With market disruption already happening around us, those who are still not preparing any actions or worse yet, not anticipating what is happening in their industry - need to get busy. It is often said that markets and especially big companies are not agile and dynamic enough, but today most companies do understand the necessity to develop into that direction.
Strategies for market shaping
Halfway into our program on this very topic, SMASH - strategies for market shaping, we can gradually see the participating companies’ projects taking form. In parallel with the mind-opening theories we have heard from Program Directors A/Professor Suvi Nenonen and Professor Kaj Storbacka, both from University of Auckland Business School, the participants are following the SMASH Lab process with step by step development phases for their own market shaping projects.
The days spent in Singapore offered further inspiration and true real life business cases on market shaping from among others CASE FRANK by OCBC about rethinking retail banking. At least equally interesting were the Silicon Valley company visits to the market disruptor AirBnB and IBM Software Executive Briefing Center, which was all about deriving meaning out of large volumes of structured and unstructured data and cognitive AI.
So over to you - how is your strategic framework developing? Has your strategy playbook expired? Have you truly explored all the layers of market systems? What if you could develop your capabilities and attitudes to enable such change? You can drive your own destiny through your actions, and research has shown that the SMASH lab really works.
What if taking a new strategic direction would not need to take months of preparation and an extensive budget? In Silicon Valley we heard Jake Knapp Design Partner at GV, talk about Design Thinking and Sprint. Sprint is the five-day process for answering critical business questions through design, prototyping, and testing ideas with customers.
Monday - map out problem and pick an important place to focus
Tuesday - sketch competing solutions on paper
Wednesday - make difficult decisions and turn ideas into a testable hypothesis
Thursday - hammer out a high-fidelity prototype
Friday - test it with people
Short, lean, fast, low cost and low risk – and it works!
Future of SMASH
The positive feedback from participants after two modules of strategizing, exploring and testing, has inspired us to continue to develop the program and we are now looking at upcoming SMASH plans.
Don't miss the blog Think you're cut out for shaping your market? on the same topic.