... where visionaries, game changers, and challengers discuss business models
Having good ideas when designing Business Model Innovation is an important part of the story - implementing great ideas with the right approach is another!
That's why I want to learn more about that last step and what makes the implementation of Business Models and Business Model Innovation successful: What is the necessary approach? What should be supported by tools? What are the critical success factors?
I would very much appreciate if you contribute to our wish list on the implementation of business model innovation - please share your thoughts:
There are two main reasons why business model innovations do not work. It is either the front end is failing or it’s the backend that isn’t working. Of course these two must be working hand-in-hand in order to attain success.
Experimenting is essential. All business models need maturing. But due to fluctuations in the economy, the designed model oftentimes isn’t the one implemented. Therefore, constant customer interaction is necessary. A business needs to constantly test its model, modifying it from time to time in order to arrive at a potential value proposition that is being adapted by the customers.
Secondly build a separate structure from that of the current model. Most of the times companies blend in both structures. However, when the need to switch back to a single model arises, chances are small that a business can still employ same marketing channels and strategy. In connection to this, an excellent human resource and marketing team that has lesser attachment to the old model structure is needed.
Lastly, venture enough money on your new business model. This implies the need for capital-not budget.
The important factor that must be considered for successful implementation is to constantly prepare the company for innovations. This way, businesses wouldn’t have too much difficulty and would remain more or less, stable when adapting to changes.