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

Innovate your way toward growth using practical, research-backed frameworks The Art of Opportunity offers a path toward new growth, providing the perspective and methods you need to make innovation happen. Written by a team of experts with both academic and industry experience--and a client roster composed of some of the world’s leading companies--this book provides you with the necessary tools to help you capture growth instead of chasing it. The visual frameworks and research-based methodology presented in The Art of Opportunity merge business design thinking and strategic innovation to help you change your growth paradigm. You’ll learn creative and practical methods for exploring growth opportunities and employ a new approach for identifying what “opportunity” looks like in the first place. Put aside the old school way of focusing on new products and new markets, to instead applying value creation to find your new opportunity, craft your offering, design your strategy and build new growth ventures. The changing business ecosystem is increasingly pushing traditional thinking out to pasture. New consumers and the new marketplace are demanding a profound adjustment to the way companies plan and execute growth strategies. This book gives you the tools to create your roadmap toward the new state of growth, and gain invaluable insight into a new way of thinking. The Art of Opportunity will help you to: Start looking at business growth from a new perspective Create value for the customers, company and ecosystem Innovate strategically and design new business models Develop a new active business design thinking approach to innovation Your company’s goal is to grow, and to turn non-customers into customers. The old ways are becoming less tenable and less cost-effective. The Art of Opportunity outlines the new growth paradigm and gives you a solid framework for putting new ideas into practice. The Art of Opportunity: How to Build Growth and Ventures Through......Page 1 Contents......Page 11 Foreword......Page 16 Acknowledgments......Page 18 Introduction......Page 21 Reader’s Journey......Page 22 1: Artful Innovation......Page 26 Chapter 1......Page 29 What is Strategic Innovation?......Page 30 Traditional Strategic Management......Page 31 Strategic Innovation......Page 32 How to Play: Craft Your Strategy......Page 34 How to Win: Create Value......Page 35 The Five Principles of Business Design Thinking......Page 36 Getting Started......Page 38 2: Discover Your New Growth Opportunity......Page 40 Chapter 2......Page 43 Understand Your Customer and Noncustomer......Page 44 Customer and Noncustomer......Page 46 Understand Customer Needs, Expectations, and Choice......Page 50 Identify Barriers to Consumption and Hurdles to Satisfaction......Page 55 Inspiration: Cardinal Health......Page 58 Inspiration: Klinik Hirslanden......Page 59 Gather Information......Page 60 Transform Findings into Insights......Page 61 Inspiration: Ripple Effect Group......Page 62 Activity: Persona Mapping......Page 64 Activity: Create an Interview Guide......Page 66 Activity: Customer Journey Mapping......Page 68 Activity: Reveal Observation Headlines......Page 70 Understand Your Firm......Page 72 Resources and Capabilities......Page 74 Inspiration: Caesars Palace......Page 76 Resource Sparks: The Four Dimensions for Mapping and Assessing Resources......Page 78 Methods to Understand Your Firm......Page 80 Activity: Map Your Resources......Page 82 Activity: Map Your Ecosystem......Page 84 Frame Your Growth Initiative......Page 86 Evolutionary Growth......Page 88 Adjacent Growth......Page 89 Breakthrough Growth......Page 90 The Breakthrough Question......Page 91 Decision Making......Page 92 Kinds of Decision-Making Strategies......Page 93 Decision-Making Process......Page 94 Activity: Create Your Growth Initiative Brief......Page 96 Activity: Explore Your Opportunity Insights......Page 98 Activity: Select Your Opportunity......Page 100 Visualize Your Opportunity......Page 102 Employ Storytelling and Visual Frameworks......Page 104 Activity: Visualize Your Opportunity......Page 108 3: Craft Your Strategy......Page 110 Chapter 3......Page 113 The Elements of Your Strategy......Page 114 Products......Page 116 Customer Experiences......Page 117 Inspiration: