Understanding The Future Audiology Business Model

The Audiology Business Model Canvas

So, as I said in my last article, I have discovered a really cool tool while doing a post grad, it is called the business model canvas. It allows you to do a deep dive into your business proposal. It should be a living document, so you should brainstorm around it and then review it on a regular basis. The document is an excellent ideation guide for business models. It allows you to really investigate a business model in a deep way, giving headers to cover all of the bases you should cover.

The tool is set out in nine sections with clear instruction about how to use those sections. The sections really cover all aspects of a business; modern business thought is to use the canvas as an investigation tool to assess the viability of a business. It should also be used to continually assess the business on an ongoing basis to identify opportunities and threats. The sections are as follows.

Customer Segments

For whom are we creating value? Who are our most important customers? The key is to identify each customer as definitively as possible. You can consider these customer segments within the following framework.

  • Mass Market
  • Niche Market
  • Segmented
  • Diversified
  • Multi-sided Platform

Value Proposition

What value do we and can we deliver to the customer? What is our value proposition or value propositions, again, you can consider this under the following framework for ideation:

What bundles of products and services are we offering, and can we offer, to each Customer Segment? Which customer needs are we satisfying?

  • characteristics
  • Newness
  • Performance
  • Customization
  • “Getting the Job Done”
  • Design
  • Brand/Status
  • Price
  • Cost Reduction
  • Risk Reduction
  • Accessibility
  • Convenience/Usability

Channels

Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines?

What channels can we utilise to offer our products and services to our consumers. In this case the framework is

  • Direct
  • Indirect

Customer Relationships

Customer relationships is a varied and interesting section, it is there in order that we can identify how we get, keep and grow a customer base. What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they?

Examples

  • Personal assistance
  • Dedicated Personal Assistance
  • Self-Service
  • Automated Services
  • Communities
  • Co-creation

Revenue Streams

This section is to identify all the possible revenue streams that we as an industry can drive. The questions we need to address are:

  • For what value are our customers really willing to pay?
  • For what do they currently pay?
  • How are they currently paying?
  • How would they prefer to pay?
  • How much does each Revenue Stream contribute to overall revenue?

To widen our thinking let us look at this section under differing channel possibilities. What are the types of revenue streams we can consider:

  • Usage fee
  • Subscription Fees Lending/Renting/Leasing Licensing

Fixed pricing

  • List Price
  • Product feature dependent Customer segment dependent
  • Volume dependent

Key Resources

What are our key resources, What Key Resources do our Value Propositions require?

  • Our Distribution Channels?
  • Customer Relationships?
  • Revenue Streams?
  • types of resources
  • Physical
  • Intellectual (brand patents, copyrights, data)
  • Human
  • Financial

Key Activities

What Key Activities do our Value Propositions require? The framework for ideation is:

  • Our Distribution Channels?
  • Customer Relationships?
  • Revenue streams?
  • cateGories
  • Production
  • Problem Solving

Key Partnerships

Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities can partners perform? The framework for ideation is

  • motivations for partnerships
  • Optimization and economy
  • Reduction of risk and uncertainty
  • Acquisition of particular resources and activities

Cost Structure

What will be the fixed and variable costs for all of our value propositions.

Investigate The Future Of Audiology

With this tool we can investigate the future of Audiology, we can explore and identify all of the variables that must be covered. We can identify and explore all of the variables that exist. We can also identify a comprehensive value proposition that will allow us to remain relevant, a value proposition that will secure our future.

We need YOU!

In order for this to be effective, it needs to be a collaborative process, a process that involves many people with differing views, because that is what will ensure that we cover every base. So I invite all interested parties to become involved with the project. In order to undertake the canvas, I have put up a board on Trello for both the business model canvas and the value proposition canvas which I will talk about in a blog article elsewhere. If you want to become involved, and I exhort you to do so, first you need to go to

https://trello.com/geoffreycooling/recommend

Where you can set up a Trello account, trello is a really cool collaboration tool that allows teams of people collaborate on projects. It is supremely functional, so get to know how you to use it and then head to

https://trello.com/b/ktyBI6ln/hearing-industry-business-model-canvas

Which is the board with the different sections on it. Okay, so these are the rules and objectives of the canvas, the canvas will be stored on a Trello board. That means that everyone can have access to it. There are nine lists that cover the nine areas of the canvas.

You can add anything under those lists in cards, those cards can also be dragged from one list to another. The card you add can be just a title, but I also implore you to add a description. Trello is AWESOME! You can add videos, images or documents to any card you add. This is perhaps the coolest project ideation tool available, I love it. Get to know it and dive in with me to really understand our prospects and our business model, because that understanding will help secure our future.

About Geoffrey Cooling

my name is Geoffrey Cooling and I am the author here at Just Audiology Stuff. I have been involved in the Hearing Healthcare Profession for several years now. I initially worked as a Hearing Healthcare Professional for a large national retailer in Ireland.

After several years in Practice I was approached to work for a manufacturer, where I was employed for five years. I am now the Co Founder of a business called Audiology Engine. We design websites, undertake content marketing and generally look after everything digital for audiological practices. I am also a contributor to many hearing profession periodicals and websites.

I have written two commercially available books, The Little Book of Hearing Aids which is written for hearing aid consumers and Audiology Marketing in a Digital World which is written for Audiology Practice Owners. They are both available in Paperback and Kindle versions on Amazon. I also write for consumers on the website Hearing Aid Know, which is a website with the mission of demystifying hearing aids, their types and their technology.

I have a great interest in commercial strategy as it applies to Healthcare in general and specifically to Hearing Healthcare. I also have a great interest in the psychology of sales and human interaction. I have been involved with social media for some time, both personally and professionally. I find the engagement and discourse on some social media channels fascinating.

I instituted social media strategy for the company I worked for as an experiment. That experiment soon spread throughout the company and I am proud to say that the company is probably one of the most active in the industry. I would like to point out that all views, opinions and thoughts here are mine own. Unless of course they have been planted by the pod people, you just can’t take your eyes off the pod people. Those views do not necessarily reflect upon any views or opinions held by my employer, if I ever get another one.

I think that our industry is in the middle of a time of huge change, I think that the change will be forced by both internal and external pressure. I think that private Independent Healthcare Practices will have to be smart and lithe of feet in order to meet these changes. I hope that some of my blatherings are of benefit to those Practices, Independent Hearing Healthcare Practices need to survive. I believe that if that occurs it will be of real benefit to Patients.

I hope that I, and my writings will play a small part in their continued success.

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