THE BUSINESS MODEL EXPEDITION
Business Model Expedition is a focused workshop in which we lead participants through the above 3–stage BMI process. We designed it to share our expertise and experience in leading the process. This is important because when it comes to working through this process, companies will always benefit from the outside perspectives of an independent facilitator. It helps them in every step of the process, including bringing clarity around the new or emerging market needs, ensuring the critical examination happens in an unbiased manner, and coaching business designers in the final redesign process.
In order to prepare participants for this workshop, they are asked to come having already made observations of the outside world, its pertinent trends, and the ways in which that might be relevant to their market. Once in the workshop, we discuss these observations together and then we use this as context for guiding them though a hands–on dissection of the particular market situation we've set out to address. We do this until we get down to its most fundamental JTBD. After we've established that, we then guide them through a critical examination and deconstruction of the current prevailing business model, as we strive to identify all of the ways in which it has dissonance with new or emerging market realities and these JTBD. Finally, we guide them through the reconstruction process to design an entirely new business model that leverages potential new modes of engagement, new ecosystems, and new value propositions so as to better resonate with the JTBD and better profit the business. We call this the BMI Design.
We also make certain participants understand that when working to conceive a new business model, they must completely disregard whatever competitors might be doing and instead focus only on the customer involved. The new value and experiences they have to deliver are to this customer alone. Thinking at the same time about competitors would only cloud the customer need and create confusion in the process.
Aside from the BMI process, the real reason these workshops are so effective and impactful is that in the workshop we challenge our clients to use 10X Thinking for the new business innovation they are pursuing. That is… breakthrough innovations tend to happen when one strives to improve something by a factor of 10X, as opposed to 10%. A 10X goal forces them to rethink the entire concept, pushing them beyond existing paradigms, viewpoints, business models, ecosystems, and regulatory constraints. It forces them to completely reimagine how to approach a business concept.
These workshops are typically staged as 3 – 4 day events involving any number of participants from every level and every function of the organization. Cross–functional participation is essential for producing effective new BI Designs.
In order to facilitate the Business Model Expedition, we use our own Breakthrough Business Innovation Model as the key working model for deconstructing and reconstructing the business. Using this as their framework for thinking allows participants to undertake precisely the sort of thoughtful and resourceful deconstruction / reconstruction that can in fact yield 10X outcomes. This is because the Breakthrough BMI Model shows them exactly what rocks they can overturn and look under for answers. Additionally, we use the oblique examination process (Step 3) of our Flight Board Innovation Method to facilitate the critical examination work. We also use the Legacy Innovation Value Proposition Canvas and the Legacy Innovation Business Model Canvas as working tools. We developed all of these to facilitate the BMI Expedition and make it as effective as possible.
Business Model Expeditions are a part of the Front End of Innovation. All three of its steps are equally critical if a breakthrough new business model is to be achieved.