Being an Innovate Strategist Chapter 5

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

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

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.

it’s easier to achieve success by starting fresh than by staying on board a sinking ship.

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

uniqueness

comparing each product with its closests competitors

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

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

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