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What your strategy professors forgot to teach you

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Our strategy professors always taught us that you have to position yourself in the right industry, analyze the market or have the right core competencies. And innovation will happen in products and processes. Really?

With the classical units of analysis for strategy like industry, markets we do not understand what is happening out there in the digital area.

We need a new unit of analysis. The only constant in the digital tsunami is the job we solve for our customer. And only the business model is in the end decisive for value creation aka solving the job of the customers.

The locus of innovation in the digital age is the business model and all its elements. The business model gives us new boxes to think in an thereby breaking the barriers of our conventional thinking about products, markets or industries.

Besides the business model, we need a new process to plan in. Strategic planning does not work since it wants to predict the future. With entrepreneurial design, we do not plan the result of the process but the process itself to discover the future.

Publié dans : Business

What your strategy professors forgot to teach you

  1. 1. What your professors forgot to teach you in strategy & innovation m’gmt CEMS Alumni Conference 2015 Dr. Patrick Stähler, fluidminds Do we have the right units of analysis for strategy?
  2. 2. The company invented the digital camera in 1973 …
  3. 3. …was the partner of choice for Apple to enter the digital camera market
  4. 4. …but never understood that digital is not a product innovation but demands a whole new business model
  5. 5. Digital was not about the great quality of pictures that the traditional customer of Kodak loved Digital is different.
  6. 6. From keeping to sharing memories – Digital solves new jobs for customers
  7. 7. Customers discovered new uses, no sane person would have ever thought off
  8. 8. Too bad for Kodak that now even professional photographers love the quality of digital
  9. 9. 1 We can only understand what we can see Classical innovation & strategy frameworks can not explain reality anymore We need new boxes to think in
  10. 10. Would you invest into this business? „We will have sales of USD 100 Mio. With a margin that is much, much higher than today. To do so, we just need 30 employees and will have a market share of 80%.”
  11. 11. A little quiz What is this?
  12. 12. 10.000 mio. USD classified market vanished because of Craigslist‘s business model innovation Craiglist 100 Mio. USD turnover (30 employees, highly profitable but replaced a substantially larger market) 10.000 Mio. USD decline in classifieds 2000-2008 Source: http://mediamemo.allthingsd.com/20090610/another-way-to-describe-the-newspaper- crisis-the-craigslist-boom/ You would have never investedas a traditional media houseinto Craiglist. You would nothave cannibalized yourtraditional business.
  13. 13. What is this?
  14. 14. What is this?
  15. 15. Same thing, different perspective!
  16. 16. „What was one of the most successful aid programs for the developing world?“ *Actually, it has nothing to do with governmental aid or NGOs.
  17. 17. „Which innovation expanded the global market for mobile communication the most?*“ *After the invention of mobile telephony itself
  18. 18. Dr. Patrick Stähler | 18 Which innovation made this possible?
  19. 19. Prepaid A small change in billingopened new markets inAfrica, Asia, Latin America, Youths, etc..
  20. 20. „Wow, I have invented the future of advertising. We do not need any videos or pictures or even color anymore. The future will be a text ad with maximal 95 characters. It‘s brilliant, isn‘t it? Would you havedared to saythis?
  21. 21. §  Instead of looking at better products, Google Adwords brought back relevance to the ad industry §  Google is blamed to be the killer of newspapers §  Sales around 59 bn. USD (2014)
  22. 22. 2 Beyond product and process innovation Business Model Innovations are »strange« and will change the world we know
  23. 23. product/technology value creates X enables business model Technology or a new produt does not create value. It is the business model
  24. 24. 3 Beyond product innovation Your business model is decisive for value creation not a new technology
  25. 25. Your Head We can only think outside the boxes if we have new boxes.
  26. 26. 4 Innovation can start anywhere The business model gives you new boxes to think in and innovate in
  27. 27. „What is a business model?“
  28. 28. The business model is the DNA of your business Are you aware of yourDNA?
  29. 29. The business model gives meaning to your employees and customers
  30. 30. 4 key questions for a successful business: What excites our customers? Value Proposition How do we create value for our customers? Value Architecture How do we earn money? Revenue Model Who is our team? What values do we pursue? Team & Values
  31. 31. What industry are we in? Who are our competitors? “ „
  32. 32. In which industry are we in?“ „
  33. 33. Dr. Patrick Stähler | 33 That was the job the customer wanted to do. “ „
  34. 34. Customer job to be done We do not need a drilling machine, screws and dowels. We want to hang up a picture. That’s the job-to-be-done. Customers hire a product or service to get a job done. The products are a means to an end, not an end in themselves. The value proposition creates the value for the customer, not the product!
