During our month of innovation I'd like to share with you an article I wrote last year about the Now, the New and the Next.
Have you ever considered how some companies stay ahead of the game? How they influence market share? It’s by considering the Now, New and Next. It’s fairly basic.
NOW – short-term profit growth, same business model new markets. Focus on what it is that you’ve built your reputation for and then consider other market segments. Find new avenues for the same products but into different markets. A timber manufacturer for instance may consider an emerging market for their products overseas. Make a list of each new market and define a strategy to target each one.
NEW – mid-term profit growth, same business model new markets new products. Consider growth from new markets and products. Where is the innovation or the ‘bolt-on’ opportunity? A biscuit manufacturer may consider adding a gluten free range, providing a new product using existing equipment and process into an existing market. Consider the emerging needs of your target market? What else would your clients use before and after using your product?
NEXT – long-term profit growth, may change your business model, delivery, product and market presence. Explore growth from new revenue streams. Consider alternative business models that would add value and growth such as enabling parts replacement via digital blueprints and a 3D printer; a disruptor which is already impacting the global manufacturing industry. Involving your team to brainstorm what could be the next disruptor to your industry would make a big difference to the way you do business in the future.
When it’s all done and dusted you need to be ‘brilliant at the basics’ and totally understand that automation and digital trends will occur. As business leaders, we need to ensure we have a mix of the now, new and next to guarantee our long term sustainability and success.
Power to you!
Stefan
