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 that 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 interview as the main technique. The respondents comprise of 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 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 focused target; 3) Benefit programs for loyal and new customers; and 4) Adding online channels/ social media and e-commerce. enhancing strategic partners, improving. The new strategies are embedded into new BMC as new compass for XYZ to sustain its competitive advantage. Additional valuable learning came from the analysis and synthesis steps. To make the multiple and complex factors manageable, a stepping scheme is used: starting with each BMC block, compiled, and regrouped all.