Previously serving as the global president of skincare at Johnson & Johnson (J&J), Stefano Curti works as the CEO of a venture capital backed company in San Francisco. He also recently launched Nuelle, a company devoted to innovation in women’s health. Stefano Curti counts brand portfolio management and identifying new business models as two of his greatest strengths.
Conventionally, businesses have facilitated growth by pouring money into product development and research into how to better serve customers. In addition to developing new products and prioritizing customer service, businesses must also be on the lookout for new business models. The first step to identifying a new model is concentrating on core concerns: Who is the customer? What needs does the customer have? How can the company meet those needs?
To answer core questions, companies should list as many alternative answers as possible. Focusing on one route to the exclusion of others could lead the company astray; options and diversity are crucial. Now take one possibility from each category and link one category to the next. The sum of the parts represents a new business model, which may or may not prove viable and/or profitable.
Put each new business model to the test by choosing a customer demographic and exploring how the model meets that customer’s needs.