A business model defines who your customers are, what you are selling, how you produce your offering, and why your business is profitable.
The authors claim that business transformation requires modifying two or more of these four dimensions. However, the question is: At what point should you start rethinking your business?
- You don’t generate enough traction from the customer
- Your value proposition doesn’t resonate with customers
- Your acquisition & retention strategy doesn’t generate the growth you hoped for
- Customers are not willing to pay the price
- You can’t build the product and/or your costs are too high
- External forces are threatening your business model
So, it seems quite straightforward: If your business model doesn’t work anymore, change it. Of course, that’s easier said than done. But for journalism, in particular, the situation is even more complicated.