Your own Unique Business Model
1. Define: What problem are you going to solve?
It would help if you began by considering the problem your business might be solving. Depending on the product or service, and company strategy you are designing, it could be a functional as well as an emotional one.
2. Ask: What are your strengths?
Ask yourself: What are the advantages of your business? What is one fact about your customers that no one else knows? That is your business model's strength and basis.
For example, hotels have unique data about their customers that no other platform has. Even if a customer books through some digital platform, the hotel still has individual data such as meal preferences, wake-up times, smoking preferences, and much more. The data, in that case, is what would help a hotel create a unique experience for its customers.
3. Identify: Who are your customers?
Who are the people who are affected by this problem? For the challenge you defined in step one, specify a maximum of three sorts of consumers.
4. List: What are the possible solutions?
Make a list of up to ten possible solutions to the problem. Pick up to three of those solutions for implementation. Base your key solutions on your unique identified strengths.
5. Clarify: Monetization strategies
After you have defined a product or service for the solution you chose and the customer type. Define a maximum of five monetization techniques for that product or service. Keep the two that can be tested rapidly.
6. Engage: Using your unique strengths
Brands that successfully engage with customers recognize and exploit their distinct capabilities to maintain and expand client connections. They make clients' lives easier and more fulfilling by utilizing their in-depth knowledge of them. To acquire and preserve this degree of engagement, your brand must go above and above. If a problem arises, address it as soon as possible. Demonstrate to customers that your interests are intertwined with theirs. Reduce the number of degrees of separation between you and your clients to zero.
7. Create: A Memorable customer experience
Your customers' experience with your needs to be quite different from your competitors. Not only that, but it also needs to be effortless for the customer as well. Do not make the mistake of trying to destroy your consumers' ties with "competitors" by duplicating their business strategy. Instead, find your capabilities, use the data you already have, and create a business strategy that will set your client experience apart from the competition. Customers will become engaged with you, and your commercial ties will flourish as a result.
1Gennaro Cuofano, FourweekMBA, Accessed 30 September 2021, https://fourweekmba.com/what-is-a-business-model/
Forbes, 8 Jan 2020, Sebastian Jespersen, Building a Business Model that is Unique for You, Accessed 30 Sep 2021, https://www.forbes.com/sites/forbesagencycouncil/2020/01/08/building-a-business-model-that-is-unique-for-you/?sh=463438477683
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