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Managing Growth by Business Model Innovation
2nd-4th Session, Dr. oec. (HSG) Patrick Stähler

                 May 8-9th, 2009
Agenda



    The deep fall of the music industry
    The Pandesic Case or why elephants can’t dance
    Some theory on
        Financial measurements and strategy, the resource allocation process
        Hidden flaws in strategy making
    Starting points for business model innovation or is everything already invented?
        Customer insights
        Case: The undergarment industry
        Value vs. architectural vs. revenue model innovation
    Beware of the customer
    What makes up a good strategy?




Dr. Patrick Stähler. Leuphana University Lüneburg                                      1
The deep fall of the music
(medium) industry
The bigger the capacity of the carrier medium became…



                     Longplay record                Music CD   iPod Shuffle




                                                                  1000 min




                           45 min                    74 min


Dr. Patrick Stähler. Leuphana University Lüneburg                             3
…the worse the situation for the music industry got

                                        Sales Music Media Industry global
                                                    in Bn. $ (1999-2007)


                        41         40        40
               40                                    37
                                                             34      35
                                                                               33
                                                                                         32
                                                                                              30
               30



               20



               10



                 0
                       1999      2000       2001    2002    2003    2004      2005     2006   2007



Dr. Patrick Stähler. Leuphana University Lüneburg            Source: www.musikindustrie.de           4
Guilty for the decline of the music industry were always the others, in
 particular their best customers




Dr. Patrick Stähler. Leuphana University Lüneburg                          5
The industry did what they knew best: More of the Same: More offerings
 and fighting music lovers




Dr. Patrick Stähler. Leuphana University Lüneburg                         6
Business model innovation come from outside the industry




Dr. Patrick Stähler. Leuphana University Lüneburg           7
The Pandesic Case: Analyze the case and give answers to
 the following questions
      Would you have invested in Pandesic at the beginning?

      How were the market conditions for the new venture?

      Were the right competencies at work at Pandesic? Were Intel & SAP the
      right partners?

      Make a short SWOT analysis of Pandesic

      What did go wrong at Pandesic?




Dr. Patrick Stähler. Leuphana University Lüneburg                             8
How did Pandesic end up like this?
The internet was seen as a sustaining
technology. They used well tested
management techniques from their
successful multinational mother
companies for a startup company and
failed miserably
Ok, let’s do an autopsy and find
out what went wrong?
- channels
- product development
- executive team
OK, let’s do some analytics
and theory
1                                     2
                       40% gross                        23% gross
                         profit                           profit




  * You are in the same industry under the same
    rules of competition
Dr. Patrick Stähler. Leuphana University Lüneburg                   12
Think more about ROI not just sales margin, but be aware of what the
 total assets are




                                                     Profit
                                             ROI =
                                                   TotalAssets

                     ROI = ProfitMargin × AssetTurnover


                                  NetIncome      Sales
                            ROI =           ×
                                    Sales     TotalAssets
Dr. Patrick Stähler. Leuphana University Lüneburg                       13
Both cases have approx. the same profitability




          1          = Department stores                     2           = discounters


                                           NetIncome      Sales
                                     ROI =           ×
                                             Sales     TotalAssets


       ROCII1 = 40% × 3 = 120%                           ROCII 2 = 23% × 5.5 = 126.5%



                                                    Figures are taken from Christensen, Raynor
Dr. Patrick Stähler. Leuphana University Lüneburg   (2003), The innovator‘s solution, p. 106     14
Ok, let’s assume we are this
turkey here. Let’s call him
Joey




Dr. Patrick Stähler. Leuphana University Lüneburg   15
Joey is a good student. He
learned that analytics will
help him to become a better
turkey.




Dr. Patrick Stähler. Leuphana University Lüneburg   16
So he introduces his well-being index that increases by the day since his
 owner treats him so well…..


                        Joey’s confidence level that he lives in paradise
               8

               7

               6

               5

               4

               3

               2

               1

               0




Dr. Patrick Stähler. Leuphana University Lüneburg                            17
Dr. Patrick Stähler. Leuphana University Lüneburg   18
Ok, I understand,
                                                    you think he is just
                                                    a turkey.
                                                    But think what you
                                                    usually do in
                                                    market analysis!




Dr. Patrick Stähler. Leuphana University Lüneburg                          19
We have a view of the world of what made
    us and our firm successful


                                                     Most assumptions are tacit
                                                     and unspoken



                                                    These assumptions help us
                                                    in normal circumstances very
                                                    well!




