Once we have great success with any strategy, our (over) confidence kicks in. 😇 However, this premature enlightenment lulls us into a false understanding of our environment and competition.
In 2007 Nokia had a phone that everyone in the world wanted. Nokia had plans for a smartphone, but Nokia Executives believed the world was not ready for it! 😎
Dumb Strategy is similar, expected and in conflict with our core values and abilities.
Nokia’s Strategy was dumb. Similar to previous years; with few surprises and in conflict with Nokia’s own values of customer satisfaction, achievement, and continuous learning. 😢 Nokia remained product-based in a brave new world where the new ‘Claim to Fame’ was shifting to platform-based models. e.g. Amazon, E-Bay & Google.
Smart Strategy is different, unexpected and aligned with our core values and abilities.
In 2007 Apple’s iPhone Strategy was smart – Different, unexpected and aligned with Apple’s core values of ‘deep collaboration, cross-pollination, innovation in ways others cannot and not settling for anything less than excellence’. 😃 Apple entered with a platform-based model which increased the value of their phone with the development of new apps.
Does your Business have a Strategy?
Not sure? 🤔 Remember Goals are not Strategy. KPIs are not Strategy. Balanced Scorecards are not Strategy. Projects are not Strategy. To do lists are not Strategy.
A strategy has three aspects and results from answering these questions:
ASPECT 1. OBJECTIVE OR ENDS
Q1. What is our unique customer (and stakeholder) value proposition?
ASPECT 2. SCOPE OR DOMAIN
Q2. Where do we want to play? By which rules? Against who? When will we get in and get out?
ASPECT 3. UNFAIR ADVANTAGE
Q3. How will we invest our resources so that we win? Can we be so focused that we align our intended, perceived market and unfair natural advantages?
NEED MORE ASSISTANCE?
At HCG, we help clients ‘Create a Strategic Mindset’ – we offer a highly challenging and collaborative way of becoming and remaining relevant and competitive.