“Although choosing a business model is one of the most important decisions any businessperson makes, executives don’t always reflect much on what a business model actually is or does.
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A business model specifies how the firm creates value (and for whom), and how it captures value (and from whom).
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A business model, as defined above, describes how a business is supposed to function in theory. Although businesses will differ from one another in their particulars (name, location, number of employees, financials, and so on), a model allows us to look beyond the particulars to identify conceptual similarities and differences between businesses, whether or not they happen to operate in the same industry. Likewise, a model allows us to chart how business concepts evolve over time.
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As I’ve indicated, the creation of new business models tended to happen slowly prior to the internet. In the supermarket industry, it took half a century or longer for slotting fees and club membership fees to make their debut as a means of capturing value. Even after they appeared, it took decades for other companies within the industry to embrace them.
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This slow pace of change made life comparatively easy for executives. No matter what market or sector you were entering, the choice of a business model was pretty simple. By default, you were handed a standard model or method for creating value and making money. At best, a second option of business model was available to you as well. In media, for instance, a single model for making money dominated for much of the twentieth century. Companies created value for customers by offering free content such as broadcast television shows, news articles, or radio songs to consumer audiences. They captured value by selling viewers’ attention to advertisers, in what was termed an “ad-supported” model. Over time, premium cable television channels such as HBO and satellite radio SiriusXM embraced a different model for making money. They created value for customers in the same way—by providing content. But they captured value by charging for subscriptions, what was called a “paid media” model. For decades, these two models were basically it. If you wanted to compete, you chose one of the two and gave it your best shot. Switching was rare.
This situation changed dramatically with the advent of the commercial internet in the mid-1990s.
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The appearance of business model innovation in and across industries happens so suddenly that executives and entrepreneurs often struggle to understand it. Disruptors tend to use a surfing metaphor, perceiving promising business models as powerful ocean waves. Seeking to catch and ride these waves, they anticipate them by directing their gazes in a direction where waves will likely appear. When they sense that a wave is imminent, they position themselves by paddling directly in front of the wave. Of course, spotting the right wave to ride requires focus and some luck, and staying atop of the wave once it appears requires learning and patience. For incumbents, the spread of business model innovations feels far less fun, and far more threatening. Incumbents tend to think of them, consciously or not, as wildfires that pop up unpredictably, propagate quickly, and wreak devastation in their paths. Their instinctive response is to suppress the wildfire by attacking or buying the startup. If a business model innovation flares up in your industry, turn on the siren, quick!
Which of these metaphors is most accurate?"
"Shares in Beiersdorf dropped more than 10 percent on Wednesday after the maker of Nivea skin cream warned that its operating margin would fall in 2019 as it invests to compete with niche brands that are disrupting the sector.Basta recordar os artigos relacionados com os marcadores até em baixo. Como não relacionar aquele "expect more personalised products and services" com a metáfora do plankton... a vida está difícil para a suckiness dos gigantes: "Mongo, micro-marcas, plancton, suckiness e emprego"
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Beiersdorf was the latest consumer goods company to reset profit expectations for 2019 after German rival Henkel and Colgate-Palmolive last month, and following Kraft Heinz's write-down last week.
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the future of mass-market labels was being challenged by the rise of small, disruptive brands as consumers increasingly expect more personalised products and services."
"Privilegiar os inputs sobre os outputs nada mais nada menos do que aplicar uma regra fundamental do Design Thinking.E considerar "How Not to Fail at Retail":
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Começar pelo que o cliente, ou o consumidor, ou o prescritor (começar por um actor do ecossistema) precisa ou quer fazer. Quais as suas motivações, que problema é que está a tentar resolver.[Moi ici: Recordar sobretudo a parte IX]
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A Empatia é a chave. Não é acerca da nossa empresa. Precisamos da capacidade de perceber e partilhar os sentimentos de outros"
"Think About: Input Before Output
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We all know how online shopping works: a customer can search for products based on various criteria. But an online store isn’t very good at asking probing questions to find out what a consumer really cares about.
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As Frank asked me questions about what I wanted to accomplish with this new amplifier, he gathered key information before suggesting what the right solution would be. He put himself in a position to make recommendations to me that guitarcenter.com would never be able to make. And he helped me learn more about what was really important to me.
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Could I have bought the amp on guitarcenter.com? Sure. But now that Frank has acted like a trusted advisor and helped me with my decision making, I’m much less likely to close the deal online. And truthfully, the only place I even considered making the purchase was in-person, with Frank.
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As an in-store salesperson learns about a consumer’s needs and interests, they can do something that an online retailer can do in only the most rudimentary fashion: frame the product’s story in terms of the particular benefits to this individual customer.
