In today’s article I will share a brief introduction to the visionary approach to strategy and show when you could use this strategy.
When is the visionary approach to strategy the right choice?
Your company should consider taking a visionary approach when your company can reliably create or re-create an environment largely by themselves.
For example, it could be the right choice…
- When you see a clear opportunity for the creation of a new market segment or
- When you can disrupt an existing market segment.
In their book, Your Strategy Needs a Strategy, Martin Reeves and his co-authors,1 emphasized the importance of the visionary approach to strategy for business environments that can create a new market.
A great summary of their work can be found in the Harvard Business Review 2 or in the Boston Consulting Group publications.3
- ⇒ What is the visionary approach to business strategy?
- ⇒ When does this strategy work well?
- ⇒ What are the steps to deploy the visionary approach to strategy?
- ⇒ What is the difference to other strategies?
- ⇒ Summary
What is the visionary approach to business strategy?
- The company wins by being the first to create a new market or to disrupt an existing one.
- In short: Be first to revolutionize the industry with a new product or business model!
- What opportunities do you see to create a new market?
When does this strategy work well?
- This approach works well when the visionary company can build a new, attractive market reality.
- For example, your company is the first to apply a new technology or to identify and address a major source of customer dissatisfaction or a latent need.
What are the steps to deploy the visionary approach to strategy?
Step #1: Envision
- Visionary leaders anticipate a valuable possibility that can be realized.
Step #2: Build
- Then they focus their resources to be the first to build it.
Step #3: Persist
- They persist in executing and scaling the vision until its full potential has been realized.
What is the difference to other strategies?
- In contrast to the analysis and planning of classical strategy and the iterative experimentation of adaptive strategy, the visionary approach is about imagination and realization.
- Key Point #1: The company wins by being the first to create a new market or to disrupt an existing one.
- Key Point #2: This approach works well when the visionary company can build a new, attractive market reality.
I´m available to support you by re-imagine your business and propel it to the next level. The visionary approach to strategy will help your company to create new products that create new uncontested markets so your long-term success is ensured.
Contact me for a complimentary 30-minute strategy session:
Coming up next month
In my next blog post, I´ll share how to use the Blue Ocean Strategy (Part 1).
- Martin Reeves, Knut Haanes, Janme Jaya Sinha, “Your strategy needs a strategy, how to choose and execute the right approach”, Harvard Business Review, 2015.
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