Dr. Patrick Stähler. Leuphana University Lüneburg                                  20
Our mental model our perception of our world. In a firm a dominant logic
 of how things ought to be done exist



                                          Market
                                          reports
                      Customer
                      Feedback



                                  Competitor
                                   Analysis
                                                    Domiant logic of the firm
                                                      resides in the people
                                                      gets stronger with success
                                                      filters information
                                                      helps to get things done with out too
                                                      much coordination
                                                      gets strengthens by knowledge
               The world according                    management, best practice and
                   to our firm                        benchmarking
                                                      is extremly important in a world of
                                                      sustaining innovations, but an impediment
                                                      to disruptive innovations

Dr. Patrick Stähler. Leuphana University Lüneburg                                             21
Hidden flaws in strategy making




Hidden flaws in strategy making
We believe that with analytical tools
of the past we can foresee the
future! For a sustaining world we
have the right tools! Lüneburg
Dr. Patrick Stähler. Leuphana University   22
Hidden flaws in strategy making

         Typical flaws                                Our successful human rationality
           Overconfindence in our our                   Our decision process is well suited
           capabilities and in our ability to judge     for normal environments
           the future
           The status quo bias: What we know            Bounded rationality: impossible
                                                        to analyse all facts
           can we analyze better and we love the
           present                                      Ecological rationality Mental
           Ancoring:                                    shortcuts to reach a quick decision
           The double-sided sunk-cost problem           that are good enough in normal
                                                        situations
           The herding instinct: What the
           others do can‘t be wrong! One reason         Preference to be exactly wrong to
           for Me-too Strategies.                       vaguely right
           False consensus: confirmation bias,
           selective recall, group thinking




Dr. Patrick Stähler. Leuphana University Lüneburg                                       23
Better management leads to
                                          disaster in disruptive times:
Financial tools are great but be aware of Thelimitations of the tools
                                           the better a company is managed
                                          for sustaining innovations the less
                                          capable it is to confront disruptive
                                          innovations.
Disruptive technologies are disruptive because in first sight they look so
 innocent
      Initially, disruptive technologies do not attempt to bring better products to
      established customers in existing markets.
      They disrupt and redefine trajectories by introducing products and services that are
      not as good as currently available products,
      but have additional features that appeal to different market segment such as
      reduced size, weight, complexity and lower power consumption.
      Disruptive technologies emerge and progress on their own, uniquely defined
      trajectories.
      Particularly low-end disruption become better over time so they can serve the
      most demanding customers as well and thereby replace the traditional technology
      as well




  based on: provenmodels.com and the Innovator's dilemma by Clayton M.
  Christensen and the innovators solution by Clayton M. Christensen and Michael E.
  Raynor


Dr. Patrick Stähler. Leuphana University Lüneburg                                            25
IsEVERY
 THINGalready



invented?
Well, let‘s start with something very mature – the tea bag



                                                         50 years old and
                                                         mature
                                                         Competition via the
                                                         form of the bag to
                                                         provide better taste




Dr. Patrick Stähler. Leuphana University Lüneburg                               27
Is everything already invented? – Nope, even mature things can
 be optimized when looking through the customers‘ eyes at the job
 to be done
                                                    Tetley invented the drip-less
                                                    tea bag
                                                    It solved easily the everyday
                                                    problem of dripping
                                                    Result: premium of 13% over
                                                    regular tea (at Migros)




Dr. Patrick Stähler. Leuphana University Lüneburg                               28
That’s how the firms
see their products
And that is reality




Dr. Patrick Stähler. Leuphana University Lüneburg   30
Again some theory
Disruption can come from the low end of the market or from
 nonconsumption

                                                                                                                           sustaining technology
                                                                                                                           bringing a better product into
                                                                                                                           an established market



                                                                           most demanding
           different measure of performance




                                                             performance   customers


                                                                           least demanding
                                                                           customers                                       low end disruption
                                                                                                                           addressing overserved customers
                                                                                                                           with a low cost business model




                                                                                                                                                      time
                                                                                                      new market disruption
                                                                                                      compete against nonconsumption




                                                                                                                             time


                                              based on: the Innovator's dilemma by Clayton M. Christensen and the innovators solution by Clayton M.
                                              Christensen and Michael E. Raynor, slide taken from provenmodels.com

Dr. Patrick Stähler. Leuphana University Lüneburg                                                                                                            32
If you are in a market
for giants...
.. and you play with
their rules you will get
nowhere…
„…but if you can create your own
                                          rules of engagement than you
                                          can compete even in a market
                                          for giants. “




Dr. Patrick Stähler. Leuphana University Lüneburg                           35
There is not just one strategy at a corporation


                                                                                   Questions:
             Capital market


                                                                                    Which companies should I own?
                                             owner strategy
                                                                                    In what businesses / markets
                                          corporate strategy                        should I invest inside the
                                                                                    corporation?
                                                                                    What is the right business
                              business
                              strategy               business strategy              model to succeed?


