“Commercialising innovative ideas is a constant run. It requires immense efforts, as you attempt to move forward and make progress on your way while facing one hurdle after the other…entrepreneurs and innovators are trained to run fast…running fast may be useless if you are not running in the right direction.” Entrepreneurs have to focus on valuable market opportunities but encounter failure when wrong choices are made due to flawed evaluation. Sharon Tal, co-author with Marc Gruber of Where to Play, tells us how one can choose and prepare to act on an opportunity, using a tool such as the ‘market opportunity navigator’, staying focused and agile.
In your book, you have introduced the market opportunity navigator—a tool that aids in discovering and evaluating market opportunities. How can an organization reap benefits from it and combine it with other business tools?
Innovative ideas can be applied to different market domains and address the needs of different types of customers. Think about blockchain as an example. This breakthrough technology can create value in so many different areas other than financial transactions. It can be used to create decentralized marketplaces, share data securely across platforms, create smart contracts, and the list goes on. So, whether you are managing a blockchain project in a big company with deep pockets or in a lean new startup, you must try to map out your possible markets and applications, and figure out where to play. In fact, this is the case for almost any type of innovation, and this is exactly where the market opportunity navigator comes in. It is an easy-to-apply framework to help you set your strategic focus, turning this complex choice into a structured and manageable task. Using visual worksheets, it covers three essential steps to help find the right markets for your innovation:
generating a set of market opportunities stemming from the venture’s unique abilities
evaluating possible market opportunities comprehensively, to reveal the most attractive options
setting a smart strategic focus that will also keep you open-minded and agile.
The navigator is designed to reinforce and work smoothly with other common business tools such as the ‘business model canvas’ and the ‘lean-startup methodology’. The wide perspective that it provides adds an essential level of analysis to the micro-planning of the canvases, so you can set your strategic boundaries and engage in meaningful lean cycles of experimentation.
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Denne historien er fra July - August 2018-utgaven av The Smart Manager.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Building A Quality Culture
A strong company culture defined by its values, beliefs, and behaviors, has a profound impact on its products and services. More so in today’s VUCA world, where to stay relevant and maintain a competitive edge, it is critical for organizations to build a culture that focuses on quality. Suresh Lulla, author of Quality Fables, elucidates through significant examples how creating a culture of quality is imperative to driving success and productivity.
Customers For Life
The history of General Motors in India can be traced back to the 1920s, when it became the first automotive company to set up an assembly plant in the country. The relationship since then has not been as fruitful as GM would have hoped. GM’s flagship brand, Chevrolet, was introduced in India to build upon the success of the popular Opel marque. However, success has been fleeting at best—an issue that GM India is determined to rectify. It aims to do so by adopting a two-pronged approach: using customer feedback to influence product development, and delivering a superior sales-to-service experience.
The Digital Shift
… technology will radically disrupt HR in the near future. Indeed, it is already changing the way HR works and the role it plays and opening the door to a new type of “digital HR” function.1 The rise of digital and social media is changing the dynamics of HR and creating new ways of hiring, engaging, and retaining employees.
The Story Of Telling
“The best brands are built on great stories,”* this remark by Ian Rowden best captures the strategy of diligent brand building. Much more than attractive logos or the products themselves, what builds a brand is how successfully a story is woven around it. Brand marketers have to be good storytellers indeed.
Complexity Is Simpler Than You Think
Kay Kendall and Glenn Bodinson, authors of Leading the Malcolm Baldrige Way, shatter myths about excellence models such as Baldrige and EFQM.
Proponents of Isolation Never Become Victors
Multilateralism in the political and economic space has always led to frameworks that favor the mighty. WTO was no exception. With agriculture kept out of its purview, it could never become a truly fair and free trading system. China was the only large emerging economy that exploited relative openness in low-cost manufactured goods to take full advantage of the system. Other emerging economies could at best garner minor gains.
A History Lesson (From Year One) for Trump and the Brexit Crowd: Isolationism Has Never Worked!
Professor Stephane Garelli on growing isolationism.
A Win-Win Game
Business is not a sport where some stakeholder has to lose or fare badly for others to do well. Building an atmosphere of trust and transparency between all stakeholders will help companies retain them even during adverse times.
A Sustainable Model
With a total market value of $4.3 trillion and an employment base of at least 1.3 million direct employees and millions of others indirectly employed, platforms have become an important economic force.*Companies today are constantly looking for ways to build platforms—Infosys Ltd announced its plans of monetizing its platforms to make them a $2 billion business by March 2021. But are all platform businesses successful?
Custom Made
…three in four consumers said they receive too many emails from brands, and one-fifth said they could not handle the current volume…69 per cent have ‘unfollowed’ brands on social media, closed their accounts or cancelled subscriptions.*In these times, when the market is flooded with products and services, the most efficent way to engage customers is to offer them customized content. To achieve this, brands need to focus on observing the nuances of individual preferences.
