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Business Model Innovation- Business Diversification strategy for a German multinational company

A giant German multinational company that designs and manufactures athletic and casual footwear, apparel and accessories. Company deals from streetwear to sportswear. The client wants to diversify the business in a unique way to increase its user base.

The design thinking approach is always useful for solving any kind of challenge in an innovative way. For this specific problem, we used a blue ocean strategy. Firstly we understood the overall sector, the business models in this sector, the competitors and the company's brand. We interacted and empathized with major stakeholders by visiting different stores of the company. Understanding user perception was the main task in the project. As user perception can lead you to user exceptions from the company. We gathered ample insights through observation and interaction. We use different analogies ad analogy is the major tool that we used for diversification of the business. To reach the untapped market we used a blue ocean strategy. After brainstorming with the team, using different analogies and analyzing the gathered data came up with below solution -

  1. Why not have an experience like the client's world using analogy of Disney and Ferrari World.

  2. Shoe themed parks to improve user experience and market the company and products indifferently.

  3. Product themed bars and clubs.

  4. Special games involving the Brand Ambassadors.

  5. New product launches where customers and actually try on new products and review them.

  6. Playgrounds where different products can be used for trial like decathlon

  7. Full Kits for sports.

  8. Training Institutes

  9. Entering into the Formal Shoe market as client has a well-established brand in footwear.

  10. Sports Spa and Pain Rehabilitation for sportsman was the out of box diversification the team came up with

Such out of the box ideas are possible only because of design thinking tools and methodology.

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