Digitization and its rapid evolution are creating new products, changing customer demands, and disrupting traditional markets. One-off revenue is increasingly being replaced by recurring revenue streams—shifting the sale of one big product to long-term relationships shaped by digital.
These digital products and services are creating new, longer-term business opportunities for incumbent compan playing fields are opening up access to new customers and creating new access to existing customers. If you don’t adjust your business model to capture this digital reality, then someone else will—and you’ll be in trouble.
So how do you win with a digital business model? How do you protect your position today while winning new business?
It starts with the following four steps:
- Determining a course to find relevant and feasible business opportunities;
- Selecting the right course of execution;
- Testing how to get the right products into the right markets in the right way;
- Building and scaling the digital business models.