The Art of Opportunity. How to Build Growth and Ventures Through Strategic Innovation and Visual Thinking

  • ID: 3609941
  • Book
  • 288 Pages
  • John Wiley and Sons Ltd
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"The Art of Opportunity will help trigger strategic renewal inside your organization. Creative, inspiring, fresh, and empirically grounded, this playbook to growth is bound to be an executive reference for many years to come."
Deryck J van Rensburg, President, Coca–Cola Global Ventures

DISCOVER AND CREATE NEW GROWTH OPPORTUNITIES THROUGH STRATEGIC INNOVATION

All successful companies must eventually answer the same question: How do you establish new growth strategies and business opportunities from within your organization? The Art of Opportunity looks closely at how successful companies have addressed growth challenges to envision and frame a real–world approach to strategic innovation that reduces risk, delivers fast results, and has a higher likelihood of success. The concepts outlined in this book provide organizations with a detailed blueprint for how to grow, innovate, and transform. The Art of Opportunity shows you:

  • New concepts for thinking about growth and strategic innovation
  • Business design thinking principles to help you shift your mind–set and approach
  • Previously unpublished case studies with detailed examples of successful growth strategies that few have seen before
  • A profound, yet practical, framework for strategic innovation, based on rigorous academic research and practical experience
  • Visualizations, templates, tools, and methodologies for you to quickly apply to your business

The Art of Opportunity will help you break through the boundaries that currently define your business and empower you to leverage strategic innovation to create new growth opportunities.

"I love this book. Whether you′re pushing an idea inside a large corporation, or creating your next big deal, this book gives you the framework, the tools, and the right questions not just to get you started, but to keep you going."
Richard Black, Chief Data Architect, Deutsche Bank; Former Chief Technology Officer, Bank of England

"Visually beautiful, The Art of Opportunity is a fresh take on design thinking that offers practical tools for strategic innovation."
Mark Polson, Vice President, Creativity and Strategic Capability Building, Estée Lauder Companies

"The Art of Opportunity is all about discovering new growth opportunities for your company and crafting a collaborative strategy that will get you there. Not only is the content powerful, the design is stimulating for the eyes, as well as the mind. Read this book and start innovating!"
Ken Blanchard, coauthor of The New One Minute Manager® and Collaboration Begins with You

