Create a New Future with Innovation-Focused Strategy
As most marketers navigating the building supply channel know, strategy and innovation go hand in hand. I’ve discussed in past articles how creativity can play an important role in innovation, but often overlooked is the strategy that goes into actually implementing the changes necessary to make a creative innovation a reality.
A recent article by Vijay Govindarajan describes this dynamic between innovation and strategy – specifically, how innovation should always inform strategy-making.
Govindarajan suggests that there are four key factors to consider with innovative strategy-making:
- Know Your Industry – It’s not enough to assume that the same strategies that innovated faster-paced, larger industry will work in a smaller, slower one. Some innovations can take a decade, while others can take ten decades. Don’t confuse the two.
- Innovation Is Complex – Innovation can be linear or non-linear, which is to say: in line with current business practices or deviating slightly from current business practices. But as Govindarajan points out, these linear or non-linear business practices can also unfold into even more complex layers with incremental or radical innovation: happening over time or overhauling a pre-established system in a sudden, disruptive manner. Whatever the innovation you’re considering, make sure to know the implications.
- Just Do It – If an idea gets pushed down the table time and time again, it’s a money drain. Plus, the more times it gets pushed down the table, the greater the likelihood that it will eventually fall off the table entirely. You can talk about an idea or even set strategy all you want, but there’s something to be said for actually making it happen.
- Innovation Isn’t Top Down – Folks at the bottom tend to know customers better – use their knowledge to set strategy that disrupts the status quo. In fact, Govindarajan argues that senior-level employees have often played such a key role in the setting status quo, which makes it difficult for them to consider an innovation that could disrupt past ways of doing things.
For more information, give Govindarajan’s article a read.
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