This study integrates research on business model diversification (BMD) and demand-side theory to examine the relationship of BMD to performance and the sequencing of business model additions. We begin by explaining and demonstrating that the overall degree of BMD has an inverted U-shaped relationship with firm performance. We next highlight the particular role that demand relatedness plays in BMD. We first provide evidence that the inverted U-shaped relationship flattens in times of financial shocks, consistent with arguments that the benefits of BMD from consumers’ willingness-to-pay for simultaneous use of multiple business models may diminish during shocks. Second, we argue that firms tend to sequence the addition of new business models based on demand relatedness, and we provide evidence that the degree of demand relatedness between a core and a target business model enhances the likelihood of diversification into that target business model.

本研究整合了商业模式多元化 (BMD) 和需求方理论的研究，以检验 BMD 与绩效的关系以及商业模式添加的顺序。我们首先解释和证明 BMD 的整体程度与公司绩效呈倒 U 形关系。我们接下来强调需求相关性在 BMD 中的特殊作用。我们首先提供证据表明倒 U 形关系在金融冲击时期变平，这与消费者愿意为同时使用多种商业模式支付的 BMD 的好处在冲击期间可能会减少的论点一致。其次，我们认为企业倾向于根据需求相关性对新业务模型的添加进行排序，