1 keynote, 3 weeks, 3 countries, 3 BMI rebels
- Business Model Innovation
This summer BMI went around the globe! Daan de Geus , Diane Shen and myself got the opportunity to inspire highly motivated future entrepreneurs and business leaders during their summer program, ‘The Innovation Academy’ with a keynote. The program is organized by the European Innovation Academy and is hosted in Hong Kong, Italy and Portugal.
We get it! You actually wanted to be there and find it a pity that you missed out. That is the reason why we decided to share the insights of our keynote with you. Our goal was to inspire these gamechangers and give them a starting point on how to design a revenue model for their business. In this post, you can find the three main takeaways that we’ve shared with the students we spoke to. All the takeaways are based on our experience and they will help you with designing your revenue model.
- Value over price
A lot of companies, especially startups, are looking for a way to earn money as fast as they can. However, we know that nobody pays for something that they don’t value. Therefore, we always come back to the same question: where is value created? So, our tip for you; make sure you are relevant to your customers. Identify their needs, design a relevant value proposition and find out what they are willing to pay for your product or service. If people don’t see the value of what you are delivering, they simply won’t pay. Value comes first.
- Business Models are fluid
We can’t deny it anymore; many new technologies are arising. Because of these technologies, new business models emerge. We also see that these technologies enable us to work and live differently. Customer needs change over time and so do business models. So, our takeaway here is: if you find a revenue model, in the beginning, make sure it is adaptable.
- It’s a journey of exploration
Finding a revenue model is a journey of exploration and this is what it makes hard, but also fun at the same time. We all know the traditional revenue models, such as pay per product, freemium, bait and hook. However, today we see new revenue models arising such as ‘as a service’ and pay per usage. We see different types of revenue models within the same industry. Like for example, mobility, where we see traditional product sales, subscription models and pay as you go. There are many options to explore. So, our tip is just to start your journey. And remember, there is no single right solution.
As a gamechanger, you should know that it is all about focusing on value creation. Make it your routine to find out what your customers need from you, what problem you can solve for them and what they are willing to pay.
This requires you being truly curious about the answers. So, we dare you to go and find out.
Would you like to know more about this keynote and the topic of finding your next revenue model? Reach out to me directly to get access to the slide deck. Are you interested to know more about BMI and the projects we are working on? Check out our website.
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