By Bernd H. Schmitt
Enterprise leaders want daring innovations to stick suitable and win. Schmitt indicates how one can convey daring pondering into what you are promoting through sourcing mammoth rules and executing them creatively.
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Additional resources for Big Think Strategy: How to Leverage Bold Ideas and Leave Small Thinking Behind
The process for selecting exemplary companies is quite similar to the industry selection. First, do background research on exemplary companies in the chosen industry that are particularly good in the Big Think problem area that you identified. Next, create a matrix that lists similarities and differences on multiple criteria to your own company. Finally, prioritize and select which companies to benchmark. 4. Conduct the outside-industry benchmarking process. The actual outside-industry benchmarking process is similar to other benchmarking processes.
Then make a modified version that is toned down just enough that you might possibly pull it off. At the end of this step, you should have several bold ideas to consider for pushing your current strategy to its extreme. Abercrombie & Fitch (A&F) illustrates how this approach can be used to generate bold ideas year after year. The company has pursued a focused strategy of being the top choice in trendy and sexy casual wear. There are many other brands that use a similar positioning, but no other brand has taken the concept to such an extreme.
The second was a creative experience model characterized by excitement and lifestyle. Using these two models, together with us the Vodafone benchmark team identified exemplary industries and companies: the Ritz-Carlton hotel chain, Singapore Airlines, and Dell's B2B technology service site (the Premier Pages) for service excellence; W Hotels, Virgin Atlantic Airways, and the Geek Squad (a mobile technology service unit) for creative experience, among others. The results were dozens of best practices and breakthrough ideas that Vodafone would never have gotten from other telecoms.