In today’s landscape, ideas and products evolve through various stages of maturity. The role of risk becomes a pivotal factor in shaping the trajectory of success. A portfolio business, housing a spectrum of concepts ranging from early-stage ideas to established market players, must navigate risk to strike a balance between innovation and stability.
Imagine this common scenario. The pursuit of the new and exciting takes precedence over the established operations. When this occurs, the cost is inevitable. It might manifest as a compromise in customer experience, a disruption of revenue streams, or even a faltering sales pipeline. The stark realisation—you must manage both facets of the business.
The events of 2020 forced organisations worldwide to rethink their approach. Now more than ever innovation needs to be a priority for survival.
Design products that customers want and come up with a rock-solid value proposition by focusing on their objectives, pains and gains.
Some ideas ultimately will be more valuable to your customers than others. If you have a toothache, it will consume you. You will do whatever you need to solve that pain… taking vitamins won’t help you at that point. But taking your vitamins is probably a good idea for your long term health. It’s a strategic choice to look after your body.
Learn why choosing problems over ideas will enhance your chance for success in my free white paper 'Creating Customer Value'.
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