Be Successful by Tweaking a Business Model

We all know that great businesses often emerge from brilliant, ground-breaking ideas, right? Wrong! While some of the most successful companies have indeed brought us revolutionary concepts, many have simply taken existing business models, added a bit of sparkle, and carved out their niche in the market. The good news? You can do the same.

Let’s explore how tweaking an already successful business model can create a thriving enterprise. Spoiler: it doesn’t always require a tech genius moment.

The Power of Iteration Over Invention

Here’s the thing – you don’t need to be the next Steve Jobs or Elon Musk to make an impact. You don’t even need to invent anything! Instead, focus on how you can take what’s already working and make it better for a specific audience. This method is less risky, more accessible, and often a much quicker route to profitability.

Take a classic example – Uber. Uber didn’t invent taxis, and yet it revolutionised the taxi industry by offering better convenience, affordability, and a more user-friendly experience. Similarly, Airbnb didn’t invent holiday rentals, but they certainly refined how we access and share accommodation, transforming a previously niche market into a global phenomenon.

So, how can you tweak an existing idea to make it your own? Let’s break it down.

1. Identify an Audience That’s Underserved

Finding a gap in the market doesn’t necessarily mean creating something entirely new. Instead, look for a group of people who aren’t having their needs fully met by current offerings.

Take, for instance, subscription box services. While beauty and food subscription boxes have taken off in recent years, perhaps there’s an audience that hasn’t been tapped into yet. Could you create a subscription service for eco-friendly pet products or home office supplies? Tweaking the existing subscription box model to cater to a new, specific audience could unlock an entirely new market.

Tip: Conduct some market research to find out which audiences are feeling a bit overlooked. What gaps do they wish existing products or services would fill? Social media groups, forums, and customer reviews are gold mines for insights!

2. Improve Convenience or Usability

Convenience is king. People love products and services that save them time and effort. If there’s an existing business model that you think is good but could be easier to use, that’s your opportunity.

A great example is HelloFresh, which built on the growing demand for meal delivery services. Instead of delivering fully prepared meals (which had already been done), they provided fresh ingredients and easy-to-follow recipes. This offered customers the convenience of skipping the grocery shop while still enjoying the satisfaction of cooking. All they did was tweak an existing model to make it more engaging.

Question for You: Are there products or services in your industry that people find cumbersome or frustrating? What could you do to make life just that bit easier for your target market?

3. Add a Personalised Experience

In an age where personalisation reigns supreme, finding ways to tailor an existing business model to individual preferences is a surefire way to stand out. Think about it – many companies are trying to sell generic, one-size-fits-all products. What if you could tweak the model to offer a more personalised experience?

Take Stitch Fix, for example. The concept of online clothing stores is nothing new, but they added personalisation by assigning stylists to handpick outfits tailored to customers’ preferences, body type, and style. It’s still online shopping, but now it’s tailored to the individual, creating a stronger connection and higher satisfaction.

Actionable Step: Could your business idea benefit from a personalised approach? Consider how your products or services could offer customisation options to create a more personal, meaningful experience.

4. Bring in Sustainability or Ethical Practices

Today’s consumers are more conscious than ever about the ethical and environmental impact of their purchases. If you see a business model that’s doing well but doesn’t quite hit the mark on sustainability, there’s a perfect opportunity to step in with a greener alternative.

Take The Body Shop, for instance. They didn’t invent skincare or cosmetics, but they tweaked the business model to focus on ethically sourced, cruelty-free products, which helped them stand out from traditional cosmetic companies. This not only aligned with a growing audience of eco-conscious consumers but also created a brand with a powerful mission.

Challenge for You: Look at the products or services that dominate your industry. How could you tweak them to be more sustainable, eco-friendly, or ethical? Even small changes in packaging, sourcing, or production can make a big impact.

5. Refine the Customer Experience

Customer service is often an afterthought for many businesses, but those that excel in this area can quickly outshine competitors. Improving the customer experience doesn’t require a total overhaul, just a few thoughtful tweaks.

Think of Zappos. The online shoe retailer didn’t revolutionise e-commerce, but they gained massive loyalty and success by offering exceptional customer service, including free returns and a no-questions-asked refund policy. A slight tweak to how they handled customer service became their major selling point, setting them apart from other online retailers.

Next Step: Review the current customer service standards in your industry. How could you tweak them to create a more pleasant, hassle-free experience for your clients? Offering personalised support, faster response times, or generous return policies can work wonders.

Making it Your Own

As you can see, reinventing the wheel isn’t always necessary to build a successful business. Sometimes, the best ideas come from simply observing what’s already working and making small improvements that cater to a specific audience. Whether it’s offering a more personalised experience, improving convenience, or focusing on sustainability, these tweaks can help you stand out in an already crowded market.

Remember, the key is not just copying but refining existing models to meet the needs and desires of your target audience in a way that others haven’t thought of. With some creativity and insight, you could be well on your way to launching your next big idea – without having to build a new wheel from scratch.

Your Turn: What Would You Tweak?

What existing business model or product do you think could use a bit of improvement? Have you noticed any services or products that don’t fully meet your needs?