BE DIFFERENT IN A WAY CUSTOMERS LOVE!
Whereas exploiters cash in their current markets, explorers invest copiously to create novel offerings for future markets. The explore strategy accentuates the firm’s innovation development efforts.
Firms that explore their path to growth need to be innovation oriented. This means a sharp strategy with clear vision based on deep understanding of future trends in your industry. You need to develop your organization’s capacity to innovate, what we call your “innovativeness.”
Agile leadership teams able to change course rapidly, smart innovation, crowdsourcing, well defined management objectives and key performance indicators. Customer focus. This task is nearly impossible to do without outside help, because the risks are so high, the changes that are needed are so dramatic, and insiders have a bias towards protecting what is working well for them right now.
Reinventing your business activities
As ‘Business Innovators’ our efforts are biased towards new ways of working and new business in new territories. Our work focuses on significant and sustainable changes in the firm’s offerings, its target customers or how the firm organizes its business processes. The role we play is to pick up on new business ideas either in the market place or from within the organization. We analyse these and incorporate them into the strategy management process.
Source: J.R. Schütt – DIWANIYA, 2012
Product innovation. It addresses the value, features, and quality of a company’s offering. This type of innovation involves both entirely new products as well as updates and line extensions that add substantial value. Creating products and experiences that people love. Product Innovation is not just about coming up with new ideas and products — it’s also about changes that lead to growth and differentiation.
Market innovation. The improvement of the mix of target markets and of the way in which these are served. It includes new markets and new distribution processes in foreign and local markets. Collaboration is key. Market innovation can’t be accomplished by one part of the sector alone. Somebody, somewhere solved your problem for different reasons in different circumstances. In order to really distinguish yourself from others as a company, it is therefore crucial to learn from best practices from other sectors and to apply these within your own organization.
Business model innovation. Changing a business model of an established organization is difficult – the gravitational pull of the existing business is hard to overcome. The rapid pace of change is forcing every organization to examine its paradigms and find innovative ways to satisfy unmet customer needs profitably. At the same time, changing the business model, the underlying rationale for how a company makes money, is one of the most difficult and risky decisions a leadership team can make.
Social innovation. New ideas that meet social needs, create social relationships and form new collaborations. Social innovation has been annotated as important antecedent for the sustainable competitive advantage of firms and explains 75% of the firm’s innovation success. In view of that, there is a compelling need to pay attention to the value of human capital. Firms are redesigning human capital strategies in order to develop their human capital as a critical source of sustainable competitive advantage.
Crowdsourcing. Crowdsourcing is using collective intelligence gathered from the public and using that information to complete business-related tasks. These tasks are normally completed by the company or a third-party service provider but through the power of crowdsourcing, the public assists in the completion of these tasks. Companies are attracted to crowdsourcing because it expands their talent pool. It also allows a company to gain insight into their customers and what they desire.