                                         category                                   How should I structure my
                                                           category strategy
 Customers




                                         strategy                                   offering?

                                                    product                         How should I manage this
                                                                  …            …
                                                    strategy                        product?




                               That‘s where business
                               model innovation start!
                                                 start!
Dr. Patrick Stähler. Leuphana University Lüneburg                                                                36
The definition of a
business model                                      Value Proposition
                                                    What value do we create
                                                    for our customers and for other
                                                    stakeholders?




                                                    Value Architecture
                                                    How do we create the value?




                                                    Revenue Model
                                                    How do we earn money?




Dr. Patrick Stähler. Leuphana University Lüneburg                                     37
Business model innovation
1. Value Innovation
     (We offer a better value proposition for an
     existing or new problem)
2.   Architectural innovation
     (We reconfigure the value chain so that a
     better value proposition emerges)
3.   Revenue model innovation
     (We change the revenue mix and thereby
     creating a better value proposition)
Where do we get a Value Innovation from? Let‘s find new customer
 insights as a starting point




                                                           Customers’
                                                             insight




                                              New value
                                             proposition



                                                                Business model
                                                                  innovation




Dr. Patrick Stähler. Leuphana University Lüneburg                                39
„How can we find
                   customer insights? “




Dr. Patrick Stähler. Leuphana University Lüneburg   40
„How about focus groups?“




Dr. Patrick Stähler. Leuphana University Lüneburg   41
How can we find systematically new customer insights?


Buyer Utility Map


                              Delivery/                          Comple-
         Buy                                         Usage                              Service               Disposal
                              Assembly                            ments




   Understand how the customers are                          How can we improve the buyer‘s utility
   buying, using and disposing the product                   cycle?
   Understand the whole lifecycle of                         Can we do more for the customer?
   customers‘ utility                                        Can we leave something to the
                                                             customer?




 Dr. Patrick Stähler. Leuphana University Lüneburg           Source: cp. Kim, W.C., Mauborgne, R., Knowing a Winning     42
                                                             Business Idea when you see one, HBR Sep-Oct. 2000
Where can I start in the buyer utility map? –
   The Dyson Vacuum Cleaner
Starting
                              Buy                Delivery   Use   Complements   Service   Disposal
Points

Customer
Productivity


Simplicity


Usability
                                                                                ++
Risk


Image &
fun


Enviromental
friendlyness
  Dr. Patrick Stähler. Leuphana University Lüneburg                                                  43
Blacksocks – We solve the world from its socks problems

                  Socks subscription
                           (2001-2008)                               Customer Insight
                                                           40'000     Buying socks is no fun
  40'000
                                                                      Putting socks in pairs even less
                         20% market share                             fun
                         in Switzerland*                              Good socks are a sign of „Being
                                                                      well dressed“
  30'000
                                            25'000                   Value Proposition
                                                                       Blacksocks subscription solves
                                                                       all problems
  20'000                                                               Always enough new socks
                                                                       No pairing needed since all
                                                                       socks are identical
                              12'000
                10'000                                               Revenue Model
  10'000                                                              Upfront payment
                                                                      Easy planning and negative
                                                                      working capital

         0
                 2001          2002          2005           2008
                               •* premium segment starting at 9CHF
Dr. Patrick Stähler. Leuphana University Lüneburg                                                   44
Blacksocks – we save the world from socks problems

                                                                          Putting
Starting                      Buy              Delivery   Use   Washing              Disposal
                                                                          in pairs
Points

Customer
Productivity


Simplicity


Usability



Risk


Image &
fun


Enviromental
friendlyness
  Dr. Patrick Stähler. Leuphana University Lüneburg                                             45
Dell – the classical business model innovator




Dr. Patrick Stähler. Leuphana University Lüneburg   46
IKEA – democratic design

             IKEA outsourced two value activities
             (assembly and transport) to its customers

             Thereby, it can offer substantially lower prices
             for good design



           Is this everything?
           Think about the value
           proposition and the
           production economics!




