Business Model Innovation or copycat? – Is it worth it?
Have you asked yourself, What’s fun about business if you stuck in figures and jargon! Have you ever wondered how to generate innovative business ideas and build a very interesting startup? Awesome, because this is all about startup business model design strategies
I just hope you are not one of those business owners and entrepreneurs who don’t know the winning techniques of startup business model design and believe that running a business is just about analyzing figures and charts and spreadsheets.
But don’t worry, because even if you are one of them This article will help you catapult the way you work to a totally different level.
It’s unfortunate to see that many entrepreneurs fall in to that trap.
The trick is that you can still play and have fun when you’re innovating, or designing innovative business models. Pablo Picasso once said, “I begin with an idea and then it becomes something else.”
I’m sure that by now you should have realized that the Business Model Canvas is just like an artist’s canvas with just one difference, It’s designed for entrepreneurs. All entrepreneurs, just like any artist, have a vague business idea and are looking for tools to help them turn their business idea to reality.
Top business ideas are nothing more than points of departure. They would evolve when you start experimenting as business ideas placed on the Canvas can trigger new business ideas
The science and art behind startup business model design is so magnificent that every entrepreneur dream to learn.
Because designing a startup business model that is easily understood by others is a tough challenge for entrepreneurs!
Many entrepreneurs literally take hours to explain to their team what their business model is all about, let aside the level of difficulty they go through when they intend to present their business idea to their potential customers, investors, and strangers.
In this article, I will walk you through Three battle tested business model design techniques and tools from the design world to enable you extend your boundaries of thought and produce better business models.
Here is the list of business model design techniques:
As an entrepreneur you’re dealing with design on a daily basis.
You design product or service, organization structure, theme of work, etc., however, many of these designs are done with the wrong tool.
For instance, many entrepreneurs got it wrong. They analyze and design everything using Microsoft excel where Excel or a spreadsheet, as an analytical tool, is not designed to be a business design tool.
What you need is the right business design tool that complements your business skills.
#1 Business Model Design base on Customer Insights:
How to set CRO Goals?
Let’s have a closer look at a few scenarios and see how can you optimize your conversion rates (a Must know topic for a good digital marketing agency).
Scenario #1: Increase Revenue:
If your goal is to increase your revenue,
then the conversion rate you must look into should be
the number of customers who bought your products, packages, or solutions VS the total number of people who showed interest in it.
Scenario #2: Get more Leads
In case you are trying to get more leads and engage them in your sales funnel,
you should monitor your conversion rate base on
the number of people who are approached (or they might approach you) against the number of qualified leads.
Scenario #3: Brand Awareness
In the event that you are looking for better brand awareness,
then you should not be looking for tangible results in short term.
However, if you implement re-targeting strategies (I’ll get to this soon), you can monitor your ROI conversion rate.
Lead Conversion Funnel Versus Sales Funnel
When it comes to advanced growth hacking that we offer in our SEO Agency sydney, and scaling your business
Your sales funnel should look like this.
You must define your source of traffic,
And drive each customer segment to the right landing page.
In many businesses, their sales funnel looks like this:
The first step is acquiring leads.
It normally happens by getting in touch with customers,
either through cold calls, email campaigns or face to face meeting, etc.
As soon as you have the lead’s attention
you’ll focus on proving your value proposition
and convert the lead to opportunity. (It means the lead is interested in knowing more about your offer)
Then, once you anticipate that the success rate and probability of closing the deal
you’d go ahead and pitch the customer and sell your product or service.
(There are a lot more to it but since this article is not about sales strategy, I simplified it as much as possible)
The conversion funnel is somehow different
In general, conversion funnel has 4 phases:
In the early stages, the customers will get to know about your offer, and your business
If they are interested, they will research about your product, your promise, and indeed your business conduct
If you manage to build a good reputation, and they hear good things from others, they will most probably try your Offer
Once your service is proven to be worthy of what you charge for, and can address their pains and gains, they will then make a payment and buy your core offer.
Now if you are here for a long haul and take care of your customers, and if they really like your product, they will recommend it to others or tell others about it, which leads to referrals and new customers.
Implementing conversion optimization strategy and aligning it with your sales funnel help you supersize your packages, and increase your revenue.
But it all goes back to your your business model, type of product, and nature of your business.
Let me walk you through one example.
Let’s say you run an online business and you have implemented the Bait & Hook business model.
The first thing that you’ve setup to get your customer’s contact information is your lead magnet,
And your lead magnet is a free report, or a free download, or a free trial, etc.
Something that does not cost you much to create,
And customers can get it instantly, for free.
Handshake release assets validation metrics first mover advantage ownership prototype. Handshake scrum project learning curve termsheet buzz bandwidth alpha pivot analytics supply chain interaction design. Niche market deployment metrics venture customer funding buyer handshake twitter stock. Pitch analytics assets.
At least misery loves company. It’s rare to find someone who actually enjoys a workday clogged with meetings — partly because we’re conditioned to hate them, according to organizational psychologist Joseph Allen, and partly because so many of them are just plain bad.
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Simply the misery loves company. It’s rare to find someone who actually enjoys a workday clogged with meetings — partly because we’re conditioned to hate them, according to organizational psychologist Joseph Allen, and partly because so many of them are just plain bad.
|Martin||$1||Because that’s all Steve Job’ needed for a salary.|
|John||$100K||For all the blogging he does.|
|Robert||$100M||Pictures are worth a thousand words, right? So Tom x 1,000.|
|Jane||$100B||With hair like that?! Enough said…|
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