Many companies look for ‘the next big thing’ to grow their business but seldom find it.
This is not the result of lack of vision, rather a lack of focus.
Few organizations have dedicated personnel and processes to concentrate on business, product and process innovation. Innovation unfortunately only gets discussed when sales decrease and the competition is seen to have the lead.
At this point what ensues is an unstructured internal debate on what to change based on personal and entrenched opinions. This leaves business owners spending more time separating fact from fiction rather than making strategic decisions based on informed analysis.
In order to discover where companies can build and sustain an uncontested market space, business owners need the right mix of visionaries and domain expertise that go beyond the skills required to manage their current business.
This is where Boardroom Metrics can add tremendous value. By understanding your category, consumer and brand we can offer an objective third party review of where you are, and more importantly where you should be going.
Having an unbiased view and bringing critical domain expertise to the table not only allows for a structured debate but defining a process and focus on the critical steps required to innovate.
Issues we can help with:
– Category and Competitive Analysis
– Market and customer research
– Product concepts and engineering
– Leading internal multi disciplinary Innovation Teams
– Business process re engineering
The Boardroom Metrics Approach
Whether you are a start-up or established business, our approach to leading business or product innovation assignments is specifically tailored to your business. The process ultimately leads to an achievable and measurable path to sustained growth.
Do you need product or business innovation advice?
– are you an established company with declining sales?
– is it difficult to have a discussion with management on ‘where is our business going?’
– do you have product reliability issues?
– has your business become disrupted by a new technology?
– are you facing competition from non traditional segments?
If any of these issues has or is affecting your business we can help. Boardroom Metrics dedicated innovation expert Louis Nastro devises a tailored process beginning with a deep dive on specific issues which usually uncovers other areas which will continue to challenge an organization unless rectified.
We begin by conducting confidential interviews of key internal stakeholders, clients and even non clients to get a balanced view of the issues followed by category trends and your brand / product perception in the marketplace.
It is here that the initial findings start to take shape and define where the business and product need to go. This analysis phase is tempered by the operational realities of the current business which is critical in forming a plan which is actionable and sustainable. Executives and managers alike have full visibility into the process which not only instills trust but also credibility in the project
1. Internal / External Product Audit
a. Assessment of current product portfolio – are you delivering what your target needs / wants?
b. Competitive review in your industry segment – we speak to users and non users to identify where gaps exist
2. Product Definition
a. Target market segmentation- after the product / competitive assessment where are the markets / users which represent growth areas
b. Technical due diligence – what technologies either internal or external are needed to make the product a winner. This may include audits of technologies that need to be brought in or re-tasking current capabilities to address a new product need
c. Product concept testing – once defined, speaking to the right audiences to acquire domain expertise and refine the concept
d. Rapid prototyping – drafting the engineering plan with all the right parts in place to execute efficiently
e. Internal stakeholder acceptance – is everyone in lock step with the new direction and how to achieve buy in
a. Addressing key concerns in production, customer support and developing operational plans to make the launch a winner
b. Assessing if the business model needs to change in order to go after these new segments
c. How does your organization need to change and can you do it alone? (Recommendations and executing Joint Ventures and Acquisitions)
4. Coming Full Circle
a. Agreeing on post product launch metrics, benchmarking success and modifying the product once user feedback comes in.
Please contact us for more information, via email: [email protected] or by telephone: Toronto/GTA office 416.994.6552.