Business Model Enhancement
Frank N. Magid Associates works with a variety of companies to research, refine, evolve and/or develop new business models. By applying experience-based frameworks and perspectives, we assess existing business models, determine areas for improvement, and identify and build out new business models. Key elements of this process include identifying unique value propositions, examining operational approaches and profit mechanisms, assessing the impact of technological and competitive change, and determining the client’s ability to execute these changes. Changing or evolving business models can be challenging, and Magid is there every step of the way to ensure that the new approach is executed successfully. The business model evolution process answers key questions, including:
- Where does the extraordinary value reside?
- For what internal business unit is the company developing this strategy?
- What are the sources of business value?
- What will allow the client company to develop its business model?
- What must the client do to make the strategy work?
- What are the critical success factors needed to execute this strategy (e.g. key partnerships, organizational requirements, etc.)?
Implementing a Strategic Process to Align Products with Local Reader and Advertiser Needs to Create the Newspaper of the Future
Recognizing Frank N. Magid Associates’ strategic and operational local media expertise, a major US publisher engaged Magid to help reverse the fortunes of one of its local newspapers which was experiencing declining circulation and advertising revenues. Believing that local newspapers could grow by exploiting their unique selling propositions and aligning their products and services with local market needs, Magid developed a process to explore patterns of local media consumption, investigate potential new business models for both print and online, and evaluate opportunities to recapture important consumer and advertiser positions assumed by other media. Through a comprehensive process that included strategy sessions with key personnel and multiple phases of qualitative and quantitative research with consumers and advertisers, Magid developed new prototypes of the print newspaper and ad products. After testing these prototypes with the relevant markets, Magid partnered with the newspaper to develop a strategic roadmap including an operational approach and identification of profit mechanisms. As a result, the newspaper has experienced an increase in year-over-year ad sales, strong positive reader feedback, and internal recognition from its parent company. This engagement has also led to strategy engagements with other local newspapers of major US newspaper holding companies.