In 2019, technology has evolved so much that it’s very much a case of adapt or die for all businesses. If you feel as though yours has fallen by the wayside recently and has failed to keep up with changing markets and consumer tastes, it might be time for a reinvention of your business model. Your business model is the backbone of your business. To stave off liquidation, innovation is key. And while outsiders might think that reinventing your business model may to too risky, it is critical to success.
Let’s take a look at 6 ways to reinvent your business model.
Is This the Right Time To Make a Change?
Is now really the right time to pivot? Or should you stick to the path you’re already on?
Knowing when to reinvent is crucial. If you make sweeping changes at the wrong time, you could see a loss in profits.
There are numerous reasons why a business might reinvent its business model. Some business owners might decide that it’s time to spend more time with their spouse and kids, while others might need to adapt to market changes.
The economy will hold sway too, as will changes in technology. Or it might be that the business owner is simply bored and needs a new challenge.
But while these are all good reasons to make changes, the timing might not be right. Remember that reinventing your business model will involve risk. Any major upheaval will result in different results, and there might be repercussions that you can’t handle.
Consider all possible consequences – such as loss of cash flow – and whether or not you can handle them right now. Ask yourself “what’s the worst that can happen? What kind of hit can we afford to deal with?”
Talk To Your Existing Customers
Don’t just assume that
- a) Your existing customers aren’t entirely happy with your current business model
- b) That you know exactly what they want in the future
Instead, solicit customer feedback. Get on the phone to them or send them an email and ask them what you can do better. Use a tool like Survey Monkey to generate answers.
It’s important to remember that customer priorities have changed over the last few years. Before you reinvent your business model, spend some time connecting with your current customers so you don’t make any bad moves.
Learn More About The Customer Journey
It’s very possible that your average customer’s journey is very different in 2019 to what it was a few years ago. The digital evolution has totally changed how consumers interact (as well as even find) your business.
To bring your business model in line with 2019 expectations, take a closer look at your customer journey. What’s their new experience like? Experiment with customer journey mapping to learn more about who your customers are and what they expect from you.
Spend some time by yourself plotting your strategic objectives. Visualize your strategy in action. What do you want your ideal business to look like? What innovations are required to get you to where you really want to be? What’s your desired top line and your desired bottom line?
Seek to be Different
If you’re truly bored with where you are now, you know that something needs to change in order to excite you.
And nothing excites a business owner quite like creating something truly unique that sets us apart from the crowd.
The most exciting businesses are those that put new spins on age-old industries. Take Zappos, for example. They sell shoes, but with a quirky name, a super varied selection and a unique storied approach to customer service, they’re offering a fresh take on an age-old industry that excites their customers and the business owners themselves.
Build a Responsive Website
A couple of years back, few websites were responsive. Instead, they were primed for desktop and looked terrible on mobile.
In 2019, it’s key that you use a responsive framework such as Bootstrap to bring your business model in line with what mobile users expect from your website. If your website isn’t optimized for the mobile experience, your business isn’t giving a large part of the market what they want.
Use a tool like Elementor to, first of all, build your website, and then use a tool like the aforementioned Bootstrap to optimize it for the mobile experience.
Put Together a “Transformation Team”
As you look to pivot in this complicated digital world of ours, it’s important that you have the right team behind you who will help you meet consumer expectations.
Spend some time building an experienced team who is able to build digital services and help you reinvent your business model. A solid transformation team needs to strategize, develop prototypes and tweak your business model so that you can better serve your customers.
If your business is currently falling by the wayside, it’s probably that either you’re bored or your customers are bored – or both. Use the tips in this article to inject some much-needed pizzazz back into your business and bring it kicking and screaming into 2019.
By Michelle Deery, who is a freelance professional writer and editor for Heroic Search. She is an online marketing enthusiast and has been writing content online for over seven years. You can find her on Twitter.