Eight ways to reimagine your business model: Part 2
In our previous article, we unpacked four ways to reimagine your business model. In this installment, we’ll explore the four additional ways to design and execute a business model that serves as the lodestar for success.
Wednesday, September 28, 2022
5. Establish new links and sequences between activities
Links consist of the actionable steps and tasks that need to be executed. As your business (and customer expectations) evolve and you embrace new ways of working, it’s important to determine where you can create new links (or new process steps) between activities.
Sequences refer to the chronology of steps. Through careful examination, you may find that changing sequences results in increased efficiencies and greater customer loyalty. For instance, Dell changed its sequence to sell products before manufacturing them. This pivot in their sequence empowered them to produce products as needed, which reduced costs significantly.
6. Use your assets and resources in novel ways
Look for opportunities to make your organization engine for innovation. For instance, amid the pandemic, Starbucks reimagined their pickup service, which enabled them to cater to more customers, more quickly, without the risk of infection. This was how the curbside to-go strategy was born. Dream big and explore new ways to make your assets and resources work for you.
7. Rethink your channels
When processes are running like clockwork, it’s normal to neglect performing regular channel assessments, or the mechanisms through which customers interact and engage with your brand. It’s human nature to work in ways that have historically proven success, especially if we aren’t alerted to any strong stimulus.
That said, it’s mission-critical to periodically analyze your channels. Initially, Michael Dell created computers out of his dorm room and decided to sell them directly online. Keep in mind, this was at a time when consumers only purchased computers at brick-and-mortar stores. Soon enough, Dell had a significant competitive advantage against HP and IBM because his computers were more cost-effective.
8. Take activities online
Online shopping existed long before the pandemic hit, yet the culture of instant accessibility and insight helped the world survive. Lyft and Uber became successful because they recognized the need for a more efficient way to book rides, and the key was to bring this practice online.
Your current system has several activities that would be valuable to bring online. Keep your eyes peeled – the opportunities for innovation are endless.
