- Exploit Capabilities: Identifying new growth opportunities by analysing the business capabilities - including assets, expertise, technologies, relationships, brand, and channels to market. The technique seeks to identify how existing capabilities can be deployed (individually or in combination) to generate new sources of revenue
- Challenge Assumptions: An approach to envisaging growth opportunities by looking at what could be done if assumptions were put to one side and/or if ‘rules’ were broken
- Adjacent Markets: Re-purposing existing products, services, technologies and know-how to address customer needs in nearby reachable markets
- Hot Sectors: A technique to drive out potential opportunities, driven by an understanding of high growth market sectors and industries.
- Value-add: An approach to identifying opportunities to move along the value added chain based on an understanding of the value maps for specific market / customer segments.
- Trends: Identifying significant trends that could be exploited for commercial gain. Observations of trends are discussed to understand their implications and potential opportunities.
- Customer needs: This is about understanding the needs of different customer segments to identify new business opportunities
- Primary research: It is essential for getting under the skin of new market / application areas. Aim to involve different types of people at various stages of the project including subject-matter experts, industry organisations, academics, customers and other industry players.
- Competitor analysis: This is about understanding the strategies of competitors and identifying implications / opportunities for your business.
- LeapFrog: Analysing specific opportunities if a competitor’s business model was adopted and enhanced – the focus is on surpassing not ‘catch-up’.
- Da Vinci: An approach to looking at ideas that have failed in the past because they may have been before their time. Large technology companies always have a couple of forgotten gems hidden away in the attic! Examine whether market conditions today are more appropriate and identify what changes would need to be made to ensure success.
- Using Ideation to populate a business strategy roadmap
- 10 recommendations when setting up a group-wide revenue growth programme
For more innovation tips please visit: http://www.3inno.com/our-articles
Do you want to be more successful at innovation? I recommend the book Innovation Unplugged – helping managers prepare today’s business for future growth.
Director of 3inno