE TOP
keep in mind a succesful business
product whose create stronge momentum for your business
everytime, someone invent someting to replace products
THE LIFE CYCLE OF EACH PRODUCT
product sales
1. introduction
2. growth
3. maturity
4. decline o revival
5. death
timeline
MAPPING YOUR PRODUCT PORTAFOLIO
profitability
the product´s profit margin. The percent of its sales price that you get to keep after paying all expenses related to producing and selleing it.
maximize
update
develop
eliminate
planting enough seeds to make sure something grows
how many succesful products do you need?
if you are a reseller
* to trade shows
* examine hundreds of products
* selec some hot new product
* see finished products
*picking the most promising
you need to plant at least a handful of seeds to harvest even one best-selling product
if you desing or produce your own products
* farther ahead
* exercise more imagination
* onli 1 in 20 of initial ideas will turn into a best seller
Building strategic partnerships to expand the scope of your success (Lenny y Lizeth)
Planting grows seeds to make sure something grows
distributor
"
buy inventions from others"
select new and hot products that you think will be popular the other year
join forces with companies with greater capacities
work in partnership to bring a good product to the market taking advantage of the advantages
cooperation for more innovative new products
use more technology to improve applicability in the industry
share experiences of each company
own products
imagine and guess new products for the market"
innovate trying new things"
put effort into new products
Guiding people through the changes innovation requires
Mastering the Art of Change Management
"Innovation requires transitios and
resistance to change"
Enlisting the eager believers and excluding the hopeless cases
involve people in change
Those who resist change must be leaders
Those who do not resist see it as a threat
Select allies of positive change well and avoid difficult people
Making the destination visible to all
People really need to hear about two other things first
The effect on them
The specific plan of action
The ultimate destination
Make your change tangible and appealing
Managing resistance during the change process
The changes of your new strategy immediately
Speed is a good goal during the change process
Push to implement the change as quickly as possible
Don’t let people’s anxieties and objections slow you down
Panic is especially high if people fear that they will be personally injured
Resistance will drop, and a new equilibrium will be reached
Keep a fast pace, and push through the initial skepticism and resistance
Focus your efforts on countering this effect with lots of clear, detailed communication about the change
Watching out for snap-back
Acceptance of change can be deceptive.
People will snap back into old patterns and ways of doing things
You need to police the new stability and jump on any reversion
Don’t let anyone get away with snap-back behavior