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An online product listing can tell of generic benefits, such as “gets your teeth their whitest” or “saves you $432 per year in energy costs.” An in-person retail experience can do so much more.
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Brick and mortar retailers have lost many of the advantages they once had, including providing better access to products and the convenience of “location, location, location.” But in-person retailers still have the advantage of proximate, meaningful human contact to that allows them to better listen to customers, collaborate with them and personalize their purchase experience."
"“Now the world has changed. Thanks to digital disruption and transformation, the buyers are a little bit lost, in their words. [Moi ici: Aqui "the buyers" são os clientes das empresas de calçado. Recordar "Calçado português? Bom no fabrico, desconhecido na marca"] They are lost because it’s very complicated to understand what to follow, how to follow it and what time to dedicate to what," Micam's chief executive Tommaso Cancellara told BoF."Trecho retirado de "Insights From the Frontline of Footwear"
"“Cada milhão de dólares de crescimento na procura final de têxteis, couro e calçado tem potencial para gerar 20,3 novos empregos, o que é o valor mais alto da indústria transformadora portuguesa”BTW, como lidar com "Falta de mão de obra desespera empresas"?
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O estudo de Tiago Domingues, técnico superior do GEE (Direção de Serviços de Acompanhamento da Economia Portuguesa), coloca no extremo oposto o sector petrolífero, que apresenta um potencial de criação de 2,2 novos postos de trabalho por cada milhão de dólares de aumento da procura. Sustenta que mais do que comparar stocks de importação e exportação entre países, importa analisar o valor acrescentado. E na explicação volta a remeter para os têxteis e o petróleo: se Portugal exporta produtos petrolíferos, o valor acrescentado bruto é quase nulo e prende-se com a refinação de crude. Já nos têxteis, temos 30 cêntimos de importações para cada euro produzido."
"More than half of shoppers aged 15 to 29 are influenced by independent customer reviews, and 43 percent are influenced by social media, according to Euromonitor International’s Lifestyle Survey 2017. “When it comes to shopping for clothes, fit, sizing and quality are key criteria — and when shopping online, these criteria are so hard,” said Ayako Homma, a fashion and luxury consultant at the market research firm.
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The glut of positive reviews surely has helped the Amazon coat stand out."
"People are moving away from poorly made, inexpensive fashion items.Recordar, "Para reflexão pelos empresários do calçado e do têxtil":
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Payless was the shoe equivalent of fast fashion. The brand was not known for the quality or durability of its product, but competed largely on price."
"Dá que pensar no potencial impacte numa série de modelos de negócio baseados no fast-fashion... ou no low-cost."Entretanto perante este descalabro:
"Marketing budgets became a key target for the frugality drive of companies ever since the last recession. [Moi ici: Como é a memória... faz-me recordar qualquer coisa que li em 2007 sobre as marcas do FMCG... cá está, Kumar] Last year, budgets had decreased from 12.1% of average revenues in to 11.3% the previous year, according to consulting firm Gartner.O que escrevi sobre a ideia de Simonson: o fim das marcas:
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Predictably, with a focus on cost-cutting rather than growth, the financial health of corporate America is deteriorating. According to an analysis of the 2017 Fortune 500, 53% of corporates had experienced an after-tax profit decline, while only 47% saw profit growth. Marketing, once the driving force of America’s consumer society, has been in retreat for over a decade
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The 3G Capital approach to business is ruthless and revolves around cost-cutting. Every employee must justify his existence every single day. Promotions are quick and merit-based, and underperformers get fired with the same alacrity. Budgets are zero based and evaluated unsparingly every year, or even sometimes with more frequency. Expenses are eliminated if they’re no longer judged worth incurring.[Moi ici: Oranges, como classificaria Laloux. A receita da tríade, e a paranoia do eficientismo]
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In less than two years after merging Kraft with Heinz, its workforce was cut by 20% and overhead by 40%. Critics have long contended that 3G Capital’s cost-cutting went too far and came at the expense of growth. They turned out to be right. The problem with this philosophy is that you can’t cost-cut your way to growth.
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Not surprisingly, what followed is sales declined for six quarters in a row. The wheels came off last Friday morning when Kraft Heinz stock dropped 30% at the open and the company lost $16 billion of its market value. The essential problem facing Kraft Heinz is that it stopped investing in its brands at a time when consumer tastes and behaviors are shifting, and the competitive environment is intensifying. [Moi ici: Seria interessante relacionar a #G Capital e as ideias Itamar Simonson]
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It is time for companies to refocus on growth by investing in marketing, distribution and continued innovation, not adhere to a strategy of frugality alone.
