Innovation in business models in practice

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The business world as a whole has been drastically affected by the advancement of technology, but certain areas have been invaded by disruptive models that have transformed the entire business value chain of these fields.

One example is the cable entertainment industry. The emergence of services that stream television content in the market was a major blow to its business model. Taking a fresh look at the industry has been essential for maintaining the relevance of cable channels in the new context of television entertainment.

In order to help a large channel find a new style and, as a consequence, rethink the company’s business model, MJV structured a project to create new solutions for brand positioning in the new Television scenario through Design Thinking.

The project aimed to reframe the problem, exploring internal and external elements, and new forms of engagement.

Innovating business models - Blog MJV

The process

Immersion

We began the process with immersion, the first stage of Design Thinking. During this stage, the Project team approaches the context, both from the company’s and the end client’s perspective.

For this project, we used the following tools: desk research, questionnaire and in-depth interview during the Immersion. The inputs collected during this process have generated insight into the channel’s internal and public collaboration.

From these insights on the target audience, we created 4 personas to make the people for whom the ideas would be constructed tangible. Personas are archetypes conceived from the synthesis of behaviors observed among consumers with extreme profiles. They represent their motivations, desires, expectations and needs, bringing together significant characteristics of a broader group.

Ideation

Then, for the Ideation stage of the project, 24 employees were divided into groups and a digital co-creation workshop was held to find solutions to the challenge faced by the channel. The activities worked on during the workshop were designed to improve teamwork experience, stimulate creativity and develop new ideas.

Among the activities mini-lectures on innovation contextualization and digital transformation were held. Cases from other industries were shown for inspiration and awareness.

Participants created empathy maps from the analysis of personas, focusing on their media consumption habits. The empathy map is a tool for synthesizing information on the client and illustrate what he says, does, thinks and feels. So, it allows the data obtained at the Immersion stage to be organized so that one can understand the contexts, behaviors, concerns and even aspirations of the stakeholders involved.

Prototyping

After analyzing on the ideas generated, the groups were instructed to adapt them to the reality of the channel in order to generate something tangible, such as a new platform, an application or a new type of content.

In the end, participants placed all suggestions in a positioning matrix, which is a tool for the strategic analysis of the ideas generated, used to validate them in relation to the guiding criteria, as well as the needs of the personas created in the project. The purpose of this tool is to support the decision-making process by efficiently communicating the benefits and challenges of each solution so that the most strategic ideas are selected to be prototyped.

Presentation

After placing the ideas on the matrix, the groups presented their creations to the others and there was a vote to choose the best ones.

With ideas created, selected and developed in a guided manner, based on the knowledge obtained on the target audience and the context, it was possible for the channel to formulate a new and more assertive business model, allowing it to adapt to the changes in the market in which it operates.

Conclusion

With its tools and user-centric methodology, Design Thinking can reveal new paths for business models which are based on knowledge of the market and its consumers, which increases the chances of success.

Structured thinking helps identify opportunities in the development of value propositions to clients, aligning with the company’s business and financial needs.

Are you interested in innovating your business model? Learn how to create new value propositions with Design Thinking in our whitepaper (click here to download now!).

cta - whitepaper - innovation in business models - mjv



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