Ambidextrous Business Models: How to Optimise Your Innovation Strategy
Now more than ever, senior decision makers are faced with the challenge to not only optimise and strengthen their core business, but also adapting to the multitude of external forces that are disrupting their future value propositions. It it inevitable that businesses implement multi-dimensional strategies to approach growth and innovation in the future, simply due to the fact that straightforward models will not suffice in covering the multifaceted aspects of uncertainty.
In the attempt of bringing a fresh perspective on what the future can bring to all aspects of business, Xeim Limited has organised the 4-day event “Festival of Marketing: Fast Forward”. Alongside CMOs of large international corporations, bestselling authors, Global Marketing Directors and other senior executives, Xeim Limited has invited our industry experts, Liliana Caimacan and Daniel Rukare, to partake in their virtual event. On the second day, where the focal point is set on “Future proofing your brand” and finding solutions to overcome the uncertainty of the future market, out professionals have introduced their 3-step value model for future proofing and demonstrated how it has benefitted international corporations in the past.
Our professor of practice on Entrepreneurship and Innovations, Daniel Rukare, breaks down the complexity of ambidextrous business models and elaborated on how an organisation can optimise their innovation strategy. He provides strategic insights that businesses can undertake in building multidimensional approaches that can withhold the ever-shifting trends that disrupt the future, including digitalisation, hyper-segmentation, social pressures and more. Further, Daniel Rukare is urging businesses to challenge their strategic visions to exceed their current customer needs and build a product portfolio that is able to conquer the multifaceted environment we are living in, all while protecting the environment and engage with it meaningfully.
He elaborates on three particular challenges that companies are faced with and is presenting approaches to navigate through the messy process of optimising the existing business. With the “3-Step Value Model for Future Proofing”, he demonstrates a multidimensional model that aims at helping businesses proactively deliver transformation within their business propositions. The model is based on research conducted on over 500 companies that operate in different markets and have remained relevant over decades. It underlines the importance of clearly defining the aspects that drive growth and matching those with the objectives and key results of a business.
Subsequently, Liliana Caimacan, Business Transformation Strategist, Innovation Leader and Marketing Expert connects the theoretical demonstration of the model with her recent experience of launching a product with TATA Consumer Products during the pandemic. She insightfully illustrates how TATA has bridged the gap between strengthening the core portfolio and developing new growth opportunities to drive future core development. She shows how it is possible, to establish new capabilities that support this business transformation, while keeping the customer at the center of their focus. Additionally, she analyses how Apple has successfully developed alternative opportunities for growth and how a business can establish anti-fragility through capitalising radical value and disruptive innovations.
Further on, she presents four vital areas that help a company to identify value opportunities to thrive in the future, with the most important factor being thoroughly understanding the customer and his needs. Only by comprehensively analysing the customer and his pain points, a business will be able to answer those in the best way possible and deliver a product or service that can satisfy the customer. The other elements that need to be brought together in synergy for a business to succeed in the long term are technological advances, social responsibility propositions and business feasibility.
Another tool that allows a business to extract the essential element that later on will be transformed into relevant and clear insights for disruptive innovation is the “Design Thinking Framework”. It puts innovations and trends in a market perspective and considers the behavioural trends aligned with it, i.e. consumer expectations. This framework combines the market environment, the business propositions and the consumer needs in order to achieve concept ideas and product solutions that answer can fill the gap in the best way possible.
To complement the theoretical aspects of answering the question “How to optimise your innovation strategy”, Liliana Caimacan showcases examples that have successfully achieved disruption through incremental innovation, especially in the lights of personalised experiences and sustainability. As an example, LOOP is a company that has pioneered reframing packaging and created higher value packaging which can be recycled up to 100 times. This company has created value to the brand and engaged with consumers with great success but more importantly exceeded their current customer needs and created a circular ecosystem that is built on partnerships and new business models that enhance the brand experience even further.
If you are interested in learning more about the 3-Step Value Model or need support in clearly defining your value opportunities for growth and future proofing your brand, you can contact us here for a more detailed discussion or to identify mutually beneficial opportunities.