Evolving

Business Model

Overview

 

What if the solution to a legacy media property’s challenges was the wrong fit?

 

As Co-Lead at a consulting firm that operated as an Illinois Benefit Corporation and focused on helping small-to mid-size companies grow, I conducted customer discovery interviews and trend analyses. This led me to the conclusion that the app would not address the client’s flat revenue.

 

I evolved the business model to include a lifestyle brand and owners employed our analyses to guide growth strategies.

 

Situation

 

With readers exposed to ever-increasing amount of free online content, a ten-year old media company that had been meeting the needs of visitors to a vacation destination saw the “writing on the wall”: with rare exceptions, traditional news sites (even with rich digital content) were not sustainable over long-term.

The media company asked us if an app would create a new stream of revenue opportunities.

Successes

I conducted efficient rounds of desk research and national interviews that led me to the conclusion that an app would not address stated or latent needs. Through this conclusion, coupled with sobering research regarding app adoption and stickiness, I convinced the client to abandon the initiative.

 

As a strong believer in giving clients what they request as well as what they might also need, I crafted an alternative opportunity: evolving their legacy business into lifestyle brand.

 

The in-depth analyses, including aligning business objectives and brand strategies, provided the owners with the framework to evaluate their revenue model.

 

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Business Model

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