Business Model Innovation: A Fresh Look At Your Customer Requirements
One of the great questions as an entrepreneur or a business owner is, “How do you keep your business evolving with your customer?”
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More about the video:
Today, we call this business model innovation or reinventing you business model. What is this? It means that no matter what has happened in your past, your current business model may be partially obsolete in some places. In some instances, it may be completely obsolete.
It may be time for some business model innovation.
DEFINE YOUR BUSINESS MODEL
A business model is the ability to generate profits. It’s the process or system by which you create profits. Sometimes, they call it the revenue model. You have to ask yourself, “Is your revenue model or your business model working as satisfactorily as you want? How can you tell?".
If your business model is working properly, it means that your profits and your sales are going up at a steady basis.
If they’re not going up, if they are leveled off, or they’re becoming unpredictable or even worse, if they’re declining, then you have to take a timeout and try some business model innovation.
The entirety of the revenue model is based on two things.
1) BUSINESS MODEL INNOVATION: YOUR PRODUCT
Your product is what we call a Customer Value Offering or a “CVO.” This is the value that your product offers to your customer.
What problem does your product or service solve, that your customer will pay you for solving?
It is astonishing that today how many people develop and offer products and services to solve problems that customers do not even believe that they have. Many companies will go to market and spend an enormous amount of money developing a solution for a problem that doesn’t exist.
This is why even with the best research, marketing, and product development, 80% of new products fail.
IS THE PROBLEM YOU ARE SOLVING IMPORTANT ENOUGH?
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