Sales for 55 % of new products start to decline by their second year of production .
BEYOND THE FOUNDATIONS
Using the Edge Strategy to Drive Growth
Business owners launch their companies with a singular goal in mind : to be the best . But what happens after initial success ?
You don ' t need to reinvent the wheel . Instead , explore ideas and related possibilities throughout your business . Called the edge strategy , this practice can help you discover potential opportunities for fresh growth .
Such an approach allows you to look beyond your core offering to consider expansion and advancement . Plus , it can lower the likelihood and risk of innovating for the sake of innovation — i . e ., without purpose .
Innovation , after all , isn ’ t something to shy away from . But it also doesn ’ t have to mean a complete overhaul .
One of the best ways to keep an established business successful is to follow the edge strategy . Here are three specific ways you can do that :
1
Examine Your Product Edge . Take a good look at your products and services , imagining you ’ re a consumer . What would you want that isn ’ t currently offered and what is a related possibility ? Overlay these insights with detailed customer feedback to discover how you can adapt existing features to improve your core offering .
From Edge Strategy to Rollout :
ÎÎSTAY IN TUNE WITH INDUSTRY CHANGES TO ENSURE YOU ’ RE UP TO DATE , EVALUATING WHAT ASPECTS OF YOUR CURRENT MODEL NEED TO BE IMPROVED TO REMAIN COMPETITIVE .
ÎÎCHOOSE AN EDGE STRATEGY FOCUS FOR IMPROVING THE CURRENT MODEL .
ÎÎGATHER A TEAM TO BRAINSTORM , EVALUATE CURRENT PRODUCTS AND SERVICES , AND INNOVATE FOR THE FUTURE .
ÎÎTEST IDEAS AND PROTOTYPE ENHANCEMENTS TO DETERMINE EFFECTIVENESS .
Î Î ONCE RESULTS SHOW A HIGH LIKELIHOOD OF SUCCESS , BEGIN PRODUCTION !
2
Explore the Customer Journey Edge . Effectively engaging consumers drives business success . To understand how they can — and do — engage with you , walk through the process from their viewpoint . Is the flow of information and purchasing streamlined ? Is the message aligned and engaging throughout ? This can help you discover ways to further tailor your efforts — whether that means offering more support , honing the message , or redesigning the customer experience .
3
Build from the Enterprise Edge . Identifying resources and capabilities that extend from your existing product or service can help you create additional value offerings . Along the way , evaluate whether new initiatives should target a new demographic . Perhaps the production of an add-on part can increase sales while improving the existing product ’ s abilities . Or maybe you ’ d profit by creating a similar product or service with fewer amenities or an advanced version with all the bells and whistles .
At Sterling , we ’ re committed to helping grow your business . To learn how , contact your relationship manager or call 855.274.2800 .
CONNECT INNOVATION SUMMER 2016 // SNB . COM | 7