The laws of changing market dynamics seem flattened in front of successful growth companies. Look at the biggest of organizations like Amazon, Apple, and Starbucks. They seem to be always running antagonistic to the flow of market confidence which is good for them and something to be emulated by every other company.
Here’s how their professional business strategy is different than the others:
Searching S-curve: Nothing is sustained forever. Every product, service, and line of business models usually take the route of S-curve. A cycle going through the phases of growth, maturity, and a decline. As soon as product line has reached its optimized level of customers and product modification and improvement, the industry gets saturated and price competition emerges. With the emergence of new competition, the product line loses luster or else new operating skills become indispensable. Against the co-ordinates of revenue and time, the curve forms an S-shape starting from original strategy to innovation window to lead to a new growth strategy. But planning does not have to be kept waiting till saturation seems apparent. It has to start way ahead of it may be in the innovation window phase so as to brainstorm about new innovation to be incubated.
Leaning on customers: Customers’ problems have to be understood and dealt with a serious hand. That is the reason many companies are happily embracing customer empathy map and customer empathy. All of these endeavors give you a lean approach to prototyping, designing partnerships, and improving business models. Biggest of the companies go out of their offices and comfort zones to interact with customers and know problems of customers on the ground level that is to say in real terms.
Thinking like designers: A product has been given to you and as a customer, you have to think about what you liked, what you didn’t like, and the shortcomings you wished the product didn’t have. Design thinking is all about being in the shoes of customers, consumers, and clients to think from their perspectives. User experiences must be about how products change the lives of customers and how they wouldn’t like to have any other product since your product caters to every required possibility. The concept of design thinking has made traditional leadership strategies like Five Forces Analysis of Porter redundant and given way to the business model canvas and blue ocean strategy.
Leading the way: Any professional business strategy acts in consonance with the trickle-down effect. It starts trickling down from the top of the funnel to reach the hierarchical order of management. Even in horizontal settings, CEOs have to be agile about innovation. From discussing leadership strategies with the top-level executives from around the world to tracking percentage revenue from a new line of products to spending days innovating- top management people have to take a lot of risks, play smart, and see impossible turn possible. Profitability sometimes has to take a backseat for a professional business strategy to be planted and invested money in.