Dr. Patrick Stähler. Leuphana University Lüneburg               47
Revenue model innovation – the forgotten business model innovation
 type

                                                    Find new sources of revenue (Gratis-Zeitungen
                                                    are financed by advertising, always the prime
                                                    source of income for newspapers)
                                                    Let the same customer pay but differently
                                                    (postpaid vs. prepaid, bring the financing of the
                                                    deal along (GE Capital), single sale vs.
                                                    subscription (blacksocks)
                                                    Revenue model innovation change the economics
                                                    of a business. With an upfront subscription
                                                    payment the working capital is negative. Your
                                                    customer finances you




Dr. Patrick Stähler. Leuphana University Lüneburg                                                  48
The strategy canvas of Bosch IXO: A clear profile of the value innovation


               6                                    Traditional brands   No-Name   Bosch

               5

               4

               3

               2

               1

               0

              -1



Dr. Patrick Stähler. Leuphana University Lüneburg                                          49
Where does the value innovation of Bosch start?



                           Eliminate – Reduce – Create – Raise Matrix


                           Eliminate                        Create
                             technology talk                • easy of use
                                                            • fun




                                                                                 Differentiation
          cost reduction




                                                            • inspiring people


                           Reduce                           Raise
                           • performance                    • price
                           • heavy duty                     • home decoration
                           • men, muscle & sweat




Dr. Patrick Stähler. Leuphana University Lüneburg                                                  50
Very business model innovation must have in the end a higher customer
 utility



                                                        Customer
                                                         utility

                                             customer
                                    +          value

                                                         price

                                            company
                                 +            profit

                                                         costs



Dr. Patrick Stähler. Leuphana University Lüneburg                        51
Beware of your existing
       customers. They want
       More-of-the-Same-for-
       Less!




Dr. Patrick Stähler. Leuphana University Lüneburg
But also it takes time to
find new customers and
teach them the advantages
of your solution            Dr.
                            Patrick
                            Stähler |
                            53
Even innovations that are self-evident & have no competition do not
 diffuse easily. The example of lemon juice and the British Navy

   Discovery that lemon juice prevents
             scurvy in 1601

                    146 years


        Confirmation of the results
                   1747

                     48 years


          Introduction to the Navy
                    1795

                     70 years


   Introduction to the Merchant navy
                  1865

Dr. Patrick Stähler. Leuphana University Lüneburg   Source: Mosteller, 1981 cited in Rogers, 1995   54
Business model innovation demands often new consumer
 behavior. Learning takes TIME and a GOOD REASON to do so!


                                                    Have you ever thought of, how
                                                    much knowledge consumer
                                                    have about the consumption
                                                    process?
                                                    Most consumer knowledge is
                                                    learned via from other peers
                                                    To implement a new business
                                                    model in the heads of the
                                                    consumer takes time!




Dr. Patrick Stähler. Leuphana University Lüneburg                                   55
What are the variables determining the rate of adoption of a business
 model innovation?


1. Perceived Attributes of Innovations
•     Relative advantage
•     Compatability with existing knowledge                                 4. Nature of the Social System
•     Complexity                                                            •     Degree of network interconnectedness
•     Consumer Knowledge                                                    •     Norms
•     Trialability
•     Observability


                                                    Rate of Adoption of
                                                    Business model innovation



                                                                               3. Communication Channels
                2. Type of Innovation-Decision                                 •    Mass media
                •     Optional                                                 •    Interpersonal (Word-of-Mouth)
                •     Collective
                •     Authority


                                                                      Source: cp. Rogers,(1995), The Diffusion of
Dr. Patrick Stähler. Leuphana University Lüneburg                     Innovation, p.207                             56
The adoption of a business model innovation is a long and cumbersome
 process. Each customer has to go through all five phases




Knowledge                      Perception           Decision              Implementation            Confirmation

      • Do I know                   • What is my       • Shall I decide         • Shall I use it?       • Does the
        about the                     perception?        to buy it?                                       product fulfill
        innovation                  • Positive?                                                           the value
                                      Negative?                                                           proposition?




    failure                        failure             failure                failure                  failure




Dr. Patrick Stähler. Leuphana University Lüneburg                                                                      57
The S-curve is just the curve for successful innovations,
 but most fail




                              diffusion




                                                    time




Dr. Patrick Stähler. Leuphana University Lüneburg            58
Could you build up Tchibos business model from scratch?
 Probably not!


