>> Strategic Direction Setting
Strategic direction setting is the first step in driving consistent, sustainable innovation. It moves well beyond “I have an idea,” to provide the required structure, discipline and creativity.
This step draws on best innovation practices, customer insight and internal assessment to establish the strategic guideposts for innovation.
Key issues addressed by our innovation consultants:
- What can be learned from a diagnostic audit of prior company innovation efforts?
- What are the current and emerging drivers of current and related category demand?
- What are the strategic, financial and operational screens that must be met?
- What is the initial set of growth levers and opportunity areas (e.g., equity extension, new products, technology leverage, etc.) to consider?
Approach and anticipated results:
An internal and external innovation audit are used to inform initial innovation strategy development. The audit is comprised of executive interviews, competitive analysis and the like. Strategic direction setting results in the financial growth gap, new product screening criteria and the initial set of strategic growth opportunity areas to be further refined in subsequent project steps.
Contact EquiBrand for information about how an experienced innovation consultant or new product consultant can help.