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1 ARTFUL INNOVATION

x Foreword

xii Acknowledgments

xv Introduction

xvi Reader s Journey

4 WHAT IS STRATEGIC INNOVATION?

5 Traditional Strategic Management

6 Strategic Innovation

8 Where to Play: Find Your Opportunity

8 How to Play: Craft Your Strategy

9 How to Win: Create Value

10 WHAT IS BUSINESS DESIGN THINKING?

10 The Five Principles of Business Design Thinking

12 Getting Started

2 DISCOVER YOUR NEW GROWTH OPPORTUNITY

18 UNDERSTAND YOUR CUSTOMER AND NONCUSTOMER

20 Customer and Noncustomer

24 Understand Customer Needs, Expectations, and Choice

29 Identify Barriers to Consumption and Hurdles to Satisfaction

32 Inspiration: Cardinal Health

33 Inspiration: Klinik Hirslanden

34 How to Understand Your Customer and Noncustomer

34 Gather Information

35 Make Observations and Create Themes

35 Transform Findings into Insights

36 Inspiration: Ripple Effect Group

38 Activity: Persona Mapping

40 Activity: Create an Interview Guide

42 Activity: Customer Journey Mapping

44 Activity: Reveal Observation Headlines

46 UNDERSTAND YOUR FIRM

48 Resources and Capabilities

50 Inspiration: Caesars Palace

52 Resource Sparks: The Four Dimensions for Mapping and Assessing Resources

54 Methods to Understand Your Firm

56 Activity: Map Your Resources

58 Activity: Map Your Ecosystem

60 FRAME YOUR GROWTH INITIATIVE

62 Art of Opportunity Growth Types

62 Evolutionary Growth

63 Adjacent Growth

64 Breakthrough Growth

65 The Breakthrough Question

66 FRAME YOUR GROWTH OPPORTUNITY

66 Decision Making

67 Kinds of Decision–Making Strategies

68 Decision–Making Process

70 Activity: Create Your Growth Initiative Brief

72 Activity: Explore Your Opportunity Insights

74 Activity: Select Your Opportunity

76 VISUALIZE YOUR OPPORTUNITY

78 Employ Storytelling and Visual Frameworks

82 Activity: Visualize Your Opportunity

3 CRAFT YOUR STRATEGY

88 THE ELEMENTS OF YOUR STRATEGY

90 Design Your Offering

90 Products

91 Services

91 Customer Experiences

92 Inspiration: Hilti

94 Offering Sparks: 10 Ways to Design a New Offering

106 Activity: Offering Brainstorm

108 Activity: Design Your Offering

111 Shape Your Business Model

112 The Static Perspective

112 The Dynamic Perspective

113 The Strategic Perspective

113 The Operational Perspective

113 Our Definition of a Business Model

114 Business Model Components

114 Activities

116 Resources

117 Sequence

118 Roles

120 Business Model in Practice

122 Inspiration: Eden McCallum

124 Inspiration: Klinik Hirslanden

126 Business Model Sparks: 8 Ways to Design a New Business Model

136 Activity: Visualize Your Current Business Model

138 Activity: Design Your New Business Model

140 Activity: Flip Your Business Model Assumptions

143 Structure Your Revenue Model

144 Revenue Streams

146 Pricing Mechanisms

148 Payment Mechanisms

150 Inspiration: ProSiebenSat.1

152 Inspiration: Fahrenheit 212

153 Inspiration: 826 Valencia

154 Revenue Model Sparks to Consider

156 Activity: Revenue Model Card Sort

158 SET YOUR STRATEGY: CREATING VALUE

161 Creating Value

162 Customer Value

164 Firm Value

166 Ecosystem Value

168 Inspiration Summary: Value Propositions by Company

170 Activity: Set Your Strategy

172 VISUALIZE YOUR STRATEGY

173 Final Note on Crafting Your Strategy

174 Activity: Visualize Your Strategy

4 LAUNCH YOUR NEW GROWTH BUSINESS

182 THE THREE PHASES OF A NEW GROWTH BUSINESS

185 The Inception Phase: Validating Your Opportunity And Piloting Your Strategy

186 Three Steps for Validation and Piloting

192 How to Validate Your Pilot

192 Activities for Presenting Your Validation Data

192 In–House Observations

192 Field Observations

193 Simulation

193 Interviews

194 Research

194 Small–Scale Experimentation

194 Additional Resources to Explore

196 Activity: What to Test

198 Activity: How to Test

200 Learning from Your Pilot

200 Achieving Success

201 Encountering Challenges

201 Gaining Insights

202 The Evolution Phase: Adapting Your Strategy

204 Inspiration: ProSiebenSat.1

206 Inspiration: Fahrenheit 212

210 Activity: Start, Stop, Change, Continue

212 Activity: Design Next Steps

214 Visualize Your Growth Plan

216 Activity: Visualize Your Growth Plan

218 The Diffusion Phase: Scaling Up Your Business

220 Operational Challenges

222 Establish Clear Roles and Responsibilities

222 Build an Organizational Culture of Sharing, Listening, Collaboration, Experimentation, and Support

223 Take a Holistic, Systems Approach to Planning and Executing the Scaling–up Process

223 Build a Plan and Employ a Process of Regular and Rigorous Review and Adjustment

223 Create a Clear and Simple Way to Track and Measure Your Progress

5 MASTERING THE ART: BUSINESS DESIGN THINKING

228 WHAT IS BUSINESS DESIGN THINKING?

229 Foundation of Business Design Thinking

230 Process and Methodology

232 PRINCIPLES OF BUSINESS DESIGN THINKING

232 1. Keep a Human–Centered Focus

234 2. Think Visually and Tell Stories

235 3. Work and Co–Create Collaboratively

236 4. Evolve through Active Iteration

237 5. Maintain a Holistic Perspective

238 Inspiration: Oracle

240 Inspiration: ExactTarget

242 A NEW WAY OF WORKING

244 Inspiration: Microsoft

254 Notes

256 About the Authors

259 Index

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Marc Sniukas
Parker Lee
Matt Morasky
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