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Rapid Innovation Group Escape the City Workshop slides, 9 March 2013
- 1. Escape the City Workshop 9 March 2013 @RapidInnovation www.rapidinnovation.co.uk
- 2. Who are we? David Gates | @davidrig81 Simon Jackson | @saimeng Jessica Tayenjam |@JessicaTayenjam Rapid Innovation Group | @RapidInnovation @RapidInnovation www.rapidinnovation.co.uk
- 3. What is a workshop? WORK SHOP @RapidInnovation www.rapidinnovation.co.uk
- 4. What is a workshop? SHOP @RapidInnovation www.rapidinnovation.co.uk
- 5. What is a workshop? SHOP @RapidInnovation www.rapidinnovation.co.uk
- 6. @RapidInnovation www.rapidinnovation.co.uk
- 7. Strategy & Metrics 1.What is strategy? 2.How do I figure it out? 3.Positioning statement exercise 4.Discussion @RapidInnovation www.rapidinnovation.co.uk
- 8. What is strategy? The ‘kernel’ of good strategy contains three elements: a diagnosis, a guiding policy and a set of coherent actions. Richard P. Rumelt Good Strategy, Bad Strategy @RapidInnovation www.rapidinnovation.co.uk
- 9. Strategy is not … @RapidInnovation www.rapidinnovation.co.uk
- 10. Strategy is not … @RapidInnovation www.rapidinnovation.co.uk
- 11. So what does strategy mean? • How do I compete? • Where do I compete? @RapidInnovation www.rapidinnovation.co.uk
- 12. So what does strategy mean? Diagnosis is analysis, not a description of symptoms. You don’t go to your doctor to be told you have a sore throat. You go to be told you have an infection and that an antibiotic will fix it. The doctor tries to discover “what is really going on here?” and the measure of his competence is his ability to do that. John Kay ‘Avoiding fluff is surest route to success’ Financial Times @RapidInnovation www.rapidinnovation.co.uk
- 13. What are the elements of a business model? • How do I create value? • How do I deliver value? • How do I capture value? @RapidInnovation www.rapidinnovation.co.uk
- 14. How do I identify my market? @RapidInnovation www.rapidinnovation.co.uk
- 15. Why bother? @RapidInnovation www.rapidinnovation.co.uk
- 16. Why bother? @RapidInnovation www.rapidinnovation.co.uk
- 17. Why bother? @RapidInnovation www.rapidinnovation.co.uk
- 18. Why bother? @RapidInnovation www.rapidinnovation.co.uk
- 19. How can I develop my strategy? • Ask questions • Focus • Iterate @RapidInnovation www.rapidinnovation.co.uk
- 20. So what does this look like on the ground? @RapidInnovation www.rapidinnovation.co.uk
- 21. Creating a positioning statement @RapidInnovation www.rapidinnovation.co.uk
- 22. Creating a positioning statement • For – Target customers • Who – Have the following problem • Our product is a – Describe the product or solution • That provides – Cite the breakthrough capability • Unlike – Reference competition • Our product – Describe the key point of competitive differentiation @RapidInnovation www.rapidinnovation.co.uk
- 23. For example … @RapidInnovation www.rapidinnovation.co.uk
- 24. For example … Thefacebook is for Harvard students who want to find out more about and connect with their fellow students – classmates, friends, friends of friends and more. Thefacebook is an online platform that provides the ability to set up personal profile and search, view and connect with other profiles on the network. Unlike paper facebooks, our product provides access to profiles of students across Harvard and allows you to customise and edit your information. @RapidInnovation www.rapidinnovation.co.uk
- 25. For example … @RapidInnovation www.rapidinnovation.co.uk
- 26. For example … Glasses are for people with vision problems who are tired of walking into doors. Our product is a frame you attach to your face with lenses for re-focusing light that allows you to see where the door is and is not. Unlike being led around by a small child, glasses will not lead you into a door and think it’s funny. @RapidInnovation www.rapidinnovation.co.uk
- 27. Strategy Exercise @RapidInnovation www.rapidinnovation.co.uk
- 28. Discussion @RapidInnovation www.rapidinnovation.co.uk
- 29. How do I get my first ten paying clients? @RapidInnovation www.rapidinnovation.co.uk
- 30. @RapidInnovation www.rapidinnovation.co.uk
- 31. @RapidInnovation www.rapidinnovation.co.uk
- 32. @RapidInnovation www.rapidinnovation.co.uk
- 33. @RapidInnovation www.rapidinnovation.co.uk
- 34. @RapidInnovation www.rapidinnovation.co.uk
- 35. @RapidInnovation www.rapidinnovation.co.uk
- 36. IDEAL CUSTOMER PROFILE @RapidInnovation www.rapidinnovation.co.uk
- 37. @RapidInnovation www.rapidinnovation.co.uk
- 38. RECENT ACCIDENT NEW LEGISLATION AT WORK POLLUTING BUSINESS PROCESSES Circumstances Attributes AGED 18-30 >50 EMPLOYEES NEW FATHER RECENT CUSTOMER WIN @RapidInnovation www.rapidinnovation.co.uk
- 39. How do I engage the market? @RapidInnovation www.rapidinnovation.co.uk
- 40. Elements to engagement Message Method Attention- Call-to-action grabber @RapidInnovation www.rapidinnovation.co.uk
- 41. Methods of engagement • Direct mail • Email • Events • Whitepapers and though pieces • Network events • Online networking • Telemarketing • Telesales • Facebook • LinkedIn Brian Carroll • Pay per click – Google / LinkedIn • Organic search • Distributors • Consultants @RapidInnovation www.rapidinnovation.co.uk
- 42. Resourcing engagement Google Adwords Lunch with all your investment banking friends Output Your LinkedIn Irrelevant trade show Profile in the US Effort @RapidInnovation www.rapidinnovation.co.uk
- 43. @RapidInnovation www.rapidinnovation.co.uk
- 44. Rapid Innovation Group Find Your Model Build Your Capability Realise Your Value @RapidInnovation www.rapidinnovation.co.uk
Editor's Notes
- Work – verb/noun – learning, doing, money, hardShop – Acquisition, presentation, customersWorkshop – collaborative production
- Work – verb/noun – learning, doing, money, hardShop – Acquisition, presentation, customersWorkshop – collaborative production
- Work – verb/noun – learning, doing, money, hardShop – Acquisition, presentation, customersWorkshop – collaborative production
- Main lessons – Strategy is not a one off. Ongoing process of iteration that requires thoughtful analysis – and also doing!!