Coffee                         Coffee plus          Non-food       14 days                  Weekly world
                                                                   program                  of goods
                                                    products



      • 1950                        • 15               • 9 years         • 12                     • 9 years
                                      years                                years




Dr. Patrick Stähler. Leuphana University Lüneburg                            Source: Tchibo Website           59
Beware of your customer!

             Customers can seldom image products that they do not know
             Normal customers if asked want More for Less of what the industry is
             already offering
             Most demanding customers are great for finding sustaining
             innovations but a threat for disruptive innovations
             Traditional market research does not discover new demands. Market
             research is a reason for strategy convergence
             Most business model innovation come from the supplier side.
             Thinking in Jobs-to-be-done helps to find new not solved customer
             insights




Dr. Patrick Stähler. Leuphana University Lüneburg                                   60
What makes up a good business model innovation or any good strategy?




                                               Differentiation       Focus




                                                             Trend




Dr. Patrick Stähler. Leuphana University Lüneburg                            61
It’s about finding the
right trend to surf!
It is about differentiation
Dr. Patrick Stähler. Leuphana University Lüneburg   63
„Business model innovation is
                                  about being

                                  DIFFERENT!“


Dr. Patrick Stähler. Leuphana University Lüneburg          64
NO,      REALLY                                      DIFFERENT!




 Dr. Patrick Stähler. Leuphana University Lüneburg           65
Dr.
Patrick
Stähler |
66
Dr.
Patrick
Stähler |
67

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Growth by business model innovation, a lecture at Leuphana University, 2nd part

