A recent study by The Boston Consulting Group and BusinessWeek identified that while business model innovators and product or process innovators both achieve a premium total shareholder return, business model innovators earned an average premium that was more than four times greater than that enjoyed by product or process innovators. So clearly it pays to invest efforts on the topic.
A report on the survey offers the following questions for mobilizing the organization. While most aren’t new to the regular readers of this blog, others open interesting perspectives.
- What compromises does our current business model force customers to make?
- Why are nonusers or defectors dissatisfied with our offering?
- Do we offer customers a better value proposition than that of the competition?
- What alternative models are gaining share at the edges of our industry?
- If we were an industry outsider, what would we do to take advantage of the gaps or weaknesses in our business model?
- Do we have a plan for identifying potential business models, implementing them, and embedding BMI capabilities within the organization?
- What do we need to change in our organization and operations to implement a new business model?
- What information would we need to make a commitment to a new business model?
- How urgent is the perceived need for change in our organization?
- How should our ideas be championed?
Download the full report here.
For more questions have a look at our discussion guide or the 25 Ways to Reinvent your Business series.
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