Business Model Innovation for Shipbrokers in the Drybulk Industry

In order to sustain their strategic role within their supply networks, shipbrokers must constantly explore, develop, communicate and deliver innovative value propositions that meet with their customers' dynamic perceived value. Being in a highly mature, volatile and fragmented industry this may impose many challenges that would affect growth plans and objectives. This comes in tandem with other challenges such as supply/demand imbalance, accelerated technological advances, diffused knowledge, and product commoditization. By using the business model innovation approach, shipbrokers could gain a unique way of thinking which would help them create a leap in their customer value proposition. Instead of pursuing further cost reduction, process reengineering, further segmentation, increased marketing budgets or any other traditional strategy; shipbrokers can play the game differently. The business model innovation is an excellent tool for analysing strategic choices and developing systematic approach focusing on all the elements of the organisation. The result is an innovative customer value proposition that meets with customers' perceived value.