Objective: Clarify status quo
The innovation audit an ideal starting point for companies that are serious about innovation and transformation to build disruptive products and services. Beginning with one-on-one meetings with all stakeholders (including major partners, customers, and suppliers), and culminating in an all-hands mini-sprint, the innovation audit offers immediate and tremendous value to teams looking for answers.
Bringing in an objective 3rd-party to assess the current situation and give an unbiased evaluation is the best way to get consensus and generate momentum for innovation projects in an organization.
- Evaluate current business model and value proposition
- Make explicit organizational challenges
- Create comprehensive map of innovation activities
- Identify gaps and challenges for future
- Get all stakeholders on the same page
- Concrete action items and innovation roadmap
Customer research, innovation, product strategy
Objective: Answers To Burning Questions
The Dialogue Phase continues the trajectory the organization has embarked upon. Every aspect of business is examined and aligned with the strategic goals. Usually this involves 1:1 interaction with the CEO and senior management team, chiefly those responsible for product and innovation. The idea is to create a confident, knowledgeable team that is able to navigate the treacherous waters of disruption and become successful disruptors themselves.
Innovation Strategy: Leapfrog Competition
- Our current products are nearing EOL. What should we build next?
- What new market/innovation opportunities exist?
- I’m not sure if I should enter this market (build this product/service)
- What is the opportunity size and how much of it could we capture?
- What is the smallest thing I should build to test this concept?
- How can I test this concept while spending the least amount of money?
- What features should I include?
- Who is the target customer? Who is going to buy and why?
- Who are the other stakeholders? What are their motivations?
- Where can I find initial customers?
Product Strategy: Turbocharge Performance
- I’m not satisfied with my current product performance (revenues, profit margins, growth, acquisition, retention, costs structure). What’s wrong? What needs to change?
- How can I capture more profit share of existing products?
- My team is not able to agree on what features to build, we have interminable discussions without getting anywhere. Which features will add most value?
- How can I create unique experiences around my product/service so that users will keep coming back for more?
- How can I create a compelling customer journey that helps people buy (reach a decision)?
- How can I design a unique and profitable business model that minimizes adoption risk for potential customers?
Market Strategy: Multiply Profits
- I’m not convinced that our pricing truly reflects the value of our product/service. We should be charging more. How can I charge more?
- How can I increase revenues per customer? Is increasing the price the only alternative?
- How can I improve online customer acquisition, conversion rate, retention rate?
- How can I create marketing messages that truly resonate with the customer?
- I’ve heard that content marketing is very important and effective. What sales and marketing collateral should I create?
- Where else could I be selling? What is the ideal placement for my product?