Change Your Business Model Online And Change What Is Possible

Simple changes to your business model can lead to massive changes for your customer base, market share, wallet share and category. What is the prevailing business model in you category or market? How long has business been done this way? How can an online innovation create a new business model?

What Category Change Could Your New Business Model Bring About?

Taking classified property advertising from the newspapers and delivering them online has changed this category. Not only can you search more efficiently, you can register for future listings if there are none at present that suit your needs. It is also much less expensive to open up a shop front online than the capital investment in starting a newspaper. This relatively simple change to a business model has revolutionised how people search the classifieds.

How Can Goods Or Services In Your Industry Be Delivered Online?

Or how can part of the process be handled online - tracking a shipment, reviewing designs are just a few. You don't need to throw away your old business model. You just need to look at what parts of it your customers would prefer to engage with online.

Your adapted business model can be a pure online business or an extension of an offline business.

Amazon.com created a new paradigm for online retailers to follow. By tracking your search queries and purchases, they recommend other products you are most likely to enjoy. Their library of books is much more extensive, they can access virtually everything.

Dell computers assemble made to order computers within 4 days at a fraction of the cost of the competition who take weeks to do the same thing. With their online business model you configure your options online, pay in advance, then Dell has a third party make the product, and they do not have a factory.

Can You Create A Made To Order Service For Your Products?

The cost of developing these online applications is dropping. This has removed an entry barrier that would have prevented such an option for pre-existing business model options, even as recently as one or two years ago.

The take up of high speed broadband and mobile phone applications has also created a mountain of new business model opportunities.

The Other Area To Consider With Establishing A New Business Model Is FREE

Freeconomics is the practice of giving away your product or service for free in order to make money in some other way. www.facebook.com is a prime example - they are still struggling to find the right method for monetising (creating revenue) from their site. But once they do, a customer base of millions will be primed and ready.

Freemiums is the practice of giving away your core service for FREE and making sales on premium products or services. Can you adapt your business model to incorporate elements of freeconomics or freemiums?

If you want to brainstorm ideas, get in touch with us. There are no limits to how you can adapt your business model to take advantage of what customers are looking for online.