Hilti......Page 118 Offering Sparks: 10 Ways to Design a New Offering......Page 120 Activity: Offering Brainstorm......Page 132 Activity: Design Your Offering......Page 134 Shape Your Business Model......Page 137 The Dynamic Perspective......Page 138 Our Definition of a Business Model......Page 139 Activities......Page 140 Resources......Page 142 Sequence......Page 143 Roles......Page 144 Business Model in Practice......Page 146 Inspiration: Eden McCallum......Page 148 Inspiration: Klinik Hirslanden......Page 150 Business Model Sparks: 8 Ways to Design a New Business Model......Page 152 Activity: Visualize Your Current Business Model......Page 162 Activity: Design Your New Business Model......Page 164 Activity: Flip Your Business Model Assumptions......Page 166 Structure Your Revenue Model......Page 169 Revenue Streams......Page 170 Pricing Mechanisms......Page 172 Payment Mechanisms......Page 174 Inspiration: ProSiebenSat.1......Page 176 Inspiration: Fahrenheit 212......Page 178 Inspiration: 826 Valencia......Page 179 Revenue Model Sparks to Consider......Page 180 Activity: Revenue Model Card Sort......Page 182 Set Your Strategy: Creating Value......Page 184 Creating Value......Page 187 Customer Value......Page 188 Firm Value......Page 190 Ecosystem Value......Page 192 Inspiration Summary: Value Propositions by Company......Page 194 Activity: Set Your Strategy......Page 196 Visualize Your Strategy......Page 198 Final Note on Crafting Your Strategy......Page 199 Activity: Visualize Your Strategy......Page 200 4: Launch Your New Growth Business......Page 204 Chapter 4......Page 207 The Three Phases of a New Growth Business......Page 208 The Inception Phase: Validating Your Opportunity And Piloting Your Strategy......Page 211 Three Steps for Validation and Piloting......Page 212 Field Observations......Page 218 Interviews......Page 219 Additional Resources to Explore......Page 220 Activity: What to Test......Page 222 Activity: How to Test......Page 224 Achieving Success......Page 226 Gaining Insights......Page 227 The Evolution Phase: Adapting Your Strategy......Page 228 Inspiration: ProSiebenSat.1......Page 230 Inspiration: Fahrenheit 212......Page 232 Activity: Start, Stop, Change, Continue......Page 236 Activity: Design Next Steps......Page 238 Visualize Your Growth Plan......Page 240 Activity: Visualize Your Growth Plan......Page 242 The Diffusion Phase: Scaling Up Your Business......Page 244 Operational Challenges......Page 246 Build an Organizational Culture of Sharing, Listening, Collaboration, Experimentation, and Support......Page 248 Create a Clear and Simple Way to Track and Measure Your Progress......Page 249 5: Mastering the Art: Business Design Thinking......Page 250 Chapter 5......Page 253 What is Business Design Thinking?......Page 254 Foundation of Business Design Thinking......Page 255 Process and Methodology......Page 256 1. Keep a Human-Centered Focus......Page 258 2. Think Visually and Tell Stories......Page 260 3. Work and Co-Create Collaboratively......Page 261 4. Evolve through Active Iteration......Page 262 5. Maintain a Holistic Perspective......Page 263 Inspiration: Oracle......Page 264 Inspiration: ExactTarget......Page 266 A New Way of Working......Page 268 Inspiration: Microsoft......Page 270 Notes......Page 280 About the Authors......Page 282 Index......Page 285 End User License Agreement......Page 291 The Art of Opportunity: How to Build Growth and Ventures Through 1 Contents 11 Foreword 16 Acknowledgments 18 Introduction 21 Reader’s Journey 22 1: Artful Innovation 26 Chapter 1 29 What is Strategic Innovation? 30 Traditional Strategic Management 31 Strategic Innovation 32 Where to Play: Find Your Opportunity 34 How to Play: Craft Your Strategy 34 How to Win: Create Value 35 What is Business Design Thinking? 