  35. 35. Value Proposition The job-to-get-done is solution neutral. The job is to hang up a picture. Potential solution: §  The drilling machine, the dowel and screws §  Hammer and nail §  Powerstrips® by Tesa §  A friend with a drilling machine It is of uttermost importance to understand the core job we solve for our customers
  36. 36. product/services happy customers creates X value proposition solves delivered by business model The customer perspective: Technology does not create value. It is the value proposition the customer loves customer problem addressed by
  37. 37. Value Proposition Customer •  Who is our customer? •  What job do we solve for them? Value •  What value do we create for our customers? What value do we create for our partners? What excites our customer?
  38. 38. Value architecture Offer •  What is our offer? Distribution & Communication Channels •  How do we reach our customers? •  How do we communicate with our customers? How do we create the value? Value Chain •  What activities do we have to do to produce our offer? •  How does our value chain look like? Partner •  What partners do we need? Core Capabilities •  What are the core capabilities we need?
  39. 39. Revenue Model Cost Structure •  Cost structure is defined by your value architecture. Revenue Sources •  With what do we earn money? How do we earn money?
  40. 40. Team & Values Team •  Who is our team? •  What competencies do we have in our team? Values •  What values do we life in our team? •  How do we interact with each other and with customers? Who is on our team? What values do we live?
  41. 41. Customers Who are our customers? What job do we solve for our customers? Customer Benefit What benefit do we create for our customers? What benefit do we create for our partners? Offer What is our offer? Value Chain What are our value creating steps? What is our value chain? Core Capabilities What are the core capabilities we need? Distribution & Communication Channels How do we reach our customers? How do we communicate with our customers? Partner Which partners do we need? Questions for a Successful Business Model Cost Structure Cost structure is defined by the value architecture. Revenue Sources With what do we earn money? Team Who is on our team? What competencies do we have on the team? Values What values do we pursue? How do we interact with each other and the customers? Revenue Model Team & Values Value PropositionValue Architecture
  42. 42. All building blocks of a business model are a starting point for innovation, even your Team & Values §  All components of a business model are starting points for innovation §  Value Innovation §  Architectural Innovation §  Revenue Model Innovation §  Cultural Innovation §  At the end, all business model innovation must create more value to the customers Starting points of business model innovation Customers Customer Benefit Offer Value Chain Core Capabilities Distribution & Communication Channels Partner Business Model: Cost Structure Revenue Sources Team Values Revenue Model Team & Values Value PropositionValue Architecture
  43. 43. Your goal as a business model innovator: Be different from your competitors and being loved for what you do by your customers
  44. 44. Uber is more than a Taxi app. It wants to revolutionize how people move. It wants to disrupt the taxi & people moving industry
  45. 45. AirBnB opened a whole new segment of offers to the individualistic traveler of today
  46. 46. 5 Analysis of the past is not enough We need a different strategic planning process for disruptive innovation Start with customer insights not current markets
  47. 47. Point of View We do not plan the result of the process but the process to discover the future strategy 1 Customer Insight 3 Ideate 2 Understand 4 Design 5 Decide & Prototype 6 Build & Learn
  48. 48. 1 Customer Insight -  Observe your customers What job is not yet or badly solved? -  How does the Customer Experience Cycle look like? -  On what customer insights is your idea based? -  validate customer insight 2 Understand & Unlearn -  understand the current solutions and their strength & weakness -  understand how the potential customer thinks and decides -  understand the market & market mechanism 3 Ideate Develop as many ideas as possible in the area of -  customers/ value proposition -  value architecture -  revenue model 4 Design -  decide for three or four options -  design the business models for the options -  check the interdependencies in the business models -  work on the uniqueness (positioning) -  optimize the building blocks 5 Decide & Prototype -  decide for the best model to go for -  build prototype -  test prototype with customers -  write business case -  decide again or work on different option 6 Build & Learn -  execute business model -  learn continuously from customer feedback and control KPIs -  adjust and refine continuously the business model
  49. 49. Unsolved job-to-be-done What is the biggest problem with socks? Always start with thejobs-to-be done andinsights
  50. 50. JUST DO IT.
  51. 51. More Information on http://blog.business-model-innovation.com Dr. oec. Patrick Stähler fluidminds GmbH Kreuzstrasse 2 CH-8008 Zürich Patrick.Staehler@fluidminds.ch www.fluidminds.ch blog.business-model-innovation.com @business_inno

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