A few years ago, I was part of a marketing team at a company that was doing okay — not great, just okay.

We had loyal customers, steady revenue, and a decent brand name.

But “okay” doesn’t last forever.

Soon, newer players entered the market with fresher ideas, leaner models, and better customer experiences.

They didn’t have better products.

They had better business models.

That was my first real encounter with business model innovation — and it completely changed how I look at building and growing a company.

Since then, I’ve realized one thing:

If your business model stays the same while the world changes around you, you’re setting yourself up to fall behind.

Let me explain why I think every company — big or small — needs to actively pursue business model innovation.

While pursuing business model innovation can unlock growth, it’s important to acknowledge the daily stress entrepreneurs experience during such transitions.

Markets Change, and So Must You

Look at how we buy things today.

From groceries to gadgets, we want them fast, personalized, and often delivered to our doorsteps.

Amazon, for example, didn’t just sell products — they redefined how we shop.

They didn’t invent e-commerce.

They reinvented the business model behind it, turning logistics, data, and customer obsession into a growth engine.

If they stuck with just “selling books online,” they’d be irrelevant by now.

Differentiation Isn’t About Features Anymore

When I worked on a rebranding project for a startup, we kept obsessing over product features.

But here’s what I learned:

Features can be copied.

A business model? Much harder to replicate.

Think of Airbnb — they don’t own hotels.

Uber? No cars.

Yet they dominate their industries.

They didn’t win by offering “better rooms” or “faster taxis.”

They changed how value is delivered — and that made all the difference.

Innovation Opens New Revenue Streams

One of my favourite examples is Adobe.

They used to sell boxed software.

Photoshop for $700. One-time purchase.

But then they shifted to a subscription-based model — Adobe Creative Cloud.

Now, instead of big upfront costs, users pay monthly.

Revenue became more predictable.

Customer engagement went up.

And Adobe transformed into a $200+ billion company.

All because they changed how they captured value.

Resilience Comes from Reinvention

The pandemic hit every industry like a wave.

Restaurants, retailers, events — all disrupted.

But the ones that survived weren’t just lucky.

They pivoted.

Dine-in restaurants started meal kits and virtual cooking classes.

Gyms turned into online communities with Zoom workouts.

It wasn’t just adapting for survival — it was innovation that made them more resilient and future-ready.

Innovation Isn’t Just for Tech Giants

I hear this a lot:
“But we’re a small business — we don’t have the resources of Amazon or Netflix.”

True.

But you don’t need a billion-dollar R&D team to innovate your business model.

A local bakery switching to pre-order subscriptions?

That’s innovation.

A clothing brand adding a rental option for occasional wear?

That’s innovation too.

Business model innovation is less about tech and more about rethinking value.

My Biggest Takeaway?

You don’t need to change what you do.
You need to change how you do it.

Revisit how you deliver value.
How customers experience your brand.
How money flows in and out of your system.

Innovation there can unlock growth you never imagined.

Closing Thought

Innovation isn’t just about new products.
It’s about new ways to think.

And in today’s fast-changing world, staying still is the biggest risk of all.

So, if you ask me?

Yes — every business should pursue business model innovation.
Not just to thrive.
But to survive.