36 The Five Principles of Business Design Thinking 36 Getting Started 38 2: Discover Your New Growth Opportunity 40 Chapter 2 43 Understand Your Customer and Noncustomer 44 Customer and Noncustomer 46 Understand Customer Needs, Expectations, and Choice 50 Identify Barriers to Consumption and Hurdles to Satisfaction 55 Inspiration: Cardinal Health 58 Inspiration: Klinik Hirslanden 59 How to Understand Your Customer and Noncustomer 60 Gather Information 60 Make Observations and Create Themes 61 Transform Findings into Insights 61 Inspiration: Ripple Effect Group 62 Activity: Persona Mapping 64 Activity: Create an Interview Guide 66 Activity: Customer Journey Mapping 68 Activity: Reveal Observation Headlines 70 Understand Your Firm 72 Resources and Capabilities 74 Inspiration: Caesars Palace 76 Resource Sparks: The Four Dimensions for Mapping and Assessing Resources 78 Methods to Understand Your Firm 80 Activity: Map Your Resources 82 Activity: Map Your Ecosystem 84 Frame Your Growth Initiative 86 Art of Opportunity Growth Types 88 Evolutionary Growth 88 Adjacent Growth 89 Breakthrough Growth 90 The Breakthrough Question 91 Frame Your Growth Opportunity 92 Decision Making 92 Kinds of Decision-Making Strategies 93 Decision-Making Process 94 Activity: Create Your Growth Initiative Brief 96 Activity: Explore Your Opportunity Insights 98 Activity: Select Your Opportunity 100 Visualize Your Opportunity 102 Employ Storytelling and Visual Frameworks 104 Activity: Visualize Your Opportunity 108 3: Craft Your Strategy 110 Chapter 3 113 The Elements of Your Strategy 114 Design Your Offering 116 Products 116 Services 117 Customer Experiences 117 Inspiration: Hilti 118 Offering Sparks: 10 Ways to Design a New Offering 120 Activity: Offering Brainstorm 132 Activity: Design Your Offering 134 Shape Your Business Model 137 The Static Perspective 138 The Dynamic Perspective 138 The Strategic Perspective 139 The Operational Perspective 139 Our Definition of a Business Model 139 Business Model Components 140 Activities 140 Resources 142 Sequence 143 Roles 144 Business Model in Practice 146 Inspiration: Eden McCallum 148 Inspiration: Klinik Hirslanden 150 Business Model Sparks: 8 Ways to Design a New Business Model 152 Activity: Visualize Your Current Business Model 162 Activity: Design Your New Business Model 164 Activity: Flip Your Business Model Assumptions 166 Structure Your Revenue Model 169 Revenue Streams 170 Pricing Mechanisms 172 Payment Mechanisms 174 Inspiration: ProSiebenSat.1 176 Inspiration: Fahrenheit 212 178 Inspiration: 826 Valencia 179 Revenue Model Sparks to Consider 180 Activity: Revenue Model Card Sort 182 Set Your Strategy: Creating Value 184 Creating Value 187 Customer Value 188 Firm Value 190 Ecosystem Value 192 Inspiration Summary: Value Propositions by Company 194 Activity: Set Your Strategy 196 Visualize Your Strategy 198 Final Note on Crafting Your Strategy 199 Activity: Visualize Your Strategy 200 4: Launch Your New Growth Business 204 Chapter 4 207 The Three Phases of a New Growth Business 208 The Inception Phase: Validating Your Opportunity And Piloting Your Strategy 211 Three Steps for Validation and Piloting 212 How to Validate Your Pilot 218 Activities for Presenting Your Validation Data 218 In-House Observations 218 Field Observations 218 Simulation 219 Interviews 219 Research 220 Small-Scale Experimentation 220 Additional Resources to Explore 220 Activity: What to Test 222 Activity: How to Test 224 Learning from Your Pilot 226 Achieving Success 226 Encountering Challenges 227 Gaining Insights 227 The Evolution Phase: Adapting Your Strategy 228 Inspiration: ProSiebenSat.1 230 Inspiration: Fahrenheit 212 232 Activity: Start, Stop, Change, Continue 236 Activity: Design Next Steps 238 Visualize Your Growth Plan 240 Activity: Visualize Your Growth Plan 242 The Diffusion Phase: Scaling Up Your Business 244 Operational Challenges 246 Establish Clear Roles and Responsibilities 248 Build an Organizational Culture of Sharing, Listening, Collaboration, Experimentation, and Support 248 Take a Holistic, Systems Approach to Planning and Executing the Scaling-up Process 249 Build a Plan and Employ a Process of Regular and Rigorous Review and Adjustment 249 Create a Clear and Simple Way to Track and Measure Your Progress 249 5: Mastering the Art: Business Design Thinking 250 Chapter 5 253 What is Business Design Thinking? 254 Foundation of Business Design Thinking 255 Process and Methodology 256 Principles of Business Design Thinking 258 1. Keep a Human-Centered Focus 258 2. Think Visually and Tell Stories 260 3. Work and Co-Create Collaboratively 261 4. Evolve through Active Iteration 262 5. Maintain a Holistic Perspective 263 Inspiration: Oracle 264 Inspiration: ExactTarget 266 A New Way of Working 268 Inspiration: Microsoft 270 Notes 280 About the Authors 282 Index 285 End User License Agreement 291

