Stage Two: Feasibility

Supply REBMs process

 

 

Aim By the end of this stage you will have: A more detailed business model proposition with relevant research.

The feasibility stage of the process is an opportunity to start to add some detail to the outline business model proposition you developed during the innovation stage. These propositions should include information on the customer and business operational journey and specific products.

 

How to guide

Step One

Start to explore your business model proposition in more detail.

Ask your project team to consider:

– What will the new model look like to your customers?
– Why is it a better option for them – what are the benefits?
– How will it retain loyalty and what are the touchpoints with the customers?

Step Two

The next stage is to subject your business models to a detailed health check to see which ones will suit your customers, business and the market best.

The process should also identify potential challenges and how they can be overcome to reduce failure rate. Use relevant research, suppliers and colleagues from other internal departments to help you. Also consider the external market.

If secondary research is not available, work with your project team to develop a research proposal. Look to dovetail your research with existing research projects to minimise costs.

Keep a record of all options: things that don’t make sense for the business now may well do at some point in the future.

Step Three

Present the results of this process to your sponsor/steering group and decision-makers for them to decide which model should be progressed.

You should now have one clear business models option to develop further.

Now is a good time to reconfirm attendees of your steering group. Also, for large businesses you might need to consider setting up a project delivery group to take forward the selected business models.