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Brands are more important than ever, as the world has come online and there are many new markets and a growing middle class in places like India, China, Brazil, Russia, South Africa, Nigeria, Indonesia, Turkey or Mexico. These consumers buy brands, not commoditized products. They buy premium brands. And branding is essential to differentiate itself in a world of parity and, in order to create brand preference.
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Remember, brands do better in tough times compared to unbranded products and brands outlive product cycles."
"The decline of Payless can be attributed partly to broader trends in the market. The brand’s stores were largely located in malls, and there has a general decrease in the amount of foot traffic at large shopping centers over the last few years.O impacte desta evolução no retalho, nas marcas, na produção, nos materiais e design - pense nisso!
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But there’s also an important shift happening in consumer behavior. People are moving away from poorly made, inexpensive fashion items. For decades fast fashion, epitomized by brands like H&M and Forever21, churned out cheap, fashionable clothes that customers could wear a few times before chucking out. But as I’ve reported before, many fast fashion brands are now on the decline.
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Payless was the shoe equivalent of fast fashion. The brand was not known for the quality or durability of its product, but competed largely on price. As a result, customers could buy whatever boot or heel was in season, and expect to throw it away months later. Consumers appear to be tired of this approach, partly because it is so environmentally unsound. While Payless has spiraled downwards, a flock of brands making high-quality, eco-friendly, durable shoes like M.Gemi, Allbirds, and Rothy’s have been thriving."
"In a culture that sanctifies victimhood, he [Moi ici: Jordan Peterson] proposes that people confront life’s inevitable pain unflinchingly. So here is Peterson in a nutshell: Life is suffering. We can only bear it if life has meaning. And meaning is created when you take responsibility – by confronting hardship and firmly steering your ship forward, even against waves that will, ultimately, overwhelm it. This is a message people are “hungry for” in our times, he says."Como não recordar:
“Real courage is when you know you're licked before you begin, but you begin anyway and see it through no matter what.”Trecho inicial retirado de "Jordan Peterson, PC's Fiercest Critic, Explains Why You Should Stand Up Straight"
"Payless ShoeSource this week filed for Chapter 11 protection and said it would be closing all 2,500 store locations across North America as well as its e-commerce operations. With over 16,000 jobs lost, it is one of the largest retailer liquidation to date, according to the Wall Street Journal.Ontem vi este video sobre o Revolut e N26 e é o mesmo fenómeno: "a new business paradigm". Ter especial atenção às palavras do economista Vinay Pranjivam e os trechos que se seguem, retirados de “Unlocking the Customer Value Chain” de Thales S. Teixeira.
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we need see these closings as a sign of change and heed the lessons wisely, because what "killed" all three [Moi ici: Payless, Toys R Us e a Sears] is not just Amazon or the internet, but a new business paradigm."
"The Concept of DecouplingTrechos iniciais retirados de "Valuable Lessons Learned From the Closing of Payless Shoes"
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Wondering precisely how disruptors were unsettling small parts of incumbents’ businesses, I turned to a basic framework that my colleagues and I teach our students: the customer’s value chain, or CVC. A CVC is composed of the discrete steps a typical customer follows in order to select, buy, and consume a product or service. CVCs vary according to the specifics of a business, industry, or product.
Traditionally, consumers completed all these activities with the same company in a joint or coupled manner.
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What I realized, as I thought about these examples, was that disruptors had posed a threat by breaking the links between some of the stages of the CVC and then “stealing” one or a few stages for themselves to fulfill.”
Portugal progediu muito em safety. Continuamos naíve em security. Em Cesar, junto a parede de madeira, e de escola, no passeio, um oleão— Carlos P da Cruz (@ccz1) January 5, 2017
"The field of strategy overfocuses on analytic rigor and underfocuses on creativity.Como não recordar o tema da paixão e da arte e a sua relação com a estratégia:
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I’ve noticed that business school students often feel frustrated when they’re taught strategy. There’s a gap between what they learn and what they’d like to learn. Strategy professors (including me) typically teach students to think about strategy problems by introducing them to rigorous analytical tools—assessing the five forces, drawing a value net, plotting competitive positions. The students know that the tools are essential, and they dutifully learn how to use them. But they also realize that the tools are better suited to understanding an existing business context than to dreaming up ways to reshape it. Game-changing strategies, they know, are born of creative thinking: a spark of intuition, a connection between different ways of thinking, a leap into the unexpected.
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I believe strongly that the answer is yes. At its core, strategy is still about finding ways to create and claim value through differentiation. That’s a complicated, difficult job. To be sure, it requires tools that can help identify surprising, creative breaks from conventional thinking."
