Creating an Innovative Strategy for Your Business

Strategy is fundamental in creating significant value in your business, and leads to sustained growth and returns.

To create a successful strategy, you must ensure that it has the following:

• Uniqueness;

• Ability to create new markets;

• Provides elements that inspire excitement and intrigue;

• Focus on specified markets;

• Employee-driven value.

Uniqueness

Given that the market is very competitive, you don’t want to present so many options that will overwhelm prospective customers. Having a strategy that is unique and innovative will place you ahead of the pack. A good example of this is what Dell achieved in the 1990s with their built-to-order product customization and direct-to-customer sales channel. As a result, they revolutionized their industry; placing them as the dominant force through the present day.

Creating New Markets

When putting together your strategy, it’s important to focus on creating new markets so that you can gain new customers. This is imperative if you’re in an industry where the competition is large. FedEx were able to do this effectively with their overnight delivery. You want to be the leader of your market and the consumers in it to demonstrate value instead of just responding to trends.

Provide Elements that Contain Excitement and Intrigue

Through stellar functionality, design and execution; a strategy should be able to provide excitement and intrigue. When Sony created the Playstation game system, a $20 billion computer game industry erupted.

Focusing on Specified Markets

The marketplace has changed considerably from one mass market to hundreds of specific ones. Capital One recognized how the market was changing, and created a digital system to canvas thousands of possible combination instantaneously, so no two card holders have the same terms.

Employee-Driven Value

Today, a strategy needs to provide an employee-driven value system, where the business is fully invested in its people; so they can capitalize off of their talents. There is much value that is generated within the parameters of the strategy and accountability.