With a new era of competition, companies need to develop a new approach to strategy.
Overturning the inherited tenets of strategy is a daunting proposition. What could a model of radical optionality look like in practice? While no company we are aware of has yet perfected such a model in all respects, some firms demonstrate the feasibility of different aspects of it and can thus serve as orientation points for operationalization.In a stable context, it is efficient to strive for standardized offerings in order to achieve economies of scale and experience.
At the same time, companies must continuously feed ideas from search into execution to validate hypotheses and accelerate iteration . One way to do this is to recruit field testers, as the New England–based apparel company Smartwool does. They buy and test new products, providing the company with crucial insights about their performance, suggestions for improvements, and ideas for new products. Another option is for companies to get customers involved earlier in their ideation process.
The boundaries between search and execution processes must be dissolved. Each employee is always both exploring and exploiting. A customer’s exploration—a journey of self-discovery and personal growth—can even be monetized directly. For example, purchasing a bottle of wine may be not only the expression of a desire to taste the beverage but a learning journey in winemaking and culture. Theis a subscription service that offers biannual shipments of six bottles of wine for a fee of $500.
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