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Elements of a Strong Business Model

1. Identify Your Specific Audience.

Targeting a wide audience won’t allow your business to get customers who truly need and want your product or service. Instead, when creating your business model, narrow your audience down to two or three detailed buyer personas. Outline each person’s demographics, common challenges, and the solutions your company will offer. (BBGV2812021)

2. Establish Business Processes.

Before your business can go live, you need to have an understanding of the activities required to make your business model work. Determine key business activities by first identifying the core aspect of your business’s offering. Are you responsible for providing a service, shipping a product, or offering to consult? 

3. Record Key Business Resources

What does your company need to carry out daily processes, find new customers and reach business goals? Document essential business resources to ensure your business model is adequately prepared to sustain the needs of your business. Common resource examples may include a website, capital, warehouses, intellectual property, and customer lists.

4. Develop A Strong Value Proposition.

How will your company stand out among the competition? Do you provide an innovative service, revolutionary product, or a new twist on an old favorite? Establishing exactly what your business offers and why it’s better than competitors is the beginning of a strong value proposition. Once you’ve got a few value propositions defined, link each one to a service or product delivery system to determine how you will remain valuable to customers over time.

5. Create a demand generation strategy.

Unless you’re taking a radical approach to launch your company, you’ll need a strategy that builds interest in your business, generates leads, and is designed to close sales. How will customers find you? More importantly, what should they do once they become aware of your brand? Developing a demand generation strategy creates a blueprint of the customer’s journey while documenting the key motivators for taking action.

6. Do you need help?

Do you also want to make your business successful by having a strong business model? Do you need our help? You too can take a step forward. Contact us for more information.

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