PERIPHERAL GROWTH FRAMEWORK
Throughout the PGF process, the emphasis is on leveraging existing strengths while boldly exploring new horizons. It’s a comprehensive approach designed to propel businesses into their next phase of growth, by strategically expanding the scope of their operations and offerings.
Peripheral Opportunity Assessment
The Peripheral Growth Framework (PGF) embarks on a strategic journey, beginning with a Peripheral Opportunity Assessment. This initial step dives into market research and trend analysis to uncover growth opportunities lying just beyond the borders of your core business. It’s about envisioning what could be, by closely examining the market landscape and identifying where the untapped potential resides.
Strategic Asset Mapping
Moving forward, the process transitions into Strategic Asset Mapping. Here, the focus shifts to a thorough evaluation and realignment of your existing assets and resources. This phase is critical for discovering how to leverage what you already have, positioning these assets to break into new markets or product categories that align with the identified opportunities.
Innovation and Adaptation Strategy
With a clear understanding of available resources and market opportunities, the next step is to develop an Innovation and Adaptation Strategy. This stage is where creativity meets strategy, as new or adapted products are tailored to address the needs of peripheral markets. It’s a phase of transformation, where ideas begin to take shape, guided by insights into customer demands and market dynamics.
Implementation and Integration Plan
The journey culminates in the Implementation and Integration Plan. This final phase is about bringing the strategy to life, meticulously executing the integration of new ventures with core operations. It involves setting clear milestones and key performance indicators (KPIs) to measure success, ensuring a seamless transition that aligns with the company’s broader goals.
CASE STUDY: LEVERAGING EXPERTISE
TO INCUBATE FUTURE TECHNOLOGY
Challenge
Recognizing the potential to lead in the emerging market for tech-enabled home solutions, the client, an electronics and home appliances manufacturer, launched a Technology Incubator. This initiative was designed to harness internal and external innovation, capitalizing on the convergence of technology and home living.
Incubating smart home technologies and sustainable appliances by nurturing startups and integrating their breakthroughs into the company’s offerings, thereby driving peripheral growth.
Peripheral Opportunity Assessment
Identified the tech-enabled home space as ripe for innovation, using the Peripheral Vision Toolkit for a data-driven approach.
Strategic Asset Mapping
With the Asset Synergy Scanner we revealed key company assets that could be redirected to support the incubator, emphasizing the strategic use of R&D and brand reputation.
Analysis of the manufacturer’s assets, pinpointed R&D labs, prototyping facilities, and extensive industry networks as underutilized resources.
Innovation and Adaptation Strategy
Was formed around the concept of collaborative co-created innovation, with the Growth Opportunity Prototyper speeding up the cycle from idea to tangible product.
Implementation and Integration Plan
Crafted with the Integration Roadmap Generator, ensured that innovations aligned with the company’s strategic direction and enhanced its market offerings.
Developed prototypes for collaborative projects between the incubator’s startups and the company, focusing on smart home technologies and energy-efficient appliances.
Result
The Technology Incubator became a cornerstone of the company’s growth strategy, fostering a range of successful products that set new standards for smart, sustainable living. This initiative not only expanded the company’s product portfolio but also established it as an industry innovator, leveraging peripheral growth to solidify its market leadership.
CASE STUDY: HARMONIZING INNOVATION THROUGH ASSET REVIVAL
Challenge
In a landscape where advertising budgets were shrinking and demand for cost-effective music solutions was rising, a renowned music production company faced the dual challenge of underutilized creative assets and the need for new revenue streams. The company had amassed a valuable collection of unused music stems and compositions from advertising pitches—assets lying dormant while the market shifted towards library music due to budget constraints.
Asset analysis revealed dormant IP ripe for re-purposing to build new customer groups.
Peripheral Opportunity Assessment
Utilizing the Peripheral Vision Toolkit, the company conducted an in-depth analysis of market trends, customer needs, and the competitive landscape. This assessment unearthed a significant opportunity: there was a high demand for affordable, quality music by advertising agencies, independent filmmakers, and digital content creators who were turning to library music as a cost-effective solution.
Strategic Asset Mapping
Employing the Asset Synergy Scanner, the company identified its rich vault of dormant music compositions as a prime, yet underexploited, asset. The tool helped visualize how these compositions could be repurposed into a comprehensive library music offering, aligning with the market’s shift towards more budget-friendly music solutions.
The studio adapted unused assets for a new market, leveraging peripheral growth at low-cost.
Innovation and Adaptation Strategy
In transforming these insights into actionable innovation, the company decided to create a brand and online platform dedicated to offering high-quality library music. This strategy involved re-engineering unused music stems into full tracks, ready for commercial use, thereby breathing new life into existing assets and opening up a new revenue channel.
Implementation and Integration Plan
A step-by-step plan was crafted for development and launch. This included website development, cataloging and tagging music for easy search, and creating a marketing strategy to promote the new service. The plan ensured that the project was seamlessly integrated into the company’s existing operations, enhancing its overall value proposition.
Result
The online platform enabled global access, expanding the company’s market reach beyond traditional advertising to include various content creators. This strategic pivot not only generated a new stream of revenue but also repositioned the music production company as an innovator in the digital music space.
