How strategic innovation can help your business grow

Strategic innovation is a strong framework that identifies growth strategies, new product categories, services or business models that are game-changing and generate significant new value for consumers, customers and the business.

Strategic innovation is a strong framework that identifies growth strategies, new product categories, services or business models that are game-changing and generate significant new value for consumers, customers and the business.

Strategic innovation requires a holistic approach that operates at multiple levels. You may need to focus on the basics to make sure you understand the customer value proposition, deepen the competition, or assess your go-to-market strategy for example .: To develop your strategy successfully, you need to be in able to answer three key questions:

  • WHO is my client?
  • WHAT does the product meet the customer’s needs and determine the best fit?
  • HOW? ‘OR’ WHAT will it reach the customer?
  • WHY does the customer need it?

By understanding this business model, you can more easily identify the value of your own product or service and identify new opportunities.

The 4 fundamental steps to consider when developing an innovative strategy

  1. Design a value proposition tailored to your target customer segments
  2. Understand the industry you serve and your position within it (your USP)
  3. Develop a winning product mix based on business capabilities and consumer expectations
  4. Build a strategy and business model that benefits the customer and your organization, that delivers targeted and tangible value to consumers

Why do businesses need strategic innovation?

Developing a strategic innovation process forces you to think about areas of the business that you might not normally consider.

Take for example the process of marketing and sales. A lot of effort is put into developing and launching a new product which may only have a short lifespan before it becomes obsolete due to an upgrade or a new released version. . If the launch and price aren’t aimed at the right market, it’s likely that sales won’t go as planned. To prevent this from happening, the team needs to focus on a longer, broader vision rather than short-term victory. Many of us fall for this myopic view known as “marketing myopia,” a concept described by a Harvard Business School marketing professor named Theodore Levitt.

It takes time to invest in figuring out what the customer wants or needs, rather than just producing a product or service that we thought They want.

As Levitt says; “People don’t want a quarter inch drill. They want a quarter inch hole! “. There are 2 fundamental parts in a business: innovation and marketing.

The role of a marketer is to have a deep understanding of the market, upcoming trends and the state of the industry, and a very clear idea of ​​what the consumer needs. Once you know the customer’s need, the market and the segment you are focusing on, you need to deliver an innovative, unique or new solution that adds tangible value. This solution must also be tested and refined on the basis of research and feedback.

The customer value proposition can then be quantified by asking:

  1. What is the value we bring?
  2. Who are we targeting?
  3. How are we going to reach them?

This value proposition is the most important aspect for your customer. They care what they will get out of the deal and how their lives will improve if they buy your product or service. Your role is to define what matters most to the client or their pain. Think about what keeps them awake at night. Find out how they’re doing it now. Finally, describe how their lifespan can be improved by your product or service. If you do all of this and can communicate it succinctly to the consumer in their language, you will go a long way in avoiding a failed product launch and becoming one of those 80% of business that crashes.

Want to know more?

Join other like-minded people for the upcoming ‘Innovative Strategies for Business Growth’, a five-week program that will cover the tools and techniques to consider and help you assess and develop your business offering. basis in order to achieve sustainable innovative results.

About Geraldine Higgins

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