How can you use innovative business models to succeed in your field?

Always be agile. Beyond its initial formulation, continually assess and fine-tune your business model to keep pace with evolving market dynamics

Having used The Business Model Canvas, it is straightforward to understand and use as there are only 9 building blocks but takes a lifetime to master due to the large amount of possibilities.

In addition to the above, the business model must include the costs to deliver the value to customer (known as COGS) as well as the costs to operate the business (known as SG&A or Expenses). It also must include the pricing model and how the business transacts. A good business model is profitable, delivers exceptional value and is scalable.

The best way to innovate a business model is to measure the value you deliver, and publish it. You can measure things like customer satisfaction, ROI, customer retention, uptime (for tech businesses), or a myriad of value metrics. For example; ShiftCo measures Member Success Rate (MSR), which is the “% of its Members who DOUBLE their revenue using the program.” (It’s a business growth program for conscious entrepreneurs.) Being able to say that 84.5% of its Members doubled their income is attributable to its business model. By measuring MSR, the leadership team adding and modified programs to get better results. The MSR showers them what to change.

Business model innovation doesn’t need to be the invention of something totally new. Often it’s about using already proven mechanism - business model patterns - and fuelling them with modern technologies to level up an existing business or innovate through combination. Using modern Technology for UI/UX and employing AI and algorithms to exploit the usage data for new product increments and continuously improve the customer service can further develop these business model patterns.

Push it further! Explore unconventional partnerships, unexpected revenue streams, or alternative cost structures that challenge industry norms and position you at the forefront of value evolution. Growth needs to be creative.

Shared savings business model - where a consultancy doesn't charge per hour for their time but shares in any savings they find and actually save your business.

I would rather define what is an optimal offering that allows for a business model to be innovative, which are: - what are the employed assets (the physical components) and how are they being sourced ? - what risks are being managed on behalf of the customer? - what pricing tactic is being chosen (for scope of access, timely availability, capacity) - what is the payment model, in terms of who is willing to pay and how? If the offering is composed in an optimal way as response to an unmet customer need, then the business model is perceived as innovative enough to compete in the respective market environment.

Initially explore as many ideas as possible, no matter how crazy they may seem! Viability, feasibility and customer acceptance investigations can then be used as a 'blow torch' to see which ideas still survive.

Always keep learning. Always keep improving. As you scale and sustain your innovative business model, cultivate a culture that embraces continuous improvement