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Growth & Innovation Strategy
Growth & Innovation Strategy is about answering a key list of strategically important questions around how your business can and should leverage innovation for short, medium, and long–term growth… the scope, the directions, the speed, the boundaries, and so forth. All of which must relate back to the future trajectory of your markets and your industry, and to the future trajectory that your business needs to have within that context, including the specific risk / reward trade-offs it will encounter along its journey. Strategically, each business has to choose and pursue the growth strategies that will benefit it the most over the long run. This is never an easy or cut and dry decision, as there are numerous market, customer, technology, and business factors that must be taken into consideration.
Furthermore, while innovation strategies can be used for both revenue growth and margin expansion, the most impactful strategies almost always focus on revenue growth, and therefore involve new offerings (products, services, and experiences), new markets, or both, whether pursued organically or inorganically. And while there a number of approaches that can drive revenue growth, the most impactful approaches almost always involve some form of holistic business model innovation, which combines elements of product or service innovation with market and brand innovation, as well as operational innovation, to deliver the greatest overall impact to the business. Ultimately your business will require a portfolio of strategies if it is to navigate the path from its current position to its long-term desired position. This portfolio must be capable of bridging one stage of growth to the next, and of building the right foundations for sustained long-term leadership.
There is also an important public relations element to your growth and innovation strategies. The strategies you select must be compelling to both your external constituents (your markets) and your internal constituents (your organization), as well as to your financial constituents (your investors). If these strategies are to be effective and sustainable over the long run, they have to capture – and keep – the imaginations of all three of these.
We have worked with a wide range of businesses to develop effective growth and innovation strategies, and so we understand all these considerations in intimate detail. Drawing from this, we can work with your business to develop short, medium, and long–term strategies that drive it toward ongoing relevance, market leadership, and ultimately long-term resilience.
The Growth & Innovation Strategy Engagement typically follows these steps:
- We begin by listening to you so as to understand your specific short, medium, and long–term growth objectives, including why those particular objectives are important to you — how they relate to your grander aims.
- We then explain and discuss the different types of innovation–driven growth strategies in terms each strategy's efforts, scope, impacts, risks, and rewards, and how each strategy may or may not fit with your current or future capabilities, opportunities, and threats. The aim is to help bring clarity to your thinking around your growth strategy and ultimately decide on a specific portfolio of actions to take. Execution of these strategies and actions will thereafter be very multifaceted.
- We also explain and discuss the role of business model innovation and how breakthrough new business models can often be leveraged to navigate major changes or opportunities in your markets, including what would be the best way for your organization to leverage them.
- Ultimately, we work with you to develop your final Growth & Innovation Strategy (a portfolio of individual strategies and actions) and we document this for you in a formal Growth & Innovation Strategy Master Plan. This step often requires additional research on our part, including market and opportunity analyses.
- If your strategy includes driving sustained internal innovation work, we can also coach you through the process of setting up a formal corporate innovation program and managing the flow of new innovations that supports this strategy. This is done using two of our strategic innovation design tools… the Responsive Innovation Engine Architecture and the Market Stream Innovation Management System.
- As desired, we can deliver custom workshops around the new Growth & Innovation Strategy in order to help disseminate it widely in your organization and initiate the process of implementing it.
To learn more about engaging us for Growth & Innovation Strategy consulting, refer to our Management Engagement page.