A great example of the membership site online business model is The Showrunner Community. It’s a paid community where podcasters get access to valuable resources like webinars and professional advice.
C-suite-level executives, and board members seeking to maintain their organizations’ relevance and standing in their industry will also benefit. Less risky and less costly than other forms of innovation, retooling an existing business model can also yield powerful competitive advantages. Success, though, requires a structured process that eliminates guesswork and subjectivity and can be duplicated across all areas of the organization.
In the past 10 years, I’ve launched 13 businesses and products, helped 100s of people start, and interviewed 528 of the smartest entrepreneurs in the world. A couple of examples of complacent companies are Toys ‘R Us and Blockbuster. They were huge companies and enjoyed massive amounts of success; however , this was all brought to an end due to their failure to innovate and change their business model. People became reliant on methods which caused them the least amount of hassle and the two aforementioned companies did not adapt or change their business model.
It some cases, it was one disaster away from moving from the back burner to crisis mode. “Working with an existing business model is perfectly fine as long as you stay deeply curious and innovative, and you find a niche market that personally drives you and differentiates you from others, ” she said. There’s plenty of advice out there for aspiring entrepreneurs on how to determine a business model — lessons on finding product-market fit, building a financial plan, and setting pricing that will net a profit, for example.
I offer pharmaceutical and biotech companies a data solution around drug product and pricing information. Our company has had a great run, but as you get bigger, you get nervous about somebody else coming along with a better strategy or way of executing. Business Model Innovation helped me see a new way to create and sustain a competitive advantage beyond our products and the demand side of our business.
I took Business Model Innovation because I wanted to expand my thinking and discover if there was more to innovation beyond a product-centric approach. I’ve been with my company for over 23 years, and in that time, what I learned, I learned by doing on the job. As a manufacturer, our approach at the company has always been very product-centric. I enrolled in the program because I thought I could learn something new and expand my thinking. This program is designed for executives who are experiencing significant changes in their markets, anticipating more nimble and robust competition, and/or facing profit margins that are under pressure. The curriculum is particularly relevant for business unit leaders who have been tasked with finding new avenues for growth within an existing product line, service, or geographic territory.
Not only do members learn from the content, but they also benefit from a supportive and engaged community. It takes a lot of time to wade through content online to find the golden resources you need. Membership sites remove this from the equation and provide customers with all the info they need in one place. Another great reason to use this business model for online business is building authority. As your popularity and traffic grow, you’ll be building up your credibility and becoming a resource in your niche. This online business model allows you to do things at your own pace, but traffic is a big caveat – you need to a lot of listeners to land podcast sponsorships.
This model with enable service providers to be in business with the support of the salon’s systems and programs. They will also be part of a brand and team community, at the same time keeping their own independence. As we have now established, the industry disruption has affected both salon owner and service provider. What is required is a duality strategy, a third way that must work for both parties within this new business formula. This model would have to be profitable for the salon owner, desirable for the service provider and attractive for the consumer. The growth of salon suites, and companies like Amazon meant the current salon business model had been disrupted and affected for many years.