Jason Atchley : Strategy : 4 Things to Consider When Developing a New Innovation Strategy

Jason Atchley : Strategy : 4 Things to Consider When Developing a New Innovation Strategy

jason atchley

4 THINGS TO CONSIDER WHEN DEVELOPING A NEW INNOVATION STRATEGY

Know what to consider prior to crafting an innovation strategy.
June 22, 2015
Attempting to adopt a new strategy can harm an operation if the right strategy isn’t applied. The Harvard Business Review noted businesses that employ innovation initiatives tend to not perform or transition very well. However, with a proper innovation strategy, a sales team can set and reach objectives.
“Leading the way and trying something new is how businesses successfully innovate.”
Identify goals 
Every sales operation has different goals. Whether management wants to see a higher volume of revenue per sale, an increase in the number of sales leads or create a more suitable sales compensation plan, figuring out these goals will help a business engineer the proper innovation strategy to meet its objectives.
Create a unique innovation strategy 
HBR emphasized not every operation has the same needs. Adopting an innovation strategy used by another organization won’t necessarily drive the desired results. While management professionals can learn a great deal from other organizations’ innovation strategies, attempting to utilize the same one may not be as successful for one company as it is for another.
According to Harvard Division of Continuing Education, leading the way and trying something new is how businesses successfully develop and grow. This is the crux of what an innovation strategy entails, and thinking in a new perspective can help operations reach pre-established objectives.
In addition, it is important to consider whether a new innovation strategy will easily fit with an existing business model or if an operation will need to also adjust its model to accommodate a new strategy.
Consider customers 
Whether an operation understands its customers determines success. Requesting input or simply becoming more familiar with what individuals want out of an operation can help drive sales productivity. Becoming more attuned to the issues and demands of a customer base can help an operation develop the best innovation strategy for that unique operation.
Investing the time to evaluate the needs of those who purchase products is paramount.
Make it routine 
By constantly evolving and adapting, businesses can truly excel. The sales landscape is constantly evolving. Customers’ needs and employees’ motivators can completely change quickly. Continuing to evaluate and tailor a business strategy to those alterations can help improve the chances of an operation reaching its goals and objectives.
By constantly evaluating and looking to innovate and change strategies, businesses can bolster their performance. For example, if a sales team has not been performing as it should, management will likely need to consider both the customer needs as well as the needs of the sales team. If the customer wants a more personalized experience, developing a plan to incentivize salespeople to spend more time with each customer may help improve performance.
Sales incentive compensation can be used to strengthen an operation and increase sales productivity. Identifying exactly how to properly motivate a sales team is key. Management should also be innovative when it comes to compensating sales professionals.
Innovation drives continual growth and success. By considering these four components, an operation can develop its own unique innovation strategy.
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