256: Creating A New Business Model

In the dynamic world of retail, identifying fresh opportunities is pivotal to stay ahead. Bain forecast that new business models will make up a sizeable portion of the future of retail. But, there are many avenues open to you and it’s critical to consider the different strategies and leverage your unique assets appropriately. Additionally, the new business model will require a tailored operational model that dovetails into the existing ways of working, and new priorities must be balanced against the core business needs. This episode unravels the intricacies of creating a new business model, so dive in with Oliver Banks to redefine what’s possible for your retail organisation.

Listen to this episode to hear:

• How to discover the right opportunity and how this will impact the core business.
• The complexities of crafting a new operational model while maintaining synergy with the core business.
• The importance of prioritising, especially when new opportunities challenge established strategic goals.

 

 

Drive disruption with Oliver Banks

Oliver and OB&Co help retailers accelerate their transformation initiatives whilst successfully navigating disruption. Discover how, together, we can drive your retail transformation forward.

Connect with and message Oliver Banks on LinkedIn or by email at oliver.banks@obandco.uk.

⭐ For hands-on transformation support or fractional transformation leadership, ask about the Transformation Accelerator.

⭐ For ongoing guidance and coaching throughout the change journey, then my Transformation Navigator service is for you.

⭐ Or Maximise chances of success and keep your initiatives on track with our Transformation Tune-Up service.

Bain research shows huge growth in new business models

The below chart shows the growth of revenue and profit from the core business (“trade”) and new business initiatives (“beyond trade”). The chart is from Bain’s research and article: How Engine 2 Expansion Can Power the Future of Retail.

Additional episodes to listen to next

Firstly, if you’ve not listened to episode 255: Moving Beyond The Traditional Business Model, then you will enjoy that episode too.

If you’re thinking about a new business model, there are loads of episodes which might be suitable.

In episode 171, Howard Tiersky joined to explore how to Let Avatars Guide Your Transformation. This approach could be very useful if you’re looking at a new (and not understood yet) customer base for your new business model and could help colleagues to engage with the idea.

Perhaps you’re thinking about marketplaces as your opportunity for growth (then check out episode 240: Growing Through Retail Marketplaces) or new operating models (load up episode 142: The Modern Retail Operating Model)

And finally, data governance is likely to be a conversation that you need to lean into, so listen to data governance expert, Nicola Askham in episode 123: Build Data Integrity With Effective Data Governance.