Growth Strategy Model - Model Overview
A growth strategy model needs a complete solution. If all pieces aren't swimming in the same direction, growth will have to fight through roadblocks and black holes. A process to launch new products without a defined strategy will struggle to focus their limited resources; without funding it can't get started; without human resources it will never launch. The model that I am presenting is focused on new product growth, but many of the processes and platforms will fit the other growth dimensions.
The growth model requires three platforms: Strategic, Organization, and Networks. The Strategic platform provides communication of the innovation strategy to the organization to ensure alignment, a system to collect and report key performance indicators (KPI) of the model, and a competitive intelligence program to provide actionable intelligence on the company's competitors. the Organization platform provides a governance system to manage the processes, funding to execute the projects, and a central team to administer the processes. The Networks platform connects internal experts in identified opportunity areas to discuss how to exploit the opportunity and external connectors to bring select external expertise to supplement the internal platforms.
Processes are divided into Strategy, Planning, Prioritization, and Execution processes. Strategy sets the direction of the growth model - selects the opportunity areas of focus and defines how to play in those areas. The Planning processes assess the company's core capabilities (and gaps) and identify the upcoming trends impacting the opportunity areas. Prioritization looks at each opportunity area, considers the company capabilities and industry trends to identify, evaluate, and prioritize the best opportunities in the area. The Execution refers to the creation and execution of projects designed to exploit the best opportunities.
At a high level, there are four roles required to execute the growth model. The RACI chart below will help you understand the responsibilities. An executive team (or a high level executive) who handles the strategy phases. Innovation Leaders are usually one or two committees of senior company managers who are tasked with executing the strategy defined by the executive team. An Innovation Team and Subject Matter Experts (SME's) help during the prioritization process. Lastly the Innovation Team and Project teams are charged with the executing the projects designed to exploit the best opportunities.
You may have noticed that each process and platform reinforce the others. That is why a holistic model is required. Take out any piece and the output quality is significantly reduced.
How does your company structure to grow?
