The most recent issue of Strategy + Business features has a nice discussion of Booz & Company’s framework and methodology for evaluating growth strategies in this era of continuing economic uncertainty, tight capital markets and expanding competitive landscapes.
As rapid commoditization of products and services takes its toll on what were, once upon a time, competitively advantage business models, the pursuit, assessment and actualization of unconventional and undiscovered opportunities and ideas becomes increasingly vital. The article provides an overview of an evaluation methodology built upon five discrete lenses for assessing the viability of new market opportunities, as represented in the graphic below.
According to authors Greg Lavery and Chris Manning, “The Growth Lens methodology has five lenses that can be used, separately and together, to expand a company’s perspective on growth. The goal is to challenge assumptions about the size, shape, and definition of markets through a facilitated, creative, and rigorous process of business idea generation.”
Brainstorming, innovation, creativity and ideation are important activities at the front end of the process for developing new revenue engines and the corresponding business models, but informing the process with some rigor for evaluation and rationalization early can prevent time-consuming and costly false starts.
Comments