Enhanced Business Model involving Immersive Technologies.
When it came to creating a new business model, or more adding to our current business model, we wanted to make it a visual adventure as we are both creative individuals who work within the creative industry. Therefore, we took a leaf out of PDR's book and got a piece of A3 paper and post it notes. We began by adding a question to each page and then using post it notes to answer the question. Once we had exhausted all answers we could think of, we then began to look through our answers and decide whether the post it note answers were relevant within out company. We found that only certain areas of our business model changed or grew when we thought of adding in additional technology. Below are pictures of all of our A3 pieces of paper with our post it note answers. Underneath each photos is a short explanation of the answers.
We first started off by looking at our key resources and value propositions.
Our value propositions have stayed the same from our original business model and in our updated model too. This is due to the fact that even though we are modernising our approach, our values and why our customers buy from us, are still the same. As you can see above, we strive to make our experiences stress free, easy to use and fun for everyone. We want our customers to be able to escape the stress of the real world and have fun during our events. We do not want the planning of one of our events to feel like a chore, which is why we complete all event planning for our customers to allow them to have a simple interaction and engaging experience.
Our key resources have always been based around IP and Human Resources as we do not sell a product but a service. We have an IP based around the way in which we have structure our murder mystery events. We currently we use QR Codes which form the clues within a crime scene, however, with the potential idea of VR or AR taking over from our QR Codes, is a new and improve IP which we will be using for our company. We will still be combining live performance with technology, but we will by updating the technology which we use and hopefully immersing our audience further by using this technology. We also try to include a very personal experience from the booking process to the end experience. This is where our human resources come in. We are a small team of creatives who want our customers to feel comfortable talking to us about our services and what we could offer.
Next we looked at key partners and key activities. Firstly looking at our key activities, we kept this very current to the situation which we are in, as we are assuming that this will affect our company for a while. These are a list of things which we do as a company to bring forwards our propositions. We always want to ensure that we have a strong social media presence as, in the modern day, that is where our customers are more likely to look first before even getting into contact with us. We need to show our values and personality to bring in our customers. Additionally to this, we are always adapting and changing how our company works to make it easily accessible to people who may be working from home or on skeleton staff. To be able to achieve this, we needed to understand the different technology which people are using during their lockdown lifestyles and how their days are planned out.
Furthermore, we also looked into our key partners, these are people or companies who we will work with to do work which we might not be able to do. This could be due to lack of skills or equipment or time. We highlighted 3 main groups of individuals who we would use now and when we begin to incorporate immersive technology. A pool of actors is our main key partner who we use on a regular basis. This is to add more interaction within our experiences for our customers. We have started to use more freelance illustrators to create professional and sleek graphics for different storylines and we will also be using graphic designers/illustrators when we being to create an app. Finally, we will need the support from a company or individuals who have the knowledge behind creating and up keeping an app.
Up next is customer relationships and channels. These sections are all about how we promote our services and interact with our customers. Looking at our channels, we can advertise our services over multiple different platforms to reach a larger customer pool. We primarily use social media to advertise, especially when lockdown came into action. However, we did complete promotional packs and send them to potential customers also before COVID-19.
This helped us to think through our customer relationships also. We wanted to ensure that we were always present on social media, especially if that was going to be our main form of advertisement.
Then we moved onto customer segments and cost structure. We have defined our customer segments and this has stayed the same through our business development. We have different sectors which we would like our company to work within, however, in all of these different sectors we will work differently and have different values and aims.
Our cost structure is dependant on our key partners. A lot of our outgoings are from the tasks which we cannot complete, therefore we hire others to complete those tasks such as illustrators, actors and coders.
Finally, we looked at revenue streams. This involves all of the services which we can offer to our customers. We have an array of services from workshops to at-home mini mysteries.
In conclusion, by completing this business model and adding in the extension of an app or using immersive technologies, it would result in additional outgoings and additional key partners. However, this would overall result in more revenue streams and also a better experience for our customers which would also result in a more stable revenue stream.