Written by: Vickie Sullivan | March 23, 2017
Choose the Right Business Model
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In response to changing markets, many thought leaders reexamine their business models.
Good news: Changing your business model can expand your empire. Bad news: The wrong business model can cost you months of spending money with no results. Below are two things to consider before you invest in a business model reboot.
- Roles vs. contribution. What is your current business model based on? Too many thought leaders paint themselves in a corner when they focus on the role they play. Why? Because buyers compare them by low-cost solutions. Example: Positioning yourself as a coach puts you in the cross hairs of internal coaches or online solutions. Instead, build your business model around the value of your best contribution. Models based on a “manifesto” or approach can easily expand across market segments and revenue streams.
Listen: Market strategy vs. sales strategy
- Ease of execution. What will it take to act on the new business model? And the bigger question: Are you willing to do whatever is needed? Many experts learn too late that implementing their new business model is too much money and time and provides too little payoff. For every business model, there is a path for execution. And every path requires different resources and has different timelines.
Bottom line: Think “three steps” ahead when changing your model. Ask yourself these questions: Will my current model expand my market segments and revenue streams? Am I willing to do what is required to execute on the new model?
Your answers will help you select the best model for your thought leadership empire.
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