Your purpose is to deliver value to customers. But it is also important that while doing that, you capture value for yourself. Companies which fail to capture value die. It is not just enough to disrupt the sector; you must capture value during the redesign. In that playbook, can you point out where value will come, for the business, even as you deliver value to your customers?
All types of business events are in danger of their revenue streams of tickets, sponsorships, memberships, and other types of fees being eroded. This is happening as the world gets used to digital formats and alternatives emerge to physical networking, matchmaking, and other tasks we get out of these events.
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Zoom is the Napster of the event industry, the ease with which you can put on good-enough virtual events with a global audience, almost for free, much to the undercutting of the underlying economics of the physical events world. All types of business event — conferences, trade shows, conventions — are in danger of their revenues streams of tickets, sponsorships, memberships, and other types of fees being eroded as the world gets used to digital formats and alternatives emerge to physical networking, matchmaking and other tasks we get out of these events.
Billions of dollars have been sucked out of the industry this year as it is completely shut, and virtual is making up only a tiny fraction of that.
Read this Harvard Business Review article where I explained this construct.
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Business model innovation is not a fanciful phrase, it’s about three things: value creation, value delivery, and value capturing.
Create, deliver, capture, repeat again and again and again; till you decide to close down. Once you miss out on any of the three, your future is no longer assured, and how well or badly you do them places you in the realm of winners or losers.
It is not enough to wow your customers, you must wow yourself too, the latter is what guarantees your perpetuity.