Business model innovation for small businesses
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How to review your business model in order to more efficiently run your small business or to pivot into new products, services or industries.
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Business model innovation for small businesses
- 1. Generating new income Business Model Innovation
- 2. Experience
- 3. Lets start at the end Tomorrow’s competitive advantage of companies will not be based on innovative products and processes but on innovative business models
- 4. Apple is the largest music retailer in the world. It does not sell CD’s
- 5. Netflix reinvented video rental despite not owning a single physical shop
- 6. Pixar won 11 Academy Awards without there being a single human actor in its films
- 9. What can we learn from these successes?
- 10. Innovation Cycle Commodity Innovation Competitive Advantage Imitation Innovation cycle is now spinning faster and faster
- 11. Why is it spinning faster? Tumbling tech costs The rise of a start-up culture The rise of new tools Networked capital Changing world
- 12. Failure to innovate – fast enough
- 13. The consequence for companies in the innovation race are drastic. Even if they are currently successful, it is important for businesses to regularly test their business model. We live in an era of temporary competitive advantage: success can only be maintained if its roots are continually re-examined and nurtured.
- 14. Ikea redefined the furniture business Ebay changed the world of trade
- 15. HOW DID THEY DO IT?
- 17. What is a business model?
- 18. What is a business model? Stories that explain how enterprises work
- 19. That answer fundamental questions: Who is the customer? What does the customer value?
- 20. We must also not forget the issue of revenue “A million people walk into a Silicon Valley bar. No one buys anything. The bar is declared a massive success”
- 21. What makes up your business model?
- 22. Or…. Value Proposition Revenue model Who? Value Chain What do you offer to your customer? How do you create value? How do you make money? Who is your target customer? What? How?Value? Who?
- 23. By understanding these 4 associated points we can create a tangible business model
- 24. What is your business model?
- 25. It all started with You can have it in any colour you want as long as its black
- 26. And turned into this…..
- 29. Examples Direct Selling Businesses sell direct to the customer, not via an intermediary. This way savings can be made and passed to the customer Freemium The basic version of an offering is given away in the hope of persuading customers to pay for the premium version. A more advanced version of this is pay what you want.
- 30. Add on The core product is priced competitively, but there are numerous extras that drive the final price up Platform Digitally enabled marketplaces for matching buyers and sellers.
- 31. Mass customisation 2.0/ personalisation Initially this was companies like Dell tailoring products to individual customers needs. On demand is replacing in stock and increasing technology is allowing this to happen. Mega Hyperlocal Components for a product or service are source and assembled locally and then also sold locally. Here companies quickly create a strong brand presence and loyal customers. Can be expanded through the use of a Land and Expand strategy.
- 32. Initiation Ideation Integration Implementation Application of business model innovation
- 33. Initiation •What is the problem? •Where is it happening? •When is it happening? •How can we overcome the problem? •When do you need to get involved? •How do you know when the problem is fixed?
- 34. What are your problems? Where are they happening?
- 35. What are your clients problems? Where are they happening?
- 36. Ideation •Analyse against existing 55 business model patterns •What can be −Learnt? −Copied? −Adapted?
- 37. Ideation and the design thinking process
- 38. Integration • Check the consistency of the new business model • Examine all four questions of your new business model and check organisational fit. Does it work for you? Does it work for your customers? Does it work for your business?
- 39. Implementation – an iterative cycle
- 41. Thank you Stuart Hartley Managing Director Incrementa Consulting www.incrementa.co.uk s.Hartley@incrementa.co.uk