  • 1. Managing Growth by Business Model Innovation 2nd-4th Session, Dr. oec. (HSG) Patrick Stähler May 8-9th, 2009
  • 2. Agenda The deep fall of the music industry The Pandesic Case or why elephants can’t dance Some theory on Financial measurements and strategy, the resource allocation process Hidden flaws in strategy making Starting points for business model innovation or is everything already invented? Customer insights Case: The undergarment industry Value vs. architectural vs. revenue model innovation Beware of the customer What makes up a good strategy? Dr. Patrick Stähler. Leuphana University Lüneburg 1
  • 3. The deep fall of the music (medium) industry
  • 4. The bigger the capacity of the carrier medium became… Longplay record Music CD iPod Shuffle 1000 min 45 min 74 min Dr. Patrick Stähler. Leuphana University Lüneburg 3
  • 5. …the worse the situation for the music industry got Sales Music Media Industry global in Bn. $ (1999-2007) 41 40 40 40 37 34 35 33 32 30 30 20 10 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 Dr. Patrick Stähler. Leuphana University Lüneburg Source: www.musikindustrie.de 4
  • 6. Guilty for the decline of the music industry were always the others, in particular their best customers Dr. Patrick Stähler. Leuphana University Lüneburg 5
  • 7. The industry did what they knew best: More of the Same: More offerings and fighting music lovers Dr. Patrick Stähler. Leuphana University Lüneburg 6
  • 8. Business model innovation come from outside the industry Dr. Patrick Stähler. Leuphana University Lüneburg 7
  • 9. The Pandesic Case: Analyze the case and give answers to the following questions Would you have invested in Pandesic at the beginning? How were the market conditions for the new venture? Were the right competencies at work at Pandesic? Were Intel & SAP the right partners? Make a short SWOT analysis of Pandesic What did go wrong at Pandesic? Dr. Patrick Stähler. Leuphana University Lüneburg 8
  • 10. How did Pandesic end up like this? The internet was seen as a sustaining technology. They used well tested management techniques from their successful multinational mother companies for a startup company and failed miserably
  • 11. Ok, let’s do an autopsy and find out what went wrong? - channels - product development - executive team
  • 12. OK, let’s do some analytics and theory
  • 13. 1 2 40% gross 23% gross profit profit * You are in the same industry under the same rules of competition Dr. Patrick Stähler. Leuphana University Lüneburg 12
  • 14. Think more about ROI not just sales margin, but be aware of what the total assets are Profit ROI = TotalAssets ROI = ProfitMargin × AssetTurnover NetIncome Sales ROI = × Sales TotalAssets Dr. Patrick Stähler. Leuphana University Lüneburg 13
  • 15. Both cases have approx. the same profitability 1 = Department stores 2 = discounters NetIncome Sales ROI = × Sales TotalAssets ROCII1 = 40% × 3 = 120% ROCII 2 = 23% × 5.5 = 126.5% Figures are taken from Christensen, Raynor Dr. Patrick Stähler. Leuphana University Lüneburg (2003), The innovator‘s solution, p. 106 14
  • 16. Ok, let’s assume we are this turkey here. Let’s call him Joey Dr. Patrick Stähler. Leuphana University Lüneburg 15
  • 17. Joey is a good student. He learned that analytics will help him to become a better turkey. Dr. Patrick Stähler. Leuphana University Lüneburg 16
  • 18. So he introduces his well-being index that increases by the day since his owner treats him so well….. Joey’s confidence level that he lives in paradise 8 7 6 5 4 3 2 1 0 Dr. Patrick Stähler. Leuphana University Lüneburg 17
  • 19. Dr. Patrick Stähler. Leuphana University Lüneburg 18
  • 20. Ok, I understand, you think he is just a turkey. But think what you usually do in market analysis! Dr. Patrick Stähler. Leuphana University Lüneburg 19
  • 21. We have a view of the world of what made us and our firm successful Most assumptions are tacit and unspoken These assumptions help us in normal circumstances very well! Dr. Patrick Stähler. Leuphana University Lüneburg 20
  • 22. Our mental model our perception of our world. In a firm a dominant logic of how things ought to be done exist Market reports Customer Feedback Competitor Analysis Domiant logic of the firm resides in the people gets stronger with success filters information helps to get things done with out too much coordination gets strengthens by knowledge The world according management, best practice and to our firm benchmarking is extremly important in a world of sustaining innovations, but an impediment to disruptive innovations Dr. Patrick Stähler. Leuphana University Lüneburg 21
  • 23. Hidden flaws in strategy making Hidden flaws in strategy making We believe that with analytical tools of the past we can foresee the future! For a sustaining world we have the right tools! Lüneburg Dr. Patrick Stähler. Leuphana University 22
  • 24. Hidden flaws in strategy making Typical flaws Our successful human rationality Overconfindence in our our Our decision process is well suited capabilities and in our ability to judge for normal environments the future The status quo bias: What we know Bounded rationality: impossible to analyse all facts can we analyze better and we love the present Ecological rationality Mental Ancoring: shortcuts to reach a quick decision The double-sided sunk-cost problem that are good enough in normal situations The herding instinct: What the others do can‘t be wrong! One reason Preference to be exactly wrong to for Me-too Strategies. vaguely right False consensus: confirmation bias, selective recall, group thinking Dr. Patrick Stähler. Leuphana University Lüneburg 23
