Innovation Opportunities: Five for Consideration
“If at first the idea is not absurd, then there will be no hope for it.” (Albert Einstein). The New Year is a great time to reflect on the past and consider how you might incorporate innovation of your business model into plans for the upcoming year. Consider taking bold moves for a different and better future. If you are on a great trajectory already, I applaud you enthusiastically. However, I tend to believe there is always room to improve even more. If you and your business are in a rut, this type of an exercise can be invaluable for putting your efforts on steroids in 2014.
Innovation and re-invention at some level is a necessity in today’s environment. I am a fan of using brainstorming rules and exploring even what might seem absurd ideas (using the suggestion by Einstein) at first to jumpstart your exploration into opportunities for innovation using each of these key five elements:
1. Specific Target Market
2. Customer Centric Understanding of your Value Proposition
3. Offer Definition and Packaging
4. Engaging Strategic Partners in your Go To Market
5. Maximizing your assets by evaluating core and context focus
Tweaking or drastically modifying any one or more of these elements can open up significant new opportunities. Understanding and reflecting on each area can often provide tremendous insights for your strategy – which I believe religiously is the identification of the way in which you will allocate your scare resources to achieve your specific goals! I am a big fan of integrating the tools of the Business Model Generation by Yves Pigneur and @AlexOsterwalder to facilitate these explorations.
Sometimes, for starters, just getting your leadership team together to assure you have the same perspectives of each of the five elements above can be of value. Once aligned as a team on what your current state is, the dialogue for what you could be doing to further differentiate yourself in the future can yield some absurd ideas which bring new life to your business! I hope you come back for more as we dig into each of the five elements above in future posts!