Over the past 120 days, the learnings from battling COVID-19 crisis to date by my team, students and I have been priceless. To survive this crisis, our organizations, teams (and governments) have to be agile and adaptable to redesign our value propositions and business model innovation swiftly.
While working on two client projects from the start of this year, these four steps have helped our clients to design their way to survive the COVID-19 crisis:
1. Understand our current story
Recently, we helped one of our clients in the technology sector to diversify their customer segments whereby predominantly, they were focusing on the automobile industry. Before we started disrupting our client’s business model, we learned about their current story and how the critical building blocks were working together. Most organizations work in silos which prevents any kind of innovation.
2. Discover our customers’ unaddressed pains and opportunities
After having to identify the new customer segments, organizations must work to understand who their customers are by evaluating their customer’s environment, experiences and general context. This will lead us to uncover unaddressed pains and business innovation ideas - factors contributing to how customers will respond to our products - ensuring a business appeal to the new targeted customer segments.
3. Ideate and design our new business model strategy
To create new use cases for the multiple new customer segments of which we have identified for this tech client, we have taken the divergent and convergent approach to come up with the boldest ideas but also most desirable for customers. Prototyping and ‘testing to learn’ based on the assumptions we have made will increase execution success rate.
4. Implementation
By having to apply this 4-phases of business innovation, we have helped this tech client to develop clearer and more compelling stories for their use cases’ value propositions. Not only were they able to test the use cases at ease but they were also able to mitigate the risk which came timely during the COVID-19 outbreak.
“Innovation is the only way to win.” – Steve Jobs
VKT Business Innovation Online Training Program
To help companies accelerate business innovations during this crisis with quick wins, we have transformed these 4 steps into a half-day Business Innovation Online Training Program. During this interactive 3.5hr session, you will get to use the proven business innovation framework to design an agile and actionable business innovation model for your business.
Sign up at https://bit.ly/35sGvYt for the program happening on 28th May 2020. Alternatively, email info@vktransformation.com or call +65 68165301 for the following:
Group Discount Pricing of 2 or more
In-house or customized online training (Up to 90% EDG funding support available for local SG companies)
Other available training dates
Signing off,
Vivien Koh
Founder & Managing Director