Innovate your way toward growth using practical, research-backed frameworks

The Art of Opportunity offers a path toward new growth, providing the perspective and methods you need to make innovation happen. Written by a team of experts with both academic and industry experience—and a client roster composed of some of the world's leading companies—this book provides you with the necessary tools to help you capture growth instead of chasing it.

The visual frameworks and research-based methodology presented in The Art of Opportunity merge business design thinking and strategic innovation to help you change your growth paradigm. You'll learn creative and practical methods for exploring growth opportunities and employ a new approach for identifying what "opportunity" looks like in the first place. Put aside the old school way of focusing on new products and new markets, to instead applying value creation to find your new opportunity, craft your offering, design your strategy and build new growth ventures.

The changing business ecosystem is increasingly pushing traditional thinking out to pasture. New consumers and the new marketplace are demanding a profound adjustment to the way companies plan and execute growth strategies. This book gives you the tools to create your roadmap toward the new state of growth, and gain invaluable insight into a new way of thinking.

The Art of Opportunity will help you to:

• Start looking at business growth from a new perspective
• Create value for the customers, company and ecosystem
• Innovate strategically and design new business models

• Develop a new active business design thinking approach to innovation

Your company's goal is to grow, and to turn non-customers into customers. The old ways are becoming less tenable and less cost-effective. The Art of Opportunity outlines the new growth paradigm and gives you a solid framework for putting new ideas into practice.

Innovate your way toward growth using practical, research-backed frameworks The Art of Opportunity offers a path toward new growth, providing the perspective and methods you need to make innovation happen. Written by a team of experts with both academic and industry experience-and a client roster composed of some of the world's leading companies-this book provides you with the necessary tools to help you capture growth instead of chasing it. The visual frameworks and research-based methodology presented in The Art of Opportunity merge business design thinking and strategic innovation to help you change your growth paradigm. You'll learn creative and practical methods for exploring growth opportunities and employ a new approach for identifying what "opportunity" looks like in the first place. Put aside the old school way of focusing on new products and new markets, to instead applying value creation to find your new opportunity, craft your offering, design your strategy and build new growth ventures. The changing business ecosystem is increasingly pushing traditional thinking out to pasture. New consumers and the new marketplace are demanding a profound adjustment to the way companies plan and execute growth strategies. This book gives you the tools to create your roadmap toward the new state of growth, and gain invaluable insight into a new way of thinking. The Art of Opportunity will help you to: -Start looking at business growth from a new perspective -Create value for the customers, company and ecosystem -Innovate strategically and design new business models -Develop a new active business design thinking approach to innovation Your company's goal is to grow, and to turn non-customers into customers. The old ways are becoming less tenable and less cost-effective. The Art of Opportunity outlines the new growth paradigm and gives you a solid framework for putting new ideas into practice. -- Provided by publisher Innovate your way toward growth using practical, research-backed frameworks The Art of Opportunity offers a path toward new growth, providing the perspective and methods you need to make innovation happen. Written by a team of experts with both academic and industry experience and a client roster composed of some of the world s leading companies this book provides you with the necessary tools to help you capture growth instead of chasing it. The visual frameworks and research-based methodology presented in The Art of Opportunity merge business design thinking and strategic innovation to help you change your growth paradigm. You ll learn creative and practical methods for exploring growth opportunities and employ a new approach for identifying what opportunity looks like in the first place. Put aside the old school way of focusing on new products and new markets, to instead applying value creation to find your new opportunity, craft your offering, design your strategy and build new growth ventures. The changing business ecosystem is increasingly pushing traditional thinking out to pasture. New consumers and the new marketplace are demanding a profound adjustment to the way companies plan and execute growth strategies. This book gives you the tools to create your roadmap toward the new state of growth, and gain invaluable insight into a new way of thinking. The Art of Opportunity will help you to: * Start looking at business growth from a new perspective * Create value for the customers, company and ecosystem * Innovate strategically and design new business models * Develop a new active business design thinking approach to innovation Your company s goal is to grow, and to turn non-customers into customers. The old ways are becoming less tenable and less cost-effective. The Art of Opportunity outlines the new growth paradigm and gives you a solid framework for putting new ideas into practice Acknowledgements -- Dedications -- Forward -- Welcome to the new world of strategic innovation & business design thinking -- Discover new growth opportunities -- Craft your strategy -- Launch your new growth business -- Mastering the art : business design thinking -- Index