Key Learnings: How to Start a Pioneering Business Model?

• Published in: Business Model Pioneers pp. 213 - 215
• Main Authors: Voigt, Kai-Ingo, Buliga, Oana, Michl, Kathrin
• Format: Book Chapter
• Language: English
• Published: Cham Springer International Publishing
• Series: Management for Professionals
• Subjects: Body Shop; Business Model; Customer Group; Customer Relationship Management; Target Customer
• ISBN: 9783319388441; 3319388444
• ISSN: 2192-8096; 2192-810X
• DOI: 10.1007/978-3-319-38845-8_17

So what can be learned from the pioneers, beside how to create an internally consistent and unusual business model? All business model pioneers discussed so far provide answers beyond that of how to start an innovative business in their respective industries. The diverging strategies of the retail pioneers for drawing a solid customer base show that a multitude of approaches is suitable in this industry, provided there is a stable fit between the business and its target customers. From the heterogeneous group of pioneers in media and entertainment, Google shows the enormous importance of understanding who the key customers are, and how to develop a business model starting from this customer group. The service business model pioneers demonstrate that focusing on the core customer issue, in disregard of established business models, can help companies become creative regarding how to solve basic customer problems. Finally, among the manufacturing pioneers, Tesla shows how to create awareness for innovative products, and acclimatize a market that is not yet ready for your company’s offers. The companies give insights into how to create sustainable and coherent business models, while providing strategic inspiration on questions regarding customers, value creation and value capture.