I realized the other day that I had not posted in a while, mostly due to the extensive amount of work I have had in these past months and because of a project that I started over 10 years ago has been reignited.
It’s this very program or process I want to post about. During the past 10 years, our economy has seen some major changes. Changes that have forced people to review how they come to market and what to offer. Unfortunately, this thinking is the same format as years gone by and is beginning to fail businesses as well as organizations. Competing on price and product mix is not winning the new business nor is it growing the current model. What needs to change is how we think about business.
Historically, a business ran on an apathetic model, the spreadsheet and numbers. The challenge was to have black ink in the revenue columns and red in the cost columns. Yet times have changed. More and more businesses are discovering it’s increasingly harder to run on only the spreadsheet alone. Something isn’t working. Why?
Is it because competition is growing, customers are getting smarter, technology is changing faster or demand is going online? Yes and no.
Over the past 20+ years, consumers have changed. They think differently, respond differently and make buying decisions differently. Okay the first two statements are true, but that last one may not be. How we make decisions hasn’t change as much as you may like or choose to use as an excuse. What has changed about decision-making is that we, as consumers, are pushing back on want and focusing more on our needs and something very unique in modern business, relationships.
Yes, relationships. Consumers want more than merely acquiring products, they want to have a relationship with providers. They want to connect with a purpose, not a buying cycle. Consumers are seeking out those who speak to them and present similar likes. The normal supply and demand process is dying as more and more consumers demand unique and personal customization. In essences, they are seeking a partner in their buying relationship who can connect with them as an individual, not as a number on a spreadsheet or a demographic type.
Spin the clock forward ten more years, a few years before the “Great Recession.” At this time, something else was changing. The progression of economic value was evolving to a whole new level. No longer was merely providing a service enough, consumers wanted to experience an offering. They wanted meaning and fulfillment emotionally. Joe Pine and Jim Gilmore called this change in the economy as “The Experience Economy.” They have authored numerous books on the subject so I will not attempt to plagiarize their research nor their views. I will say this, the Experience Economy is a dramatic shift for both consumer and provider alike. The spreadsheet model doesn’t stand up to this economic delivery model. Why? Because relationships can not be put into a column and measured by red or black ink.
It is this idea of the shift in the economic offering that put a few people to work on discovery what has changed on the business model and what works on this new environment. Months of research and development went in to discredit a traditional business plan model. Surprisingly, the business model still had its place in the business world, but not as the golden rule anymore.
Another model was needed. Not to replace the old, but to compliment the model in a way that mirrors how the economy and consumer has changed or evolved. A framework that addresses the relationship before the transaction. That model needed to see the consumer as people and not product buying numbers. The challenge is crossing that gap from traditional business model to a relationship based provider-ship.
Okay, its 2014 and after 10 plus years of testing, stumbling and finally seeing the combination, a small team unlock a unique sequence for developing a business model that works in this era of relationship based business. The acronym originally given was I.M.A.G.I.N.E. After ten years, the name resurfaced and held true. For name was a combination of the steps along the journey as well as the process needed to achieve the steps.
Here is a look at one of the canvases I use, as one of the creators, to have a discussion about this model :
What amazes me to this day about this model is that it’s about making connections with others through Purpose and Trust. Each step across the gap challenges you to think differently about aspects around the emotional connection between two people, provider and the acquirer, the look at the environment that supports that relationship and, the mindset connecting those in the relationship.
There is considerably more to this model that address issues of identifying success as well as establishing the commitment needed to follow this unique and eye-opening model. In the end, IMAGINE is the pre-work model that allows a person, business or organization to create that purpose, that “Why’ as Simon Sineck says, that draws others to a relationship. It is the framework on a human level of empathy, not apathy.
See an example of IMAGINE during a recent conference for the banking community: LINK
Are you looking to evolve yourself, your business or the organization to meet the needs and wants of future consumers? Drop me an email and let’s talk.