Abstract
Business model innovation (BMI) is critical to a firm's ability to achieve growth and long-term viability. It helps improve the value of products or services and/or delivery of these offerings to customers. Much of the academic literature to date however lacks customer-driven business model innovation frameworks. As such, the aim of this investigation is to propose a customer experience driven (CX) business model innovation framework that aligns customer values and the firm's strategic needs. This paper contributes to the literature by (a) conceptualizing the way in which business model innovation and customer experience are related (b) providing managers with a concrete framework to guide business model innovation that supports customer experience-driven new services and (c) highlighting opportunities for future research to advance business model innovation research and practice.
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