• A marketing strategy as it should would be baseless in a new venture because they don’t yet know who their customers are
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My experience with business leaders has revealed that it is difficult to initiate innovation where the leader is entrenched in traditional business thinking. In this case, it takes long to accomplish innovation and the process is laced with a good dose of conflict.
This is so because traditional business thinking does not understand the workings of change; the new is threatening, hence, fought. The traditional thinker expects the new to emerge from old practices. But it doesn’t work that way. Innovation requires fresh thinking.
Furthermore, the traditional thinker doesn’t understand that the structures that help maintain the status quo seldom work in trying to establish the new. This means that a new venture may not need some of the key elements of an established system because of all the guesses yet to be validated. So that instead of crafting all the strategies that a traditional system would need, it helps to craft a solid learning plan.
An established organization has been in business for years, has established its customers and validated many aspects of their business model. But, for a new venture or innovative idea, it’s not so.
Therefore, a marketing strategy as it should would be baseless in a new venture because they don’t yet know who their customers are. The new venture must first take the time to find out how the market would react to their product. Or else, they may set themselves up for surprises in the marketplace.
Innovation, in any form, requires systemic learning because of the messy innovation process. The outcome of this learning now becomes the basis for strategy. This approach to innovation requires a change in mindset. Business leaders need to know how to deploy the appropriate thinking for new ventures.
It’s innovation because we’re exploring new ways of doing things. It’s innovation because mistakes will be made as we explore. It’s innovation because some things won’t work at first and that’s fine. It’s innovation because when we find what doesn’t work, we learn quick, grow and move on. It’s innovation because we leave room for learning.
If all you do is make mistakes with no learning plan, you are simply wasting resources and innovation isn’t happening. So, what is your learning plan? As an organization, I suggest that you track your learning weekly.
That way, people stay conscious of the growth plan and it would help to keep them motivated. The innovation process will cause growth, professionally and personally, if you have a learning plan.
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