How to Revitalize an Outdated Business Model?
Our client, one of the world’s largest associations, has long-enjoyed a successful product and services business, generating over half of their revenue by providing valuable member benefits. But growth had slowed and real opportunities to do new things were few and far between. In short, the model had “topped out”. They needed to find and pursue new “white space” opportunities. That meant breaking out of their old models and doing business in new ways. The goal was to drive $40M in annual revenue from new products and services by 2020.
Seize the White Space Opportunities
Starting with careful research on the market and opportunities, Sequence helped leadership think big and beyond the box to identify a continuum of products and services that will expand their value proposition beyond their membership alone, to the entire audience of Americans over age 50, dramatically expanding their market and the audience they serve.
To support that value proposition, Sequence designed new business models and services lines, with solid business plans and validated financial assumptions, and helped prioritize investment decisions. In collaboration with business owners, we developed detailed launch plans, stressing “test & learn” opportunities, to guide the strategy over the next three years.
The strategy boldly repositioned the business with a new external-facing brand and new modes of operating internally. It protects the valuable core business but opens up entirely new opportunities to reach different kinds of partners and people who the existing membership model had little or nothing to offer.
Bold Plans. Immediate Impact.
This was the first comprehensive re-thinking of the business model and in over ten years. Success was immediate, as proof-of-concept pilots and “co-creation” opportunities with industry partners took off, and new revenue began to flow from new service offerings in year one.