REPOSITIONING A BUSINESS MODEL FACING NEW CHALLENGES
How might we innovate a business model facing challenges of market saturation and dependencies on third party organisations?
MyPlates provides a customised number plate service for NSW car owners achieving extraordinary growth through the innovative repositioning and design of number plates. While a stream of innovations have contributed to the overall growth of the category, the fundamental business model has gone unchanged since inception. As the personalised number plate proposition is suspected of reaching saturation point and dependence on the RMS creates challenges in driving growth, MyPlates has identified the need to innovate and build capabilities within the business.
To support MyPlates in this endeavour, WAVE ran an immersive, two-day Human-Centred Design workshop for all MyPlates employees as a catalyst in building innovation capabilities and culture. This was preceded by in-depth stakeholder interviews with 6 key leaders to gain a deeper understanding of the context, the strategic intent, challenges and needs of the business.
These conversations have informed insight and opportunity areas that have helped to frame the exploration of innovation in the current business and a proposed new way forward.