  • 25. Better management leads to disaster in disruptive times: Financial tools are great but be aware of Thelimitations of the tools the better a company is managed for sustaining innovations the less capable it is to confront disruptive innovations.
  • 26. Disruptive technologies are disruptive because in first sight they look so innocent Initially, disruptive technologies do not attempt to bring better products to established customers in existing markets. They disrupt and redefine trajectories by introducing products and services that are not as good as currently available products, but have additional features that appeal to different market segment such as reduced size, weight, complexity and lower power consumption. Disruptive technologies emerge and progress on their own, uniquely defined trajectories. Particularly low-end disruption become better over time so they can serve the most demanding customers as well and thereby replace the traditional technology as well based on: provenmodels.com and the Innovator's dilemma by Clayton M. Christensen and the innovators solution by Clayton M. Christensen and Michael E. Raynor Dr. Patrick Stähler. Leuphana University Lüneburg 25
  • 28. Well, let‘s start with something very mature – the tea bag 50 years old and mature Competition via the form of the bag to provide better taste Dr. Patrick Stähler. Leuphana University Lüneburg 27
  • 29. Is everything already invented? – Nope, even mature things can be optimized when looking through the customers‘ eyes at the job to be done Tetley invented the drip-less tea bag It solved easily the everyday problem of dripping Result: premium of 13% over regular tea (at Migros) Dr. Patrick Stähler. Leuphana University Lüneburg 28
  • 30. That’s how the firms see their products
  • 31. And that is reality Dr. Patrick Stähler. Leuphana University Lüneburg 30
  • 33. Disruption can come from the low end of the market or from nonconsumption sustaining technology bringing a better product into an established market most demanding different measure of performance performance customers least demanding customers low end disruption addressing overserved customers with a low cost business model time new market disruption compete against nonconsumption time based on: the Innovator's dilemma by Clayton M. Christensen and the innovators solution by Clayton M. Christensen and Michael E. Raynor, slide taken from provenmodels.com Dr. Patrick Stähler. Leuphana University Lüneburg 32
  • 34. If you are in a market for giants...
  • 35. .. and you play with their rules you will get nowhere…
  • 36. „…but if you can create your own rules of engagement than you can compete even in a market for giants. “ Dr. Patrick Stähler. Leuphana University Lüneburg 35
  • 37. There is not just one strategy at a corporation Questions: Capital market Which companies should I own? owner strategy In what businesses / markets corporate strategy should I invest inside the corporation? What is the right business business strategy business strategy model to succeed? category How should I structure my category strategy Customers strategy offering? product How should I manage this … … strategy product? That‘s where business model innovation start! start! Dr. Patrick Stähler. Leuphana University Lüneburg 36
  • 38. The definition of a business model Value Proposition What value do we create for our customers and for other stakeholders? Value Architecture How do we create the value? Revenue Model How do we earn money? Dr. Patrick Stähler. Leuphana University Lüneburg 37
  • 39. Business model innovation 1. Value Innovation (We offer a better value proposition for an existing or new problem) 2. Architectural innovation (We reconfigure the value chain so that a better value proposition emerges) 3. Revenue model innovation (We change the revenue mix and thereby creating a better value proposition)
  • 40. Where do we get a Value Innovation from? Let‘s find new customer insights as a starting point Customers’ insight New value proposition Business model innovation Dr. Patrick Stähler. Leuphana University Lüneburg 39
  • 41. „How can we find customer insights? “ Dr. Patrick Stähler. Leuphana University Lüneburg 40
  • 42. „How about focus groups?“ Dr. Patrick Stähler. Leuphana University Lüneburg 41
  • 43. How can we find systematically new customer insights? Buyer Utility Map Delivery/ Comple- Buy Usage Service Disposal Assembly ments Understand how the customers are How can we improve the buyer‘s utility buying, using and disposing the product cycle? Understand the whole lifecycle of Can we do more for the customer? customers‘ utility Can we leave something to the customer? Dr. Patrick Stähler. Leuphana University Lüneburg Source: cp. Kim, W.C., Mauborgne, R., Knowing a Winning 42 Business Idea when you see one, HBR Sep-Oct. 2000
  • 44. Where can I start in the buyer utility map? – The Dyson Vacuum Cleaner Starting Buy Delivery Use Complements Service Disposal Points Customer Productivity Simplicity Usability ++ Risk Image & fun Enviromental friendlyness Dr. Patrick Stähler. Leuphana University Lüneburg 43
  • 45. Blacksocks – We solve the world from its socks problems Socks subscription (2001-2008) Customer Insight 40'000 Buying socks is no fun 40'000 Putting socks in pairs even less 20% market share fun in Switzerland* Good socks are a sign of „Being well dressed“ 30'000 25'000 Value Proposition Blacksocks subscription solves all problems 20'000 Always enough new socks No pairing needed since all socks are identical 12'000 10'000 Revenue Model 10'000 Upfront payment Easy planning and negative working capital 0 2001 2002 2005 2008 •* premium segment starting at 9CHF Dr. Patrick Stähler. Leuphana University Lüneburg 44
