The biggest question you are going to be asking as a Business owner or if you are thinking of starting a business during these times is…
“How can I create a digital business model?”
It’s true that businesses who are more meticulous in their adoption of a “digital transformation” will increase income, success and market capitalisation.
Having that sudden shift in your industry means that you are giving yourself, and your workforce the opportunity to access to better ways to process this data because the technology & tools you are using are more advanced and up to date.
With having better data, comes better ways to sell and market your goods and services and democratises the decision making and information becomes more accessible, meaning from a sales and marketing point of view, you can be more productive & creative with your business!
To give you a better comprehension of what this looks like, here are the business models of digital disruption and examples of brands who have embraced the current times.
1: The Subscription/Membership MODEL
Before the internet became part of our day-to-day lives, the subscription model was not as predominant as it is now.
The subscription model works best by getting a customer to subscribe to a monthly payment, giving them continued access to your goods and services. Look at Netflix as an example. They have over 100 plus+ million users paying a monthly subscription fee for access to various films and TV Dramas.
2: Freemium MODEL
The freemium model is one of the most common business models online.
This is where users get either a “simple” (free) version of a product/service, otherwise known as a “free” trial. The user will then have the option to upgrade to a paid premium version of goods/service you are offering.
Google do this well for their upgraded version of their services like G suite, so does Zoom app and hundreds of other digital companies.
3: Ecosystem MODEL
Thanks to the likes of Apple, the Ecosystem model is more disruptive than ever before.
This business model is a success because of the way it sells an co-dependent line of products/services that when purchased, increase in value based on how many you own (iPhone, Macbook, Airpods and iPad).
This does create consumer dependency & addiction but this is what makes Apple users stay loyal with them (myself included).
4: On-demand MODEL
As important as on-demand content is, having an on-demand business model serves as an even more vital part of embracing a digital transformation.
This works by having users pay for a service (Design, Digital marketing, editing) that they don’t have time to do for themselves, but is fulfilled by people with time, and short on money.
Which is evident through examples such Uber and Lyft, which are companies that have made a huge success of the on-demand model. This could be translated into an on demand digital service where you can market your digital skills (or hire someone with the skillset) and offer the service to your clients.
5: The “Free” MODEL
If you ever see a platform’s allowing users to use their service, it’s because they (the users) are the product;
The free model has been adopted by the likes of Facebook, Instagram, Google and Twitter.
The ideology behind the free model is that you, as the user become the product because you are not paying for this.
This means that the users data becomes the most valuable part of the business, as does your attention for paid advertising purposes.
Now that you can see the business models for digital transformation, it is important to also understand the drastic changes that are currently happening so that you can be ahead game.
- Digital-first models: looking at the way goods and services are designed, and delivered and then taking the digital approach to serve more customers online.
- Outcome-based models: understanding how profitable each customer is, and developing a business model to facilitate individuality.
- Expansion-based models: taking your business and expanding into new industries and markets.
Check out our Complete guide on all you need to know to take on the world of Digital marketing: Click here or the image below
If you’re not adapting to the very rapidly changing environment of business, you will lose big in this society because times are changing and so are how your customers think and behave. (This book will help you understand what it takes to build your digital empire and provide valuable tips on how to preserve it)
What will be covered?
- CUSTOMER JOURNEY — How customers choose their services online
- How to develop an SEO strategy
- Making the most of your Online Presence
- Showcasing useful tools to conduct your Online Presence strategy
- Importance of Key Performance Indicator (KPI)
- How to optimise your Website speed
- How to build your Digital Empire — Email marketing is still King
- How do you create your Email list empire?
- Blogging 101: Keeping your audience engaged!
- How to establish an Irresistible brand & loyal fan base
- Learn the Art of Persuasion.
- Be different! — Become the Black sheep
- Build strong values and showcase it
- Be memorable
- Use Honesty to disarm your audience