Revamping business strategy using Business Model Canvas (BMC), SWOT analysis, and TOWS matrix

Abstract

Indonesia’s creative industry has grown rapidly. Competition in the creative business becomes fierce, forcing industry players to become more competitive to win customers. This issue requires players to continuously improve their business strategies to keep sustainable. This phenomenon is also faced by XYZ, a gift-wrapping business unit located in Bandung. This study aims to recommend XYZ new strategies to revamp its business using the concepts of the business model canvas (BMC); strengths (S), weaknesses (W), opportunities (O), and threats (T) analysis; and the TOWS matrix. The research method is descriptive qualitative, with interviews as the main technique. The respondents comprise six people from inside and outside the company. The validity of the qualitative data was tested through triangulation of sources, and the member-checking technique was used to confirm the analysis results. The results showed that the existing business strategy has fulfilled 9 BMC blocks. Next findings, eleven new strategies are revealed and four of them are in highest priority to be implemented, i.e.: 1) Following market trends and demands, expanding intended customer target; 2) Improving product quality and services for the focused target; 3) Benefit programs for loyal and new customers; and 4) Adding online channels/ social media and e-commerce enhancing strategic partners. The new strategies are embedded into the new BMC as a new compass for XYZ to sustain its competitive advantage. Additional valuable learning came from the analysis and synthesis steps. To make multiple and complex factors manageable, a stepping scheme is used starting with each BMC block, compiling and regrouping all.