  • 46. Blacksocks – we save the world from socks problems Putting Starting Buy Delivery Use Washing Disposal in pairs Points Customer Productivity Simplicity Usability Risk Image & fun Enviromental friendlyness Dr. Patrick Stähler. Leuphana University Lüneburg 45
  • 47. Dell – the classical business model innovator Dr. Patrick Stähler. Leuphana University Lüneburg 46
  • 48. IKEA – democratic design IKEA outsourced two value activities (assembly and transport) to its customers Thereby, it can offer substantially lower prices for good design Is this everything? Think about the value proposition and the production economics! Dr. Patrick Stähler. Leuphana University Lüneburg 47
  • 49. Revenue model innovation – the forgotten business model innovation type Find new sources of revenue (Gratis-Zeitungen are financed by advertising, always the prime source of income for newspapers) Let the same customer pay but differently (postpaid vs. prepaid, bring the financing of the deal along (GE Capital), single sale vs. subscription (blacksocks) Revenue model innovation change the economics of a business. With an upfront subscription payment the working capital is negative. Your customer finances you Dr. Patrick Stähler. Leuphana University Lüneburg 48
  • 50. The strategy canvas of Bosch IXO: A clear profile of the value innovation 6 Traditional brands No-Name Bosch 5 4 3 2 1 0 -1 Dr. Patrick Stähler. Leuphana University Lüneburg 49
  • 51. Where does the value innovation of Bosch start? Eliminate – Reduce – Create – Raise Matrix Eliminate Create technology talk • easy of use • fun Differentiation cost reduction • inspiring people Reduce Raise • performance • price • heavy duty • home decoration • men, muscle & sweat Dr. Patrick Stähler. Leuphana University Lüneburg 50
  • 52. Very business model innovation must have in the end a higher customer utility Customer utility customer + value price company + profit costs Dr. Patrick Stähler. Leuphana University Lüneburg 51
  • 53. Beware of your existing customers. They want More-of-the-Same-for- Less! Dr. Patrick Stähler. Leuphana University Lüneburg
  • 54. But also it takes time to find new customers and teach them the advantages of your solution Dr. Patrick Stähler | 53
  • 55. Even innovations that are self-evident & have no competition do not diffuse easily. The example of lemon juice and the British Navy Discovery that lemon juice prevents scurvy in 1601 146 years Confirmation of the results 1747 48 years Introduction to the Navy 1795 70 years Introduction to the Merchant navy 1865 Dr. Patrick Stähler. Leuphana University Lüneburg Source: Mosteller, 1981 cited in Rogers, 1995 54
  • 56. Business model innovation demands often new consumer behavior. Learning takes TIME and a GOOD REASON to do so! Have you ever thought of, how much knowledge consumer have about the consumption process? Most consumer knowledge is learned via from other peers To implement a new business model in the heads of the consumer takes time! Dr. Patrick Stähler. Leuphana University Lüneburg 55
  • 57. What are the variables determining the rate of adoption of a business model innovation? 1. Perceived Attributes of Innovations • Relative advantage • Compatability with existing knowledge 4. Nature of the Social System • Complexity • Degree of network interconnectedness • Consumer Knowledge • Norms • Trialability • Observability Rate of Adoption of Business model innovation 3. Communication Channels 2. Type of Innovation-Decision • Mass media • Optional • Interpersonal (Word-of-Mouth) • Collective • Authority Source: cp. Rogers,(1995), The Diffusion of Dr. Patrick Stähler. Leuphana University Lüneburg Innovation, p.207 56
  • 58. The adoption of a business model innovation is a long and cumbersome process. Each customer has to go through all five phases Knowledge Perception Decision Implementation Confirmation • Do I know • What is my • Shall I decide • Shall I use it? • Does the about the perception? to buy it? product fulfill innovation • Positive? the value Negative? proposition? failure failure failure failure failure Dr. Patrick Stähler. Leuphana University Lüneburg 57
  • 59. The S-curve is just the curve for successful innovations, but most fail diffusion time Dr. Patrick Stähler. Leuphana University Lüneburg 58
  • 60. Could you build up Tchibos business model from scratch? Probably not! Coffee Coffee plus Non-food 14 days Weekly world program of goods products • 1950 • 15 • 9 years • 12 • 9 years years years Dr. Patrick Stähler. Leuphana University Lüneburg Source: Tchibo Website 59
  • 61. Beware of your customer! Customers can seldom image products that they do not know Normal customers if asked want More for Less of what the industry is already offering Most demanding customers are great for finding sustaining innovations but a threat for disruptive innovations Traditional market research does not discover new demands. Market research is a reason for strategy convergence Most business model innovation come from the supplier side. Thinking in Jobs-to-be-done helps to find new not solved customer insights Dr. Patrick Stähler. Leuphana University Lüneburg 60
  • 62. What makes up a good business model innovation or any good strategy? Differentiation Focus Trend Dr. Patrick Stähler. Leuphana University Lüneburg 61
  • 63. It’s about finding the right trend to surf!
  • 64. It is about differentiation Dr. Patrick Stähler. Leuphana University Lüneburg 63
  • 65. „Business model innovation is about being DIFFERENT!“ Dr. Patrick Stähler. Leuphana University Lüneburg 64
  • 66. NO, REALLY DIFFERENT! Dr. Patrick Stähler. Leuphana University Lüneburg 65