30 Aug 2018, 09:30 — 3 min read
Summary: The onset of digital transformation has led to an ever-changing business environment. Nanda R shares three metrics which will ensure that your business model will remain relevant and agile in times of rapid change.
The business environment is evolving fast due to various factors such as change in people’s behaviour and technology. What changes you saw over a decade are happening now in months. This is impacting everyone from startups and SMEs to corporates, governments and non-profit organisations.
What should you do?
You have to review the various elements in your business model to come up with a strategy that is right for you. Basically, you must review the model across these three metrics: desirability, feasibility and adaptability of your business.
What is desirability? Are your products or services accepted in the market, especially by your target customers? Are they gaining from using your products or services? Do your prospective customers alleviate their pain points by using your products or services? A periodic check of these questions is important today due to the changes in customer preferences, choice, accessibility, needs, etc that are happening quickly.
Once you have got clarity on the desirability, move on to feasibility.
We also need to understand if the customers who desire the products and services are capable or willing to pay for availing the same. And are you able to generate profits not just currently but also able to forecast them on a long-term basis. What channels of distribution are you using, and which are profitable to your business? Are you utilising your resources effectively? Answers to all these questions will determine your product feasibility.
You might also find that your customers, vendors, other stakeholders who desire your products or services have some adaptability issues and they might either adopt your products or services or go to your competitor. This study can help you understand your customers better. Sometimes, this can pave way for you to create innovation to your offerings and can result in discovery of new target customers.
Now that you have a better understanding of the desirability, feasibility and adaptability of your products and services; you are in a better position to develop your business strategy.
Would love to hear your tips on optimising business performance.
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Posted byNanda Kumar R
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