20 Types Of Business Model Innovation

Business model innovation is the discovery of new means of capturing value. Historically, most businesses are based on a handful of business models such as manufacturer, retailer, and middleman. It isn’t easy to discover new business models but it’s potentially rewarding. Listed below are common types of business model technology. Changing the framework of operations. For example, a shift to distributed electricity production with solar power panels instead of centralized power channels. Challenging existing prices models. For example, a set-rate price for unlimited streaming press instead of purchasing movies and songs as digital products.

New means of achieving the customer. For instance, the combination of product showrooms and commerce as opposed to traditional retail. Shifts in customer experience like a virtual product showroom which allows customers to view digital twins of products in their house. Wrapping things in value added services. For instance, products that are sold as a regular monthly service with full support.

New ways of engaging a target market. For example, advertising in a game environment. Means of saving the customer time and effort such as ecommerce that reduces your time and effort of shopping. Reducing the complexity of decision making processes for customers. For instance, an assessment site for do-it-yourself contractors that makes it no problem finding a professional with a good reputation. Allowing customers to personalize and control things in a manner that was never possible before.

For example, the ability to create a unique pair of shoes without much understanding of fashion design. New ways to discover information like the invention of the internet search engine. Changing the way that people socialize. For example, a digital community for a spare-time activity that creates a sense of connectedness across a subculture. Discovering new value for customers such as a completely new type of product. For example, the companies involved in inventing snowboarding as a new sport.

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New ways of creating value like a system of free realtors instead of employees. New types of capital or ways of sharing it. For instance, the invention of the theme park. Creating new markets for the exchange of value. For example, an app that allows people to easily book a property they aren’t using.

Products and services that induce more output for a device of input. For instance, a new mode of transport that reduces energy costs. Tools for people that allow them to create more with a full hour of work. For example, photo-editing software’s impact on the photography business. Leaps forwards in the performance of products and services.