How not to lose the relevance of the business model?
Now the cryptocurrency market is writing its own history and is increasing its base of new fans every day, against this background we see how quickly changing business models we are used to. Some businesses cease to exist, and the crypto world is already changing the business models we are used to, and I am convinced that it will take several years, and we will see how the global market will radically change and deeper integration of blockchain technologies into our usual industries will take place.
In this century, we could often observe the life cycle of a market business model that could exist without global changes for 20-30 years, bringing stable profits to companies, giving them constant stable growth. The contemporary market dictates completely different conditions with the advent of new technologies, and the life cycle of the business model is shrinking. Dynamics is growing every year and requires constant changes, which contributes to the growth of consumer demands.
Today we see that the life of the business model has decreased in the classic business to 5-7 years, and in the IT and crypto market generally brings us new products every year, new technologies appear, trends, and the life cycle of the business model in terms of directions has been reduced to 2-3 years.
What can we do to not lose relevance, cultivate products and win the hearts of users?
1. It is important to remember that the most important person in business is your consumer. You need to put yourself in the shoes of your consumer, analyze the problems he is facing and find the best solution. We constantly have to answer the question "how can I further improve the consumer experience?" and what will be relevant for my user tomorrow.
We need to look at the world through the eyes of consumers and understand “what makes them angry?”, “What disappoints them?”, “What makes them upset?” and what problem do we solve by creating our product and launching it on the market.
2. Business needs to answer the question: Is my product good, relevant, and useful? The formula for a relevant and useful product is very simple: the best functionality among competitors multiplied by emotional attachment. Emotional attachment can be triggered through design, customer experience, or service.
3. Communication with your audience, correctly asked questions, and collecting feedback from your consumers, allows you to learn how to rebuild your business model and make it more attractive and relevant. By continuously working to improve the quality of the product, we must strive to create emotional affection and love for it, first, among our users.
4. Constantly answering the question “How much better does my product look in the eyes of the consumer than it was 3,6,12 months ago?" Thus, looking back, you can see the trajectory of improvement and development of the product, and not lose relevance, as well as avoid obsolescence of the business concept of the project.
5. Constantly monitor the needs of the audience, technology development, analyze competitors, present possible scenarios for growth and market development, catch trends, and are not afraid to implement them. Thus, you will understand how to adjust and refine the business model, as a result, even after a few years, the product will remain relevant and in demand, and new competitors will not keep up with you.
So, what is the most important for business? Always keep customers' needs in mind, follow them, and it will lead you to build the relevant product. To achieve that, you don’t need to be stuck on a “brilliant” plan and always follow it: you must be flexible and apply changes when needed. In another way, your business model can be obsolete quickly.
But how to apply changes and set up tasks? I’ll write it down in my next post.
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