DCA Innovation
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The document outlines a six-step process to help businesses innovate and differentiate in overly competitive markets. It emphasizes the importance of a strong business model that includes a unique central idea, understanding market trends, and effective leadership. The process is designed to guide organizations in successfully implementing innovation, focusing on understanding their position, redefining their business strategy, and fostering collaboration within the leadership team.
DCA Innovation
- 1. Innova&on: Racked, Packed & Stacked Six Steps To Successful Innova&on Dean Crutchfield Associates
- 2. Surviving the Flood Markets are drowning as a result of commoditization, reliance on cost containment, glib value propositions, and price competition. How can businesses differentiate themselves while creating valuable products, services, and experiences for their customers? Planning for growth and innovation requires a robust and ambitious business model. Dean Crutchfield Associates
- 3. If people aren’t telling you that your idea is crazy, then it is likely not a very big idea.” Francis Ford Coppolla This six-step process aims to help businesses differentiate in crowded markets and position them for successful implementation of innovation. Dean Crutchfield Associates
- 4. Plan Ahead A pugnacious CEO once told me that there are three ways to lose money: gambling, divorce, and innovation. With annual US research and development spending amongst Booz & Co’s Global Innovation 1000 at over $500 billion, companies are paying heavily for the ambition to create. But how do you plan for new growth and innovate in those markets where too many businesses are armed against commoditization with glib value propositions and over-reliance on cost containment, promotions, product extensions, and price competition? Dean Crutchfield Associates
- 5. Plan Ahead According to a global study by IBM, today’s CIO spends an average of 55% of his or her time on activities that spur innovation, and the key component underpinning all successful innovations is the business model. For a business model to be of value, it must have three core elements: a unique central idea that defines who you are, a grasp of future market trends, and profitability from either lower cost base or an offering that cannot be easily copied. Dean Crutchfield Associates
- 6. Plan Ahead Implementing a differentiated business model can successfully unite silos across the enterprise, turn around opportunities faster, get customers to stay longer and pay a premium, resolve internal crises quicker, and better leverage the allocation of resources. Nice to have, but where do you start? The solution is a combination of insights from Booz & Company, Michael Porter, and Philip Kotler that blend into a six-step process that can guide organizations to conquer the challenge of building a business model geared for innovation and business transformation.
- 7. 1. Know Thyself The first step of this process is a brutal assessment of what business you are in, how the business is differentiated, and if and why it is trapped in price competition hell. It is then a question of knowing the appropriate innovation strategy for an ambitious, audacious, and imaginative response. Identifying which approach is relevant for the business model has huge implications for the outcome of the innovation process and the allocation of resources. Dean Crutchfield Associates
- 8. 1. Know Thyself Booz & Co. have identified 3 types of businesses strategically placed for innovation: Need Seekers – research customers to explore new products and services based on insights Market Readers – focus on value through incremental change with proven market trends Technology Drivers – constantly rolling out new releases, seeking to solve the unarticulated needs of customers via new technology. Dean Crutchfield Associates
- 9. 2. Know Thyself Consequently, it is essential to become the ruthless enemy of ambiguity and ask entirely different sets of questions about the business framework for analysis can be found in Michael Porter’s five forces: the degree of rivalry in the category, threat of new entrants, the chance of substitution, buyer power, and supplier power. In basic terms, the framework requires that an organization evaluate their strategic position relative to the forces. By understanding influences such as competitive threat and supplier bargaining power, a business can generate an edge in the category. Behemoths like McDonald’s, PepsiCo, and Amazon are thriving global businesses because they fully understand the dynamics of Porter’s five forces and have successfully adapted their business models to influence the category in their favor. Dean Crutchfield Associates
- 10. 3. Aim Past The Target The third step of creating is to redefine the business and ascertain whether the aims are to attract more users and/or innovate new uses for the product, service, or experience. Critical for a successful business model is Philip Kotler’s 6 Ps: People – who is your target customer and why are they buying your product? Product – what is it/could it be and why is it unique in the category? Price – what must be set to cover fixed and variable costs with a just profit? Place – where have you chosen to do (e)business and why? Promotion – how do customers buy the products and how should you sell? Performance – what are the key metrics that success will be judged?
- 11. 3. Aim Past The Target Companies like Penske have built efficient, hyper-competitive businesses by consistently honing their business model to the ever- changing dynamics of the market place using the 6 Ps. Roger Penske, Founder and Chairman of Penske Corporation starts with People: “Want more customer focus or more sales? Ask every manager at every level to call “Want more customer focus or on at least ten customers per week. more sales?” Roger Penske It is also a great way to stay atop of trends. Twenty percent of my time is spent actively calling customers.” Dean Crutchfield Associates
- 12. 3. Aim Past The Target A robust plan must also layer in government regulations and laws currently in the market space – an essential component often overlooked. When evaluating countries for investment or opportunities, look first at a country’s geopolitical stability and its laws protecting property rights: these issues tend to provide a better long-term view on market risk and opportunity than economic indices,” says Dr. Alan Greenspan, former Chairman of the U.S. Federal Reserve. Dean Crutchfield Associates
- 13. 4. Lead Follow Or Get The Hell Out Of Way The fourth step requires formulating a strong leadership team with a shared vision that will be at the center, balancing contention with compromise while simultaneously maintaining focus on the brand and business goals. Contrary to popular belief, business innovation is not about isolation and competition; it is more often about cooperation and collaboration inside the business. This is best achieved by treating the leadership team as venture capitalists that have a stake in the program’s success. Dean Crutchfield Associates
- 14. 4. Lead Follow Or Get The Hell Out Of Way Success, however, should never be just about reaching targets: without non-financial goals, the ship is rudderless. Therefore the leadership team needs to define the overarching ambition for the business that can help steer the future and act as a compressed management tool when making decisions. Richard Branson of Virgin Group, confirms that ambitions must come before financial goals: “I can honestly say that I have never gone into any business purely to make money. If that is the sole motive, then I believe you are better off doing nothing.”
