What is the best method for stretching an existing business model into new sources of service-based revenues?
The call to expand and diversify revenue sources is becoming commonplace among many manufacturing-based enterprises. However, entrenched practices and company culture can sometimes complicate the exploration and development of new prospects. Peer Insight used a combination of hands-on customer research and opportunity analysis to identify the best methods for expansion into new services for an ATM manufacturer.
Peer Insight engaged in a fourteen-week program to explore potential new areas of service revenues that would be compatible with the client’s existing business model. This program included extensive field research with bank executives, bank front-line staff, and ATM users, as well as thorough assessment of trends in customer behavior, revenue stream analysis, and a study of exemplar business models from a variety of different industries.
The service innovation program generated new concepts for services and spurred development of several promising new services.
- Identified opportunities for the ATM manufacturer to expand its share of wallet with banks and end users through new service concepts.
- Created detailed business plans for the top concepts and included actual validation and input from customers.
- Accounted for market sizing and performed financial impact analysis for each concept.
- Embedded a number of these services into their overall business plan.