One of the main goals of entrepreneurs who create a startup is to keep it stable and profitable. It is necessary to find a business model which allows them to generate revenue and guarantee its growth in a market full of limitations.
Developing new sources of revenue is not the easiest task, because it depends on the analysis and study of structured models which provide ways through which entrepreneurs can have insights regarding their business and their target public.
In this post, we will see some of the models you can use to start studying new opportunities of generating revenue for your company. Check it out!
1. Benchmarking of existing services
Benchmarking that is focused on improving an internal process. This type of benchmarking involves data collection about the performance of the company in distinct moments so that gaps can be identified. When it involves some sort of service, this process allows the team to identify opportunities of expanding it and increasing its average ticket.
Some companies compare themselves to their competitors of the same segment to identify the services that are being searched for but are not being delivered. The obtained data in a benchmarking initiative provides you with important information about how your competitors are thinking and this information can create something new when added to your own thoughts. This explosion of ideas is where you will search for new sources of revenue.
2. Analyzing and redesigning the Business Model Canvas
The Business Model Canvas is a one-page tool which allows you to have a complete view of your own business. It is a set of nine components which covers the essential areas of a business – customers, offer, infrastructure and financial viability.
As far as generating revenue is concerned, the analysis or performance of the Business Canvas Model must be directed to the way the customer pays for the services, investigating their needs. With regards to startups, there is a series of revenue models which can be created to meet the needs of customers – sales of products, subscriptions, licensing, etc.
Many companies have been choosing to turn from licensing to subscriptions because they are searching for recurring revenue. This creates a stronger relation between customers and the company. This proximity allows companies to have a better understanding of the customer needs, which creates more ideas for new products and services.
3. Service Blueprint
In Service Blueprint, the goal is to map out the services offered, with a focus on obtaining insights which can create value for the market. It is a design thinking tool which contributes to increasing options regarding revenue generation.
That happens because Blueprint is a visual representation of the interactions of a customer at the time of the service. It is an excellent opportunity of viewing the reaction of customers in relation to what your company provides, mapping their experiences out. Thus, it is possible to search for ways of increasing their level of satisfaction, which can open a margin for the creation of new sources of revenue.
This is where you can find what points need innovation and also where failures are, and then you can provide your team with the data to create strategies and tactics for implementing satisfactory and profitable services and products.
We hope that after reading this post you can understand how important it is to know new models of revenue generation for your company. It is important for you to know more about each concept so that you can get the best of them and then have ideas which can add value.
Do you want to know more about how to search for innovation and discover new forms of revenue generation? If so, go ahead and read about what Proof of Concept is and how it can contribute to your business.
