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In this Century, redefining the principles governing your business process is so important and the way out to this, is to digitize and monetize your Startup. From streamline business processes, improvement in your business level of efficiency, with the help to deliver smooth customer experiences, digitizing your business offers more benefit and values to your Startup.
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Today, Technology has connected us globally and transformed our lives in different ways. With no leaf unturned, technology is bound to transform every industry and we can testify how Startups like Uber and Spotify have globally disrupted well -established taxi and music industries just by digitizing traditional business processes.
What’s the Idea?
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Billions of devices are connected today through the new wave of technology innovation called Internet of Things (IoT). The accessibility of your business by the public through these devices is digitization. Giving your customers and people who are now interested in your Products or Services an option on how to check/request your Products or Services and contact you.
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Today, you can do some bank transaction without visiting a bank branch. This is possible because they digitized some part of their processes. Digitization will improve your startup to a global standard, it will mobilize your business, it will makes your business operations more efficient. It also makes your business open to partners, innovations, new market, flexible business model and interaction with customers.
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It is no more a secret that every Startups has the goal of making money, this is why Monetizing your business may be the most important aspect. How do you plan to earn money from the business you want to digitize? How do you plan a business of your idea? What business model do you want to use?
Though, startups’ business models varies but have you ever consider how startups like Uber, Facebook, Taxify and Twitter make their money? This is what you should consider when monetizing, how you want your business to generate money for you and your customers might not even know.
You digitize your business by creating an internet presence for your Startup. You will create a website, an app and social media accounts that can be accessible by your customers at anytime. While there are different tactics to monetize your startup. Let’s look at some below.
1. Advertising Space: this will be a good option for you if you only provide services online and not sell products but it is OK for anyone. You’ll provide an advertisement space on your platform (website, app or on your social media accounts) and get paid. There are different methods for advertising Space-Based Monetization and I will be writing on that soon. Make sure you always check this same website and you can also drop your email here for reminder.
2. Branded Merchandise/Lifestyle Based: You provide a free access to contents or products but while the user is engaging with the content, you market other product to them in other to gain their interest.
3. Subscription Based: you can use this when you have an ideal creative product or service. For instance, if you have an app for video editing. Using this tactics, you’ll allow the user download your app for free but they will have subscribe/pay to access some tools on the app.
4. Data Base Monetization: there are organizations that collect and analyse large data (Big Data), you can sell specific data such as contact lists, email lists etc.
You have the market ready. Digitize your business today, solve a problem and select a method to get paid for your products or services.
Why not share this valuable knowledge with your friends and don’t forget to leave a comment in the comment section below.