In this Acceleration Economy Growth Swarm, John Siefert, Bob Evans, Tony Uphoff, and Scott Vaughan have a conversation about reimagining business models in an increasingly fast-paced environment.
Highlights
2:20 — How do you define the premise of reimagining business models in today’s market?
4:36 — It’s important to recognize the difference between competition and opportunities for collaboration. Industries like financial services, manufacturing, and retail have already tapped into the power of mutually beneficial partnerships in order to develop new business models at a faster pace.
5:55 — While the “Big 3” business models are dominating (annual recurring revenue, delivering X as a service, cloud-based models), there remains plenty of room for innovation around go-to-market models. Altering the go-to-market model allows businesses to be more agile than ever before, implementing new innovations without having to wait to create an entirely new product.
7:49 — How can an established business navigate innovating its core business model while maintaining the levels of revenue and profits its shareholders have become accustomed to?
8:29 — Reimagining business models is the primary issue for today’s CXOs. Those who have invested in digital transformation based on cloud infrastructure, tools, and applications are now in a position where they can reimagine parts of their business—and those same tools apply to startups just as they do to legacy companies. Disney Plus is just one example, growing from zero to 138 million subscribers in less than 36 months.
10:45 — Another benefit of scaling fast is the ability to wind down. CNN’s attempt to break into the streaming game fell flat but was able to scale back down quickly. With this level of agility, it’s possible to “reimagine the reimagining.”
11:20 — How Maureen Erickson and athleisure giant Lululemon reshaped their business to buy back their own products in exchange for store-credit gift cards, then implemented a “re-commerce” system to offer pre-owned athletic wear at a discount to new audiences.
14:40 — Cloud Wars Expo will feature more of these types of co-creation ideas for companies looking for breakthroughs in how they fundamentally operate.
15:20 — Both Lululemon and Disney Plus show the value of innovating within the business models already in place. Although there are some examples of companies completely remodeling themselves, Cloud Wars Expo aims to show how most transformations already have the framework for a reimagination in place.
17:58 — Reimagination can also dramatically impact the customer experience as well as the employee experience. Not only is the Lululemon example a savvy method for giving more customers the ability to buy their products, but it also allows an athletic wear brand to talk about sustainability and environmental impact in a way it couldn’t before. It’s an opportunity to do the right thing in an era of increased scrutiny—people want to work for a company that has a mission beyond just bringing in cash.
21:14 — Culture and having a purpose beyond making cash is another theme of the upcoming expo. Workday Co-CEO Aneel Bhusri will be at Cloud Wars Expo to discuss, among other things, “cash with a soul.”
21:53 — Any effort toward reimagining a business model that does not put the customer at the center of the discussion will fail. When customers are dazzled, the odds are good employees will be too.
23:32 — A successful business model can’t be reimagined from behind a desk. Data hitting a CXO’s desktop or phone isn’t the same as an engaged understanding of the markets, the culture, the competition, and the community they serve.
25:55 — For years people tried and failed to figure out telehealth and virtual healthcare. Six weeks into a crisis, a solution was found—don’t wait for a crisis to believe in the viability of a newer, better business model.
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