Lights. camera. we need more action.
NEP hit the billion-dollar mark in 2017, but their business model has been heavily under pressure ever since. We all know that nobody is watching regular television anymore. We are all bingeing our entertainment via non-traditional channels. But one of the more pressing challenges for NEP Media was that broadcasting hardware and recording of media quickly became commodity products due to lower prices and the availability of alternatives.
It was time for a revision of their strategy and the start of their business model shift from products to services. Here's how we co-created our Oscar-worthy innovation story.
Step 1. Identifying opportunities.
We started with a two-day strategic offsite with the board. As a starting point, we mapped the current NEP business model portfolio. Second, we worked together on embracing the services mindset shift. Next, we identified market opportunities through business model research and customer interviews.
Step 2. Exploring value spaces.
Next to the current broadcasting business model; we identified two new value spaces: live- and virtual events.
Together with different teams looked for different business model options in the different value space.
Step 3. Go-to-market.
We launched six growth initiatives. Creative Animal. A value proposition for the corporate market and Mediabank a new software media system and Virtual Events, a digital platform to host global client events digitally.
The results.
NEP transformed their business model by an accelerated demand for their value propositions like full services virtual events, business events and software media solutions.
The new strategy, business model and value proposition design and validation was the new way forward to identify and monetize new growth options.
"We were able to move from selling commodity products to a smooth working services model."
Ralf van Vegten.
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