Formulate the Growth Strategy
The next step in the Outcome-Driven Innovation process is formulating the growth strategy. To achieve this, a company must determine which unmet needs to target and what existing or new product platform to use to address the targeted needs.
When determining which unmet needs to target, the information captured in the previous steps of the ODI process is used to help companies decide:
- What unmet needs to address to catch up to competitors
- What unmet needs to address to leapfrog competitors
- What unmet needs to address to support emotional positioning
- What over-served needs to address
- What related jobs to address
- What consumption chain jobs may represent opportunities
Once it is clear which unmet needs should be addressed, the company determines if the targeted opportunities can be addressed on product platforms currently in the market or in the development pipeline. If a new product platform is necessary, then decisions must be made as to whether a low-cost disruptive platform will work or if a premium-priced platform makes sense.
Strategyn’s six growth path framework is a helpful tool in formulating the product strategy. We have discovered that all markets evolve within these growth paths and that these paths are not mutually exclusive. Ideally, a company will optimize profitability across all six growth paths. Once the company has decided which unmet needs to target and what platform is best, it is ready to devise a winning product or service concept.
