According to Harvard Business School professor Michael Porter, size doesn’t matter – profitability does. Profitability is impacted by 5 forces – buyers, suppliers, substitutes, new entrants, and existing rivals.
Every company begins with an idea. Good ideas, when executed properly, make money. These ideas come from people – everyday people just like you. So, why not develop “your secret supply of innovation”?
Initiate productive questioning within the company – Encourage employees to think “What if” during designated brainstorming sessions.
Allow employees to dream – Have your team anonymously submit “dream goals” they would like to see accomplished in the quarter.
Think scale – Does the idea pass the eye test? Does it mesh with your growth strategy? Can that idea be interwoven into the growth culture efficiently?
Turn dream to reality – If the above answer is a yes, then let it take off. Allow a team member undertake the idea as their personal innovation project. This is part of the larger trend to allow the team to run with their ideas. Reward their initiative by giving the individuals ownership of their own risks and innovations.
For more insight, read the full article at inc.com.
If you’ve ever searched for chocolate cake recipes and four hours later found yourself reading about beaches in Fiji, you probably have a Pinterest account. It’s dangerously addictive, largely in part to its design and usability.
Their new guided search lets users begin with a broad idea (“gorillas”) and then drill down into something more specific (“silverback gorillas eating bananas”) by offering guided navigation through suggested categories related to the original term. It’s slick.
Avoiding common but useless strategic planning activities can be easier said than done.
First, only talking about strategy in your annual strategy retreat. Vennli couldn’t agree more. One of our major tenants is that strategic planning should be an ongoing activity that requires regular updates on customer needs and competitive positioning.
Second, using a generic SWOT as your foundation. This information is useless unless looked at within a specific context. First, you need to determine the opportunities for growth in your market, and only then can you identify your strengths and weakness within that segment. Play where you can win. We at Vennli believe overall growth happens by creating initiatives focused narrowly on enhancing value for particular customer segments.
So, what do you think? Have you found yourself falling down these wormholes?
Read the full tip at hbr.org.
Social media is officially in its adolescent state, and with that, comes much more research and understanding of its marketing benefits. Its infancy saw a lot of experimentation while we all got our feet wet in the social landscape. We cringed at the #gettingslizzerd post blunder by the Red Cross and at the outcome of the not-so-thought-out McDonald’s #mcdstories where Twitter users posted their horror stories using the hashtag.
Many studies show that more than half of content marketers view social media as their most effective business strategy. However, business executives, now playing the parent role, are focusing more on social business goals and success measures.
The question becomes now becomes how do the kids win over those in the executive suite?
Vanessa DiMauro answers that question in her roundtable session How To Excite Your Executives About Online Community And Help It Deliver More Value.