The primary misunderstanding about business innovation, which leads to inaction, is believing that reinventing or innovating your business starts from technical implementations.
We can start the process by mapping our business boundaries.
Define the value customers get and your business boundaries
In order for you to redefine and innovate, you need to understand first the current value you provide.
For instance, if you have a barbershop, are people just coming to you to cut their beards? Not really; many of those people might come to you for several reasons:
- They want to look good
- The place is near their home
- The environment is good
- They like to talk to you
You can develop a whole offering of services and products based on the reasons above.
For instance, if you're cutting hair, why not sell some of the products you select to your customer base?
Understanding the needs of your customers helps you structure an offering:
- Sell-related products
- Add-on offerings for related services
- Simple offering with a flat fee
- Subscription-service kit with curated products
Those are highly relevant now, so go to the end of this newsletter to find them out!
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Within and beyond your business boundaries
By setting the boundaries of your business and existing customer base, you can also define those experiments that would provide further value and enable your business to transform.
This also means being able to experiment with the following:
- Providing more value to existing customers with an expanded offering
- Create a whole new product for an existing customer base
- Tweak an existing product to serve new customers
- Or build a whole new product for a new customer base
Let's see now some case studies and examples of how companies are reinventing or surviving difficult times.
Recap: In This Issue!
- Business innovation: In this issue, I emphasized that business innovation involves redefining customer value. It is not solely based on technical implementations but rather on understanding customer needs and finding ways to enhance or create new value.
- Mapping business boundaries: To innovate, defining the current value provided to customers is important. By understanding these needs, businesses can develop various services and products to cater to their customer base.
- Structuring offerings: Understanding customer needs helps in structuring offerings. This can include selling related products, offering add-on services, a simple offering with a flat fee, or even creating a subscription-service kit with curated products.
- Expanding boundaries: By defining the boundaries of the business and its customer base, companies can explore experiments that provide additional value and enable business transformation. This can involve offering more value to existing customers, developing new products for the existing customer base, adapting existing products for new customers, or creating new products for new customer segments.
- Business Modeling
- Tech Business Model Framework (VTDF Framework)
- Digital Business Models
- Level of Digital Transformation
- AI Business Models (FVDF Framework)
- Blockchain Business Model Framework (VBDE Framework)
With ♥️ Gennaro, FourWeekMBA
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