5 trends that make business modeling relevant
We live in a time where little is predictable. Large profits and growing market shares are over. The majority of organizations navigate in a space where competitors appear overnight, customers demand innovations monthly and business plans rarely last a full year. In order to stay profitable in the future, you will have to continuously innovate your business model. Does your business model still meet today’s requirements? 5 trends that cannot be ignored and that make business modeling highly relevant nowadays.
1. From ‘Ownership’ to ‘Access to’
Ownership is no longer priority, the ‘shared economy’ is becoming more common and growing. We listen to music with Spotify, watch movies with Netflix (subscription model) , share our car with Car2Go, our homes with Airbnb. We will be seeing this business model in other business sectors as well. What if your client wants to use your product, but does not want to own it?
2. 3D printing: The New Industrial Revolution
The 3D printing techniques become more sophisticated and developments in this area go very fast. In the coming years we will be increasingly designing and producing our own products, as Chris Anderson writes in his book ‘Makers: the new industrial revolution‘. We are all designers. What does it mean for your business model if your customers print – your or their own – products ?
3. Think like a Startup (or cooperate with them)
Innovative ideas do not come from the large organizations, but from startups. They can switch faster and see more opportunities. Investors keep their eyes open for the best ideas. What does this mean for existing organizations? You don’t have to invent everything yourselves, cooperate with them! Which startups could be a great opportunity for your organization?
Eventhough we increasingly go on a ‘digital detox’, mobile will become more and more important in the coming years. We are now reading the news and books on our cellphone, but soon we are going to shop and pay with it, and add all sorts of features (such as house keys or medical advice). How can your organization offer products and services via mobile in order to stay relevant to the customer?
5 . Business & Design
The context in which organizations operate is increasingly complex. Large advisory reports often bring no clarification. By using design thinking techniques and visual tools (like the Business Model Canvas), complex strategic issues can be made understandable (not only for management, but for the whole organization, and commitment and innovation power increases. Design and business will therefore be increasingly mixed together in the future. How can you use design thinking in your organization, and make strategy and innovation fun and more efficient?
This article has also been published in Business Review Romania.