"This product is way out of my budget" a customer recently emailed me. I sighed and reminded myself that not everyone is now always right customer for my store."É preciso coragem para ser firme.
"new technology isn’t driving most disruption today. Consumers are. And that in turn means incumbents require a different kind of innovation in order to thrive—not technological innovation, but a transformation in business models. A business model describes how a company works—how it creates value and to whom; how it captures value and from whom. Innovating your business model requires a deep knowledge of customers. You must understand what your customers want, and in particular, the main steps or activities they undertake in order to satisfy their desires. You need to understand their value chain.Trecho retirado de “Unlocking the Customer Value Chain” de Thales S. Teixeira.
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In today’s new wave of disruption, upstart firms are breaking apart these chains, offering customers the chance to fulfill just one or a few activities with them, and leaving incumbents to fulfill the rest. [Moi ici: Parei e recordei as dezenas de discussões em que dirigentes de PMEs me asseguraram que os clientes preferiam uma one-stop-shop. Pois!] I call this process of breaking apart the chain of consumption “decoupling.” Startups decouple to gain a foothold in the market, and they grow by offering to fill a specific activity for customers—what I call “coupling.” Both the initial decoupling and the subsequent coupling allow startups to quickly steal a substantial amount of market share at incumbents’ expense. In short, the startups become disruptors.
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[Moi ici: Por fim, um trecho sobre Mongo] 1980s, 1990s, and early 2000s, the nature of competition has changed. Most industries used to have only two or at most a few major global players. Today industries contain many competitors, mostly small ones acting globally. Game theory loses much of its value when one larger, more predictable player has to play a strategic “chess match” with not one, not two, but hundreds and in some cases thousands of small, unpredictable players.”
“Nokia, once the global leader in mobile phones, had to sell itself in 2013 to avoid bankruptcy, also a victim of digital disruption. Its CEO, Stephen Elop, was brutally honest in acknowledging that he didn’t know what he didn’t know. In a tearful interview that has since become famous, Elop claimed, “We didn’t do anything wrong, but somehow we lost.”
"Lesson #2: Rational choice, chosing a dominant strategy, can lead to outcomes that suck, ou seja, escolhas racionais por actores racionais podem levar a resultados indesejáveis."
"Much of the current thinking about competitive strategy focuses on ways that firms can create imperfectly competitive product markets in order to obtain greater than normal economic performance. However, the economic performance of firms does not depend simply on whether or not its strategies create such markets, but also on the cost of implementing those strategies. Clearly, if the cost of strategy implementation is greater than returns obtained from creating an imperfectly competitive product market, then firms will not obtain above normal economic performance from their strategizing efforts. To help analyze the cost of implementing strategies, we introduce the concept of a strategic factor market, i.e., a market where the resources necessary to implement a strategy are acquired. If strategic factor markets are perfect, then the cost of acquiring strategic resources will approximately equal the economic value of those resources once they are used to implement product market strategies. Even if such strategies create imperfectly competitive product markets, they will not generate above normal economic performance for a firm, for their full value would have been anticipated when the resources necessary for implementation were acquired. However, strategic factor markets will be imperfectly competitive when different firms have different expectations about the future value of a strategic resource. In these settings, firms may obtain above normal economic performance from acquiring strategic resources and implementing strategies. We show that other apparent strategic factor market imperfections, including when a firm already controls all the resources needed to implement a strategy, when a firm controls unique resources, when only a small number of firms attempt to implement a strategy, and when some firms have access to lower cost capital than others, and so on, are all special cases of differences in expectations held by firms about the future value of a strategic resource. Firms can attempt to develop better expectations about the future value of strategic resources by analyzing their competitive environments or by analyzing skills and capabilities they already control. Environmental analysis cannot be expected to improve the expectations of some firms better than others, and thus cannot be a source of more accurate expectations about the future value of a strategic resource. However, analyzing a firm's skills and capabilities can be a source of more accurate expectations. Thus, from the point of view of firms seeking greater than normal economic performance, our analysis suggests that strategic choices should flow mainly from the analysis of its unique skills and capabilities, rather than from the analysis of its competitive environment."
"Apenas com um concorrente no país, a Induzir bate-se, sobretudo, com empresas italianas e alemãs, das quais procura diferenciar-se."E recordo logo esta imagem ...
"Somos conhecidos por apresentarmos soluções. Não fazemos nada standard. Desenvolvemos o forno à medida."E sorrio. Graças a Deus o meu julgamento inicial foi prematuro. Afinal há pensamento estratégico.
