Reshape your business model with audience development
By Letizia Zappa
While more and more businesses realize the importance of gathering data about their users, there is still some confusion regarding how to act upon these data. In this piece, you will learn about this as well as get insights into how data can help you reshape your business model according to your users’ needs. This is what we call audience development- the process of leaning towards your users by leveraging the data you have.
From data to business models
The audience development process starts with collecting data. Once you have gathered data about the users on your website, you are able to group them into different segments relevant to your business. Your next step should then be to reshape your business model according to the insights you have gained from the data and according to the needs of these segments you wish to target. In this way, thanks to the data you have collected, you will be sure to put the customer at the centre of your business.
To explain this process, we use Osterwalder’s Business Model Canvas – an intuitive framework used to describe and modify business models. Osterwalder’s canvas is based on nine blocks but for this purpose, we will only focus on the areas that can be affected directly by users’ data.
Customer segments: Which group of users do you want to reach?
A business model should be designed around an understanding of specific users’ needs. Thanks to the data you have gathered, you will be able to segment your users, hence effectively target the relevant ones with a winning value proposition.
Value Propositions: Which products/services create value for a specific segment of users?
By mapping out your users’ pains and needs, you will be able to craft more effective offerings and reconsider features of your website. Aspects such as customization, usability, design and innovation can greatly be affected by your users’ needs and opinion.
Channels:Where can you reach your audience?
Channels are the sum of all the touch points between you and your audience. By deeply understanding your users, you will know when and where to better reach your target segments and present them your value proposition. From the awareness to the after-sales stage, all channels are precious opportunities to make a user happy – to turn him into a loyal customer or even into an evangelist.
Customer relationships:What kind of relationship does each of your audience segments expect?
By collecting feedback from your audience, you will know how to better communicate and relate with them. Some segments may require personal assistance, others may rely on online communities, or again, some users would even like to be involved in co-creation processes.
There are different tools available to segment users and to build customer personas, read more about them in our guide about audience development where we cover the topic from A to Z.
Get your hands on our new white paper “Audience Development: Develop your audience and grow your business” and learn how to start redesigning your business model with audience data.