《HARVARD BUSINESS REVIEW》REINVENT YOUR BUSINESS MODEL : How To Seize The White Space For Transformative GrowthMark W. Johnson
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Insights & Strategies For Organizations Looking To Innovate & Adapt Business Models To Stay Competitive & Drive Growth In Changing Markets
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★★ HARVARD BUSINESS REVIEW BOOK ★★
★★ NAMED A TOP 10 BUSINESS STRATEGY BOOK OF 2018 BY INC. MAGAZINE ★★
In his pioneering book Seizing the White Space, Mark W. Johnson argued that business model innovation is the most proven path to transformational growth. Since then, Uber, Airbnb, and other startups have disrupted whole industries; incumbents such as Blockbuster, Sears, Toys “R” Us, and BlackBerry have fallen by the wayside; and digital transformation has become one of the business world’s hottest (and least understood) slogans. Nearly a decade later, the art and science of business model innovation is more relevant than ever.
This revised, updated, and newly titled edition, Johnson provides an eminently practical framework for understanding how a business model actually works. Identifying its four fundamental building blocks, he lays out a structured and repeatable process for reinventing an existing business model or creating a new one and then incubating and scaling it into a profitable and thriving enterprise. Therefore, the central premise of this book is that successful businesses must continually adapt and reinvent themselves to thrive in an ever-changing business landscape.
The authors introduce the concept of the “white space,” which represents untapped opportunities and unmet needs in the market. To seize these opportunities, organizations must rethink and transform their existing business models. As a result, it offers insights, frameworks, and practical strategies for identifying and capitalizing on untapped market opportunities, or “white space,” to drive innovation and create new sources of value.
In a new chapter on digital transformation, he shows how serial transformers like Amazon leverage business model innovation so successfully. It provides insights and strategies for organizations looking to innovate and adapt their business models to stay competitive and drive growth in changing markets.
With rich new case studies of companies that have achieved new success and postmortems of those that haven’t, Reinvent Your Business Model will show you how to:
● Determine if and when your organization needs a new business model
● Identify powerful new opportunities to serve your existing customers in existing markets
● Reach entirely new customers and create new markets through disruptive business models and products
● Seize opportunities for growth opened up by tectonic shifts in market demand, government policy, and technologies
● Make business model innovation a more predictable discipline inside your organization
Business model innovation has the power to reshape whole industries–including retail, aviation, media, and technology–redistributing billions of dollars of value. This book gives you the tools to reshape your own company for enduring success.
Some of the Key concepts and insights from the book include:
◆ Understanding Business Models: The book begins by explaining what a business model is and why it’s essential for organizations. It distinguishes between the core business model (how a company currently operates) and the white space (potential opportunities for innovation).
◆ The power of business model innovation: Johnson argues that business model innovation is a more effective and sustainable approach to growth than product or technology innovation alone. He presents case studies and examples, such as Apple’s success with the iPod and iTunes, to illustrate how companies can achieve transformative growth by reimagining their business models.
◆ Identifying white space opportunities: The book provides guidance on how to identify and evaluate white space opportunities, which are areas of unmet customer needs or underserved markets. Johnson introduces the “Four-Box Business Model Framework” as a tool for analyzing existing business models and uncovering potential white space opportunities.
◆ Disruptive Innovation: Building on Clayton Christensen’s earlier work on disruptive innovation, the book explores how businesses can disrupt their own industries by creating innovative solutions that may initially seem less profitable but ultimately lead to market dominance.
◆ Strategic Choices: The authors discuss various strategic choices that organizations can make when entering the white space, including creating new business models, expanding into adjacent markets, and diversifying product or service offerings.
◆ Designing and testing new business models: Johnson offers a step-by-step process for designing and testing new business models, including value proposition design, customer segmentation, revenue models, and cost structures. He emphasizes the importance of rapid experimentation and learning to iterate and refine business models in the face of uncertainty.
◆ Managing the tension between new and existing business models: The book addresses the challenges of managing the tension between new and existing business models, as organizations often face resistance and conflicts when trying to innovate. Johnson provides strategies for aligning and integrating new and existing business models to drive transformative growth while maintaining core business performance
◆ The role of leadership in driving business model innovation: Johnson highlights the importance of leadership in driving business model innovation, as leaders play a critical role in setting the vision, creating a culture of innovation, and providing the necessary resources and support for experimentation and learning. He offers insights and lessons from successful leaders who have navigated the challenges of business model innovation.
◆ Sustaining Transformation: The authors emphasize that business model innovation is an ongoing process and that organizations must continually adapt to changing market dynamics.
Reinvent Your Business Model is the strategic innovation playbook you need now and in the future. Overall, “Reinvent Your Business Model” provides a framework for organizations to rethink their strategies and embrace innovation as a means of seizing opportunities in the white space. It offers practical guidance and insights for leaders and decision-makers looking to drive transformative growth and stay ahead in competitive markets.
About the Author :
Mark W. Johnson cofounded the strategy and innovation management consultancy Innosight with Clayton M. Christensen in 2000 (it was acquired by the Huron Consulting Group in 2017). A coauthor of Dual Transformation: How to Reposition Today’s Business While Creating the Future (2017), he has written and cowritten numerous articles, including the McKinsey Award–winning “Reinventing Your Business Model” in Harvard Business Review. Mark, his wife, Jane Clayson Johnson, and their children live in Belmont, Massachusetts.
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