Who is this guide for?
One of the most common questions we get at Board of Innovation is, ‘How can my company generate new revenue?’
Armed with the right knowledge, anyone can unlock new revenue models that have a direct, substantial impact on their bottom line. It starts with having the right toolkit.
Consider this booklet as that toolkit: it’s here to help you identify sustainable new revenue streams. Use it to challenge revenue streams you have already developed, or to come up with alternative money-making tactics.
This toolkit is most effective if
- You have a new idea and you are wondering how you can make it profitable.
- You’ve already developed your business & revenue model and would like to challenge your current revenue-building strategy.
5 examples from this guide.
THE (INCREASED) PRICE OF ANONYMITY.
These days, information is so public that people are willing to pay to ensure their interactions online remain private.
For instance, the business networking platform LinkedIn is free to use, but unless you set your profile to private, you will be able to see who’s looking at your profile, and they’ll know when you look at theirs (which can be awkward). For the privilege of browsing anonymously, users and companies can pay for LinkedIn Premium.
EXCLUSIVITY TO INCREASE THE ASKING PRICE.
People will pay a premium for the chance to own something that nobody else has. The rarer something is, the more its perceived value may be.
Keen to try this revenue idea? Start by setting a (very) high price and lower it if you don’t get traction.
These days, unique customer experiences are becoming more and more valuable. Some businesses are capitalizing on this by monetizing their customer experiences and using the element of surprise as a USP!
Connect buyers and sellers.
Marketplaces bring together supply and demand by connecting buyers and sellers. Notable examples are eBay, Taobao, and Getaround.
By collecting a small percentage of the sales they facilitate, these platforms or brokers are able to generate significant revenue.
SIMPLE FLAT-RATE PRICING.
While the number of companies opting to lease rather than sell their products seems to be increasing by the day, monthly fees aren’t for everyone. So some businesses are going the opposite way by charging customers a high one-time fee so that they never need to pay again.
Take Brilliant.org, also known as Brilliant. This online learning community that delivers courses via a freemium business model. But it also offers users a lifetime membership for a one-off payment of $599.99.
Revenue model cards B2C
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