INNOVATION STRATEGY DEVELOPMENT IN 5 STEPS
Successful companies have a clear and result-oriented strategy and also implement it. The development process of making an innovation strategy lasts 5 steps. The first step in this process is discovery. In this fase is it important to do your research so you know what the insights are of the market. The second step in this model is development. In this fase it is important to identify important target groups in the process. The third step in the process is building plans. U have to make sure that u set the right priorities in your plan with high level KPIs. The fourth step in the process is launch. In the launch it is important for the stakeholders to know what common goal they are going to achieve. The most important and last step is execution. The company has to stick to the plan that is implemented and keep the employees in touch about the process. Down below the full process is visible.
Step 1. Discovery
It starts with researching the current strategic plans and conducting sufficient market research. After that you involve the customers, partners and employees in providing valuable input to build the strategy. With this information, a set of models can be filled in and the first conclusions for the right direction can be drawn.
Step 2. Development
Based on prelimanry research, the strategy building blocks are developed: mission, vision, BHAG (Big Hairy Audacious Goal), core values, strategies statements, forecast and objectives. The trick for a succesful strategy is to identify important target groups in the process. For example you can think about customers, employees or important partners. The management is always leading.
Step 3. Building plans
When the building blocks are known and the first conclusions have been drawn, the plan for the strategy can be built. If you don’t put this on paper, the plan doesn’t exist. In this phase you actually draw the map to the long-term goals and bring it back to what your short goals are. If you do this, you know what goals you have to achieve before you can achieve the long-trem goals. The rocks (important priorities) top level plan with KPIs are being developed. Based on this plan, the plans can be developed for each department and division. The personal plans are also based on the basis of these plans. At the end, you will work on a meeting rhythm to reguraly update and adjust all stakeholders.
Step 4. Launch
The strategic plan is now the only task left before the launch. Just like a marathon, you have to start with energy and a starting gun. All important stakeholders should know what common goal they are going to achieve. The better the launch, the better it sticks and everyone sits and stays in the same boat. It is important to share the strategy and to make it physically visible. Think of a strategy map or the ambitious goal hanging on the wall.
Step 5. Execution
The strategy has been developed and launched. Now its time for the most important step: executing the strategy. A strategy is seen as a plan that you develop every year and you stick to it over the course of the year and therefore doesn’t deviate from it unless the situation changes significantly. The best way to keep everyone on board and to focus on the right things is by providing insight into the figures, having regular short consultations and keeping the strategy alive throught communication and exemplary behaviour