business model

Business Model Innovation: How to Create a New Business Model in 2021

Pranav Hooda
By Pranav Hooda 5 Min Read

Regardless of whether you’re a large company or a startup, the business model you have now may not be the best fit for tomorrow, and there are various reasons for that. So here are some tips on how to create your own business model.

1. Identify your core value and differentiate it from your competitors.

We’re at a time in the business world where you have to be really innovative with your business models. You have to think outside the box. You have to think about how you can create new business models for the future. When you’re building a product or service, it’s important to identify your core value and differentiate it from your competitors. For example, if you’re a fitness app, you could say that your core value is being supportive and encouraging with the goal of helping people achieve their fitness goals.

2. Identify your customer and build a relevant product that captures their attention.

In order to succeed in the New World, you must innovate your business model. You will have to create new ways to connect with your customers, new ways to deliver your product or service, new ways to attract talent, and new ways to build your brand. You’ll have to be bold and creative when it comes to your business model. The hardest part of building a successful business is finding the right customer. You can have the best-looking website and the most compelling copy in the world but if you’re not speaking to the right customer, then your business isn’t going to work. Find your customer and build a relevant product that captures their attention.

3. Create a customer engagement strategy to keep them coming back for more.

Customer engagement strategies are a great way to keep returning customers, and to get new customers too. You can offer special deals and special products just for them, and that way they’ll feel like they’re getting something extra special and different to everyone else. Chances are, you already have a customer engagement strategy. For instance, if you’re blogging for a client, then it’s probably part of your contract. You’re probably sending out emails to subscribers, or you’re posting on social media. All of these things are part of your customer engagement strategy.

But if you don’t think you have any customer engagement strategy, then the first step will be to understand who your customer is, and that includes everything from their age to their gender to their interests. Once you have that information, you can start to craft how you’re going to engage with them and what you’re going to say to them.

4. Create a marketing and sales plan for the launch.

You’re ready to launch your product, but how do you create a marketing and sales plan that will help you get the word out there? First of all, you need to think about what kind of product you’re launching and who your target market is.

You need a solid marketing plan to make sure you launch your product or service correctly. 

The first step is to come up with a launch strategy. A launch strategy is a plan for how you are going to launch your product or service.

Your launch strategy should:

1. Clearly articulate your marketing and sales goals for the launch.

2. Clearly articulate your target market and the size of the market.

3. Clearly articulate your launch strategy.

4. Clearly articulate your marketing and sales tactics.

5. Clearly articulate your lead generation tactics.

If you follow these steps, you’ll surely have a better and innovative business model. In order to create a simple version of your business model for yourself and others, I and my team use this business model canvas to brainstorm ideas. 

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Posted by Pranav Hooda
Pranav is a serial explorer of new ideas and internal thought, a visionary and a transformational thinker. He launched his first business at the age of 21, while still learning about it in college. He hustled from the bottom and worked hard to build his company Orento Group. He has been on the forefront of transforming innovation in various industries such as marketing, finance, education and social entrepreneurship. Today he’s an investor, mentor, and speaker who has helped many entrepreneurs to find their vision and start their journey.
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