- 15. 5. Big Results Require Big Ambitions Crucial to success is framing the financial and strategic objectives of the business that separates immediate appetite from real business requirements. Jim Collins, author of Good to Great and Built to Last, asserts that “a conservative, disciplined approach to growth is a critical factor in sustaining a great business model. Though it may seem counterintuitive, great companies willingly leave short- term growth on the table if it means abandoning proven methods of long-term growth.” Dean Crutchfield Associates
- 16. 5. Big Results Require Big Ambitions According to McKinsey, 84% of executives believe innovation is extremely important for their company’s growth strategy. However, the successful implementation of innovative products, services, and experiences is a road paved with strain and failure. While building the business, do not let short-term growth override the long-term vision that provides a strong, steadfast strategy to move forward. Dean Crutchfield Associates
- 17. 6. Don’t Say, Do The secret of business innovation is to “think big, act small, fail fast and learn rapidly.” It is key not to let pre- determined goals undermine future success. As Paul Graham, entrepreneur and Founder of Y Combinator said, you need to “get up and running (bugs and all), gather feedback, tweak and grow.” Therefore, to avoid flailing around like a loose fitting part in a machine, you need to find the magnetic core inside the business that will draw together the company. Dean Crutchfield Associates
- 18. 6. Don’t Say, Do “A common vocabulary is not a common culture” former IBM CEO Lou Gerstner said of business transformation. “It requires focus, leadership, and commitment” to create an authentic community of motivated thinkers and doers that can open new channels for the business and industry. Google encourages its engineers giving them one day a week to work on a side project. The policy has yielded more than half of the company’s new offerings in a typical year! So, whether it is busting a new category or pushing the boundaries of the establishment, people are organized and compelled by ideas that have a clear strategy, form, and expression. Dean Crutchfield Associates
- 19. On The Front Foot With the 21st Century on fast forward, never has there been a more important time to innovate in the face of new faster global competition. Entire new industries and many existing ones have transformed to become creators of valuable ideas and experiences. Increasingly, civilization is organizing itself to maximize the generation of new and better ideas, creating the infrastructure, education systems, and innovative organizations that will solve problems, create value, and change the world. So let us say yes to delighting customers and celebrate imagination and indefensible creativity to advance humanity into a brighter future. Dean Crutchfield Associates
- 20. DCA Help Clients Sell More Services Selling Presentation Skills Ambition Planning Pitch Forum Seize More Opportunity Brand Strategy Team Building Personal Branding Brand Building Business Activation Win More Business Sharpen Offers New Business 101 Pitch Boot Camp Growing Clients Pitch Doctoring Dean Crutchfield Associates
- 21. Our Mission Achieving growth For ambitious leaders who are driven to grow fast Creating new business Orchestrating and activating accelerated outreach programs Building efficiencies Rapidly sourcing the best talent for the business Improving margins Rallying teams behind the brand and go-to-market strategy Boosting win rates Delivering your best case and winning face forward Dean Crutchfield Associates
- 22. Working with DCA Catalyzing top line growth for clients is what we thrive on: delivering your best case and winning face, encourage your people to move the needle north and sharpen the product offering. DCA (Dean Crutchfield Associates) achieve growth for clients by tailoring brand-led techniques that are uniquely participant centered. We guarantee results. Whether it’s a better pitch, winning new mandates, a better team or more fees, you will find our fee in your business within weeks. DCA programs have been thoroughly tested and proven with start-ups and the world’s greatest brands, uniquely adding immediate value. When you hire DCA, you get results. If you have the right people attend the sessions and complete all of your committed decisions and pilot initiatives and are still not satisfied or seeing results by the agreed time frame, we will coach and advise you free until you do! Dean Crutchfield Associates
- 23. Global Client Experience Aviva* McKinsey BP Metsä Serla* BT* Nomura* BSkyB* PepsiCo Camper & Nicholson PG&E Carter’s Pitney Bowes Cellcom* RBS* CITI Scanfinest* Comcast Shell “Dean always cuts to the core of what needs General Electric Smirnoff to be done and said. He helps bring clarity and Kraft Staples provides value by being an outsider with no agenda, so he can help you stand back and see Fila Sunglass Hut things from different perspectives. Frito-Lay Target Dean helped us think through solutions and Littlewood’s* Tower of London* then form the best way to present those McDonald’s Warburg Pincus solutions in a persuasive and compelling way.” M50 WGM *References upon request * Overseas Project Dean Crutchfield Associates
- 24. LET’S GROW Dean Crutchfield Associates
- 25. Contact: [email protected] +1 917 239 3303 333 East 34th Street, Ste 15A/B, New York, NY 10016 Dean Crutchfield Associates
- 26. Dean Crutchfield Associates Growth Advisors Dean Crutchfield Associates