YOUR TICKET FOR THE FUTURE
Our tips for company leaders for successful business development
Digitalization more and more gains momentum. At the same time, some of us find themselves at the very beginning. In many cases, focus is on IT processes, data and digital tools. Thus, many companies miss out what really matters in the digital age: innovative business models that meet market and customer needs. What are key success factors?
# 1 Identify opportunities CROSS-market and -industrY
To stay on track in the digital age, keeping an eye on new business opportunities, technology trends and competition is essential. Thereby, decision makers need to broaden their perspectives for all the opportunities that arise around markets and companies. Market research, trend studies and segment reports are not very helpful for that. Markets are only as big as you define them. Thus: Become faster. Stay on the pulse of time. From early stage scouting to creative business development. The only way to do it is to do it!
# 2 Think and act in a variety of innovation categories
Think outside the box. Identify trends and new technologies across different innovation categories. Recognize and utilize business opportunities at very early stages. Be faster than competition. Think and act – not only in new product and services – but also in opportunities that predict scalable values. Why expanding product lines again and again so that customers become unable to recognize teeny-weeny differences? It is much more promising to invest time and power of employees, partners and suppliers in opportunities that open new horizons. It is not very promising to spent time solely with product and sales optimization with endless development loops. In our digital age it is not important how “premium” or “cheap” a product is – there might be no market for that tomorrow. Disruption takes place every day – so let’s be prepared…
# 3 Continuously reinvent yourself
The digital age is characterized by speed and dynamics. Would the Volksbank in “Schnickschnackwinkel” have thought that most of their customers prefer PayPal to pay their online purchases, ten years ago? Would PayPal have thought that decentralized paying systems via blockchain were able to disrupt their business model, 2 years ago?
It is necessary to continuously put business models to the test . Further develop, dismiss and redesign – agile, flexible and with minimal risks. BUILD-MEASURE-LEARN close to the customer from day 1. Adjust your business to the needs of customers and steer them in new, market-relevant directions. Use innovative ideas and the power of creative people to find new ways – from new valuable income streams, higher productivity through to improvements of customer satisfaction or sustainability.
# 4 Focus: people, needs, ideas
Innovation and technologies do not provide guarantee for success in the digital age. The greatest idea and the most innovative business model are not valuable without one crucial success factor: PEOPLE. Let us think about it: Who proactively and jointly develop ideas and bring innovations to success? – your employees. Who step-by-step steer ideas in market-relevant directions? – your users. Who provide knowhow and expertise and collaboratively accelerate success in the digital age? – your ecosystem partners. Who create room for new ideas and changes? – your management and leadership. People 1st from creative ideas to market success.
# 5 Many roads lead to success
Incubator rather than accelerator program? Either focus on internal ideas and an external innovation team or EARLY BRANDS innovation and technology consulting? Co-creation rather than in-house developments?
The answer for these questions: there is no “either or” or “rather than”. For successful business development, there is no crucial way that can guarantee success. Competition is hyper-fast and aggressive. Thus: Exploit different innovation options. Maximize and multiply opportunities. Do not think in “silos” but join employees’ ideas with the power of strong partners like innovation consulting, tech partners, suppliers etc.
# 6 Diversified DYNAMIC portfolios
In the digital age a dynamic portfolio with innovative business opportunities is more important than ever before. That means to build potential action fields that enable to focus on business opportunities with high relevance for the near future. Concentrate on exploration and realization of most promising new business models. Keep the flexibility to start new market-relevant innovation initiatives ad hoc. Continuously enrich dynamic portfolios and flexibly adapt new developments and trends. Like Spray & Pray. Thus, you act on a pioneer position that makes you FIT FOR THE FUTURE.
# 7 Challenge spending behavior
New ideas and innovative business models can only rock forward if appropriate financial and human resources were invested. Money + people to proactively shape the future. Why is Amazon much more successful than Wal-Mart? One answer for this question: Investment and spending behavior. Focus on what really matters today: research and innovation. Experiments with new business models. Among the top ranked US companies by R&D spent, there is no trading or consumer goods company listed. Whether construction, brand company or bank: without shifting advertising and production budgets towards innovation and technology-driven business models there will be no successful business development for the future.
Stay on the pulse of time….
Catch the Future …!