We cannot continue to do the same thing year after year after year even if it is successful! I realise this sounds a little crazy, but let me explain why…
Markets are constantly evolving, buying preferences change and operating costs rarely stay the same. Nobody can guarantee when these changes are going to happen with 100% certainty, so you need to plan ahead in order to future-proof your business.
This is where innovation comes in as it is an essential for survival. But rather than banding the word around like a sound bite, we need to make sure that we are using it to genuine effect especially within marketing. Professor Vijay Govindarajan is chief innovation consultant for GE, and he has written a book titled ‘The Three Box Solution’ that provides an alternative perspective on the innovation process which potentially overcomes stagnation and avoids future failure.
Box one – managing the present and maintaining efficiency
Box two – selectively forgetting the past
Box three – creating the future often with a new business model
The perfect approach combines all three boxes despite there being an obvious conflict between them. One box seeks to maintain the status quo as it is working right now (box one), but there is also the need to change it as it probably won’t work in the future (box three). But box two seeks to forget everything about the business, including: what they do, who their customers are, where they operate etc.
So in theory, forget what makes the company what it currently is and then the limitations to innovation are removed. This applies to marketing even more so than daily operations, as a fresh approach or even a fresh set of eyes can bring about innovation. When this is applied to your marketing plan, of course continue with what works, but also consider new approaches now before the sales start to dip.
We can help you to create a marketing plan utilising our perspective and expertise which may give your business a boost. For more information on our services click here.
Source: ‘How firms can avoid being boxed in’ by Peter Day