The most popular new business models today
Building scientific business models helps the marketing and sales process go in the right direction, increasing revenue for businesses. So what are the new business models chosen by many businesses? Let's find out with 1C Vietnam right in the article below!
1. Direct business model
Today, the direct business model is considered an effective solution in developing business sales. One of the secrets to making this business model successful is the ability to identify the right market target. Instead of providing general services/products to everyone, the direct business model will analyze each customer to propose appropriate sales strategies.
2. Franchise business model
The franchise business model is one of the popular business models today. In this business model, the franchisor will provide a business license (paperwork, training materials, branding...) to the franchisee. Thereby, the franchisee will have to pay costs to own the brand name and sell the franchisor's products/services. In some cases, the franchisor also receives a percentage of revenue according to the contract that both parties signed.
3. Subscription business model
The subscription business model is a form of business providing services through customer registrations. To better understand this business model, administrators can look at the following example:
With Netflix, users only accept to pay a monthly subscription if they commit to providing fresh, quality content. Therefore, to maintain this business model, Netflix will need a lot of human resources to create practical content, motivating users to continue using the service.
In particular, the registration business model has 2 forms:
- Register once and use for life.
- Subscribe monthly/yearly.
4. 1 for 1 business model
This is a business model that combines profit and non-profit models. The non-profit aspect is the factor that stimulates customers to buy, helping the company develop and achieve sustainable profits.
In particular, the 1-for-1 business model has been applied extremely successfully by the TOMS shoe brand. This buy a pair of shoes campaign will give another pair to poor children around the world. This attracts a response because customers can both own a beautiful pair of shoes and participate in meaningful volunteer work.
5. Freemium business model
The Freemium business model is a combination of free and paid services. This is a great way to grow your brand, initially used to generate leads, which will then invite them to upgrade to the paid version. If businesses do it right, this model will become a great solution to promote and promote business in the future.
6. Business model of accompanying products
Selling accompanying products is one of the popular business models today. This model focuses on making customers attracted to bonus products, then taking advantage of it to sell the main product. To put it simply, the bundled product business model is also known as the “razor and razor blade model”, where businesses give away expensive razors to motivate consumers to buy more razor blades. .
7. Online business model
The online business model is a popular form of business through social networks, online channels... On these platforms, businesses can promote their products/services quickly and optimally. many costs compared to the conventional business model.
However, compared to the above business models , online business has the limitation that customers cannot directly see the products, creating concerns about quality and hesitation when buying. Along with that are delays, damage or loss of goods during transportation to consumers.
8. Affiliate Marketing business model
The Affiliate Marketing model is the process of introducing products/services of other businesses to potential customers and receiving commissions from them. This is a quite popular business model and is chosen by many people because of its high income and low costs.
9. Trend-following business model
Trend-following business is one of the business models that is developing quite quickly and popularly, especially in the current 4.0 era. Businesses taking advantage of trends being discussed on forums is a way to attract customers and increase sudden revenue for businesses.
10. What is the business model?
Business model is a term that refers to a plan to increase revenue and is a guideline that determines the success of a business. The business model helps businesses identify customers, products/services that the business intends to sell, market, estimated costs and how it operates.
Therefore, businesses should regularly update new business models to predict trends, opportunities and challenges ahead. In addition, this is also a strategy to help investors evaluate the businesses they are interested in, and at the same time help employees understand the direction of their superiors to plan appropriate work.
11. How to identify an effective business model
11.1 Identify customers
Identifying customers and business markets is the premise for establishing an effective business model. Administrators need to clearly understand who the business is trying to target as customers? What is the message and how to connect with that customer file?
11.2 Understand business products/services
After determining the target customer, businesses need to consider their products/services and adjust them to adapt to current tastes. For example: What products does the business want to sell? What is the advantage of the business about that product?
11.3 Determine the business model
A business model is considered complete if a suitable business strategy is identified. Businesses need to offer products/services that meet the unique factor with the best quality, determine supply sources and operating procedures (describe how to promote and distribute products), and build strategies. Pricing strategy and market segment identification.
In short, building business models is the solution to help businesses identify target customers, costs and ways of operating... From there, businesses will easily manage and adjust promptly. product/service quality to suit consumer tastes. For more useful information related to management knowledge, businesses can follow the articles updated by 1C Vietnam below!