Top 10 Inspiring Business Models You Would Like to Know
business model is a design that helps to build a successful business. Do you want to know about top inspiring business models? Before going to the main topic, let me tell you a story.
Kaniz and Zara, two best friends who are very keen to have their own startup one day, decided to start working on their own idea. Just like every other startup out there, they were confused about too many things.
They will find their first investment, where they will get their first customers, and so on. All of these questions started to arise in their mind, and like every other startup out; there were also puzzled for the very first time.
Another thing that was troubling the mind of Kaniz and Zara was how they would make their business model useful. Finding innovative business models is always a challenge. No matter how good the idea is, it doesn’t matter if their business model is not that good.
A once in a lifetime Idea is bound to fail if the concept is not implemented in an effective way. So, finding the best business model is one of the most important works.
Top Inspiring Business Models
Today I am going to discuss some fantastic Business Models That Will Inspire You. I believe this writing will help you out to find the business model for you. There are plenty of examples of business models, but I am going to describe today the most amazing ones.
Imagine you are producing a chemical that will be used in cleaning the car. Now what you can do is offer a commission to the car washing companies, garages and so on. By providing those companies with a commission, you are making them partners in your business.
Partnering in business is a great model that you can use in your industry. UBER is the most significant example of a partnering business model. In a partnering business, what you have to do is provide others with an opportunity or a benefit, and the rest will be done.
Freemium model is one of my favorite models out there. Look at youtube. Youtube is the most prominent example of the freemium model. Youtube has different versions to offer. In youtube, you will find a free version available. In the free version, you can get a limited number of contents, but if you want to get those extra features, then you have to pay for that.
So, the freemium model offers you both a free version and a version for which you have to pay. In the free version, you will get only a few benefits to get the maximum benefits you have to pay.
Spotify is also another example of the freemium model. Gaana, an Indian music platform, is using the freemium model.
The subscription model is one of the most popular business models we see in the contemporary world. Look at Netflix and Hotstar; they are the clearest example of a subscription model you will see in the business world.
Not only in startups or the tech world will you see a subscription model, but also you will see in gyms, newspapers, and so on. In the subscription model, you will get the opportunity of using the service or features for the time being, and for that, you have to pay. You may like to add a subscription model to your business, which will surely boost your business.
Business with Data
All the giant companies out there are more interested in Data. Data is something that you can use in your business. Look at Facebook or Google and how they are doing business with Data. Create a platform where you can gather data, and with that collected data, you can earn money.
The company with Data has become more prominent than ever before. Business with data has also raised some ethical questions. Now, as days are passing by, people are becoming more aware of their privacy, and that is why sure you have to use the data cautiously.
Selling of Experience
Imagine you own a car company. You want to sell your car. What could be a better way than creating a fantastic experience with the product? You may have heard the name of energy-drink brand Redbull, making a customer welcoming experience for an extended period.
People are also enjoying their events. But it must be ensured that the created experience is liked by people. If you are not good at making a good experience, then you will surely see the opposite result.
Building a Tech Giant
We all are used to see iPhone memes. In fact, I am a big fan of iPhone memes and trolls. Today we are going to learn the strategy implemented by the tech giant companies like Apple and Samsung. iPhone and Samsung are bringing new techs into the industry, and each one of them is better than the previous one.
The marketing pricing model used by the Apple industry is known as market skimming. Here Apple focuses on ensuring the maximum benefits of selling their products. There are lots of companies that are tech-based companies, and they are known as tech-savvy companies. Companies like Xiaomi, Lenovo are the example of Tech giant business model.
Creating a Platform
There is hardly a day when we wake up and not look into our social media accounts; moreover, social media has become a part of our daily life but have we ever thought of their business model?
Creating a platform is one of the ultimate and fantastic business models that you can find out there. Facebook, Twitter, youtube, and so on are the most significant example of platform-based models. Maybe you are the one to create the next biggest platform and counting to be the next change maker.
Pay Per Use Model
Pay per use model is one of the most traditional business models out there you can find. Imagine the time when we were used to making phone calls, and we had to hangout fast so that our bills wouldn’t get higher.
These were the most prominent example of a pay per use model. In today’s business, google cloud is a great example that is using the pay per user model. If you have an amazing or a once in a lifetime idea, try using the pay per use model in your business.
Creating Customer Loyalty
This one is also one of my favorite models. The goal of this kind of business model is to create customer loyalty by giving them referral codes, special discounts, and so on. Various companies are using these kinds of models. UBER eats has also used this model in their business.
Auction Based Business Model
Have you ever bought anything from eBay? Or have you ever placed an ad on the google search engine? Have you ever thought about how the google search engine result works in real life? Both Google search engine and eBay are using an auction-based model in their business.
In the google search engine, you can only place the ad when you have both relevance and the highest bid for the ad. You can also introduce an auction-based business model for your business.
The auction-based business model is not a new form of the business model, but you can also use this business model in modern days as well. If you ever imagine how to use the auction-based business model in the tech world, then look at google ads that I have mentioned before. If you are going to introduce the auction-based business model in your business, make sure people are welcoming the model.
There are plenty of business models you can find out there, but if you ask me which one is the best business model, the answer will be “honestly, I do not know.” There are plenty of business models, and which business model will work for you, and your startup is a big question.
For some people, the subscription model may do, and for some people, the auction model can work. Which model will work for you depends on you.
If you are thinking of starting a startup of your own and puzzled after studying different business models, my suggestion is to do some study about startup models thoroughly. Make sure you are introduced to every business model. Discuss the business models with all of your team members and after that, take the decision.
What has worked for me not will work for you. So, try to make the business model as unique as you can. Copying other’s business models will never give you a positive result. So study, experiment, and thus you can make sure that you have a successful business model.
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