Here, I summarise the principles of an ideation workshop for a software business that was given an ambitious multi-million-pound revenue target. The workshop aim was to populate the strategy roadmap with new business ideas across the near, medium and long-term.
This article covers the workshop design and some of the questions used to trigger new ideas.
It was a 2-day workshop with the management team and product-market specialists. Day 1 was dedicated to finding new revenue ideas in existing markets; day 2 was about identifying new markets to target for future growth.
1. Small and large sized organisations can benefit from using ideation to inject fresh thinking into their business growth strategy.
2. For an ideation to be successful, the objectives, scope and deliverables should be clearly defined. This includes clarifying the key business challenge you are seeking to address.
3. Invest the right amount of time in the workshop design, carefully choosing the proper techniques to encourage fresh thinking. Especially for product-centric companies, you need to broaden your pool of ideas by considering non-product ideas. For example, I chose techniques to trigger ideas across customer segments, services, products, business models, etc.
4. Start the workshop by presenting inspiring examples of how other businesses have challenged industry assumptions and broke the rules to achieve new growth.
For more information, please see below.
Day 1: Generating new revenue / profit ideas in core markets
Day 1 Workshop Agenda
- Generating ideas to address unmet needs and frustrations for each customer segment
- Generating ideas for addressing customer needs at each stage of the customer journey
- Generating ideas to address problems facing companies across the product life-cycle
- Generating ideas to address market trends and new legislation
- Generating ideas for ways to repackage products, capabilities and know-how to address new customer segments
- Generating ideas for ways to beat competitors
- Generating ideas for new channels to market
- Generating ideas for ways to capture more value from existing customers
- Generating ideas for ways to improve sales and marketing
Day 2 Workshop Agenda
- Identifying new markets to target based on capabilities, relationships, channels, assets, IP
- Identifying markets that our brand and reputation gives us a right to play in
- Exploring attractive market areas based on size, growth rates, customer needs, and technologies employed
- If expertise developed for earlier R&D projects (spanning the past 10-20 years) can be repackaged to gain access to new markets
- Creating a proposition for companies that use our products in an unintended way i.e. different to how we expected our product to be used
I also used a number of other ideation tools (not covered above) from the Triz library of techniques.
Thanks for reading this article!
For more advice on how to innovate in a corporate setting, 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