If you’re in the AV business you need to rethink your business model. You need to figure out whether you’re still relevant in your business market. You also need to understand whether and how you are continuing to deliver value to your customers.
This is what a white paper released by Infocomm advises. This paper came out of the Q&A session at the second InfoComm AV Executive Conference, held September 17-19, 2014, in Scottsdale, Arizona, USA.
During this conference, AV industry executives heard from business management experts about ways of sharpening their value propositions and reimagining their business models.
Several AV executives and management experts encouraged attendees to start with the notion that they are “creators of experience” and then develop their businesses from there.
This kind of paradigm shift in thinking is very different from the traditional ways of thinking that have characterised the AV industry so far. However, thinking differently, or just thinking in different dimensions was the order of the day during the conference.
How the AV Business has evolved in recent years
The AV business has evolved in such a way in recent years, as to make it essential to revisit the business propositions of different AV companies. This evolution in thinking about the business in different ways, involves making the effort and examining the company’s business proposition in a highly critical way.
During the conference, attendees worked through a Business Model Canvas, which is a visual and strategic tool that allows companies to describe, design, examine, and alter their business models.
To come to a conclusion about the business model, experts said that companies should be willing to go through a process of trial and error, which is something that the Business Model Canvas can help with. Several strategists told conference attendess to figure out how to deliver the most value to customers and to focus on the solutions that support their value proposition.
According to panelists, participants, and business advisers at the AV Executive Conference, communicating experience to customers and articulating a company’s value will be vital to maintaining industry growth at a time when other trades seem to be homing in on AV opportunities.
Some important points:
“Start with the reality of where you are today, because I don’t think we understand the reality of where we are today. We end up doing lots of stuff — generating outputs with lots of inputs, and sometimes get a result that’s okay. But AV companies don’t fundamentally know what business model we operate.”
“You have to kill a lot of good ideas to allow you to focus on the best ones. Most companies have limited resources and can spend their bandwidth, resources, and human capital on just one or two ideas.”
“Digital signage is one of those areas where we really have to show the experience, because at the end of the day, we sell the components, the ingredients. We have to demonstrate and communicate to the end user the experience they’re going to get from using our ingredients.”
So, now you know all about how the AV industry needs to realign itself for the new millennium. It needs to concentrate on creating a fabulous and unique experience for their customers. The industry has to think beyond simply putting together parts of components and need to become consultants who can re-imagine the entire user experience. Here’s to a fantastic AV experience!
To know more, you can read this white paper by Infocomm. For more information on how to integrate and create a seamless AV experience, contact Actis at 022-30808080 or at email@example.com.
(Content and images courtesy: www.infocomm.org)