- Here’s a quote that should look familiar from your pre-course guide book.All well and good, but what does this actually mean?
- Strategy is about doing, not just posturing and prevaricatingNot a big business plan – something doable
- Underpants gnomesPlay videoSouth Park’s dig at the internet industry in the late 90’sClearly the underpants gnomes had not thought through their strategyStrategy is not an end state – strategy is how do we get to an end state
- In early stage company, strategy is about:Finding a business model that works (i.e. how do I create, deliver and capture value) And a market where you can winAnswering these questions leads to our ‘diagnosis’“Good strategy begins with diagnosis. And diagnosis is analysis, not a description of symptoms. You don’t go to your doctor to be told you have a sore throat. You go to be told you have an infection and that an antibiotic will fix it. The doctor tries to discover “what is really going on here?” and the measure of his competence is his ability to do that.”http://www.ft.com/cms/s/0/1836134a-35ff-11e1-9f98-00144feabdc0.html#axzz2MggzY7RR
- Create – Who are my customers and what is my offering to them (benefits)?Deliver – How does my product provide value for the customer? What is it, its key features and differentiators?Capture – How will I earn money from it? Why will my customers pay for it?The answers to these questions (and the ‘where do I compete’) should provide our ‘guiding policy’
- Pay attention in an hour – We’ll discuss this in our sales session
- Who is taking a risk? Who feels they know how to reduce their risk?An entrepreneur is not someone who takes risk – an entrepreneur is someone who takes risk and knows how to mitigate it.Strategy should help you focus in on a few things that really matterStrategy = focus = risk mitigatedMarket risk means …CompetitionCustomers (TAM/SAM/SOM – do you have a market?)Channels to marketOperational risk means …Can you deliver? – Processes/capabilityPeople risk – Do you have the right people/roles defined?Technology risk – is your product up to scratch?Financial risk means …How long until you run out of money?
- Who is taking a risk? Who feels they know how to reduce their risk?An entrepreneur is not someone who takes risk – an entrepreneur is someone who takes risk and knows how to mitigate it.Strategy should help you focus in on a few things that really matterStrategy = focus = risk mitigatedMarket risk means …CompetitionCustomers (TAM/SAM/SOM – do you have a market?)Channels to marketOperational risk means …Can you deliver? – Processes/capabilityPeople risk – Do you have the right people/roles defined?Technology risk – is your product up to scratch?Financial risk means …How long until you run out of money?
- Who is taking a risk? Who feels they know how to reduce their risk?An entrepreneur is not someone who takes risk – an entrepreneur is someone who takes risk and knows how to mitigate it.Strategy should help you focus in on a few things that really matterStrategy = focus = risk mitigatedMarket risk means …CompetitionCustomers (TAM/SAM/SOM – do you have a market?)Channels to marketOperational risk means …Can you deliver? – Processes/capabilityPeople risk – Do you have the right people/roles defined?Technology risk – is your product up to scratch?Financial risk means …How long until you run out of money?
- Who is taking a risk? Who feels they know how to reduce their risk?An entrepreneur is not someone who takes risk – an entrepreneur is someone who takes risk and knows how to mitigate it.Strategy should help you focus in on a few things that really matterStrategy = focus = risk mitigatedMarket risk means …CompetitionCustomers (TAM/SAM/SOM – do you have a market?)Channels to marketOperational risk means …Can you deliver? – Processes/capabilityPeople risk – Do you have the right people/roles defined?Technology risk – is your product up to scratch?Financial risk means …How long until you run out of money?
- Ask questions – the following exercise will help build on the questions you can and should be asking yourselfQuestions build insight – and insight plus judgment are the keys to growing good strategy. Rigorous questioning creates the analysis needed to form solid, coherent diagnosis, policy and subsequent actionsFocus energy and resources on a few key objectives that will make the difference. You cannot do everything, that everyone wants, all of the time.Iterate – Gather data points on which to base decisions and refine process/policy and objectives. But gather them quickly. Data enables decisions.If you’re not convinced or can’t convince others, you probably have a bad strategyWe can suggest a process for how to think about it – but ultimately the result is up to your own analysis
- Positioning statement – answers questions; critical to sell; builds into the pitch
- Model put forward by Geoffrey Moore in Crossing the ChasmA positioning statement explains what a company does and how it’s different from competitors. It’s externally focussed.If you can articulate an answer all these questions – you probably have a strategy.
- Model put forward by Geoffrey Moore in Crossing the ChasmA positioning statement explains what a company does and how it’s different from competitors. It’s externally focussed.If you can articulate an answer all these questions – you probably have a strategy.
- So what does a positioning statement look like? For example …The first iteration of Facebook!
- So what does a positioning statement look like? For example …The first iteration of Facebook!
- Segmenting audience – B2B, B2C, Industry, Age, Stage – idea vs. businessStrategy is a piece of cake!
- What are the main learning points we want people to take away?Strategy is not just a one off planning exercise – it is about ongoing analysisTest, learn and do again and again – keep revisiting it and refining your answers/thoughts