The IoT Business Models

Introduction

We live in times when technologies like IoT require new business models and we also need to think about sustainability. Besides selecting the right business model to sell your product, you have to keep in mind that sales and marketing are changing.

According to an article published at danielelizalde.com, the author advises us to have a very good business model to profit from our innovation work. He recommends the book “Business Model Generation”. If you do not have it, I recommend that you get it because it is one of the most popular books that entrepreneurs have been using for years.

Source: https://tinyurl.com/y5ky8293

There are other books written by Alexander Osterwalder that are also promoted on the Strategyzer website and that help you with your business model.

Strategyzer published a video explaining the Business Model and it is really good: https://youtu.be/QoAOzMTLP5s

I can personally recommend new books like:

The Invincible Company

https://www.strategyzer.com/training/virtual-masterclass-building-invincible-companies

Value Proposition Design

Understand what is the Value Proposition Canvas and learn how to use it:

https://youtu.be/ReM1uqmVfP0

Testing Business Ideas

Besides coming up with good ideas and an effective business plan, you have to test your business ideas. You can check this book and even a video by Strategyzer:

Business Model Design

THe following video explians about the business model design in the 21st century: https://youtu.be/jpXSZaS4IhA

You can learn more about these books at the following website:

https://www.strategyzer.com/training/virtual-masterclass-building-invincible-companies

These books will give you a very good base and save you a lot of time.

TOOLS

Find more tools from Strategyzer and learn about some certification courses: https://youtu.be/q8SD-AtfXdk

ONLINE COURSE ABOUT NEW BUSINESS MODELS

You can also check a free certification course offered by the University of Virginia via Coursera called: New Models of Business in Society. This course is part of the Entrepreneurship: Growing Your Business Specialization.


Please notice that the offer is until the end of December 2020.

During my entrepreneurial journey, I came across a very good website that belongs to Steve Blank where there are videos, tools, and other resources that can help to build a very good business:

https://steveblank.com/tools-and-blogs-for-entrepreneurs/

Steve Blank is a visionary with many years of experience in innovation and business.

The 7 IoT Business Models


Now that we have gone through the basics of business model creation, let’s go into specific business models for IoT:

IoT Business Model #1: Subscription Model

This is a very popular model. There are usually several subscription packages provided by a company where one is free and the other ones are monthly fees that differ according to the services included. This is a very good idea since it permits companies to get revenue constantly and maintain their relationship with the customer.

IoT Business Model #2: Outcome-Based Model

In this business model, the focus is on the outcome of the service or in other words, the result.

You can see this business model in coaching companies where people pay for the results like losing weight, getting 5 or 6-figure clients, becoming an Influencer, etc.

IoT Business Model #3: Asset-Sharing Model

I remember having been interviewed about my feedback on car-sharing to be implemented in Sweden. This business model can be applied to many different areas in order to reduce expenses.

Listen to this recording titled “IoT Energy and the Storage Revolution” at https://danielelizalde.com/energy-storage-revolution/

IoT Business Model #4: The “Razor Blade” Model

Here the goal is to get a product at a low price or for free in the customer’s hands as a way of start selling other products. This is good for products that are replacements and that the customer needs to order frequently.

IoT Business Model #5: Monetize Your IoT Data

This model is about collecting data besides selling your products. This data can later be sold to third-parties.

Examples of this model are: LinkedIn and Facebook.

IoT Business Model #6: Pay-Per-Usage

You can see this business model in IBM for example where you pay for what you use in the cloud.

IoT Business Model #7: Offer a Service

This approach has some pitfalls which you can learn about in this recording: https://danielelizalde.com/services-in-product-companies/

The IoT Journey

There is an article called “Verizon Business ThingSpace IoT Marketplace, a new simple way to manage the IoT journey” that is very interesting.

Source: https://tinyurl.com/y36k2ccp

This is “a new easy-to-use digital portal that helps customers – from small and medium-sized businesses to large enterprises – quickly purchase, activate and manage customized IoT solutions” according to the article published on IoT Business News.

Conclusion

Remember to have a very good business model for your products and services. It’s not enough having a good product, you need to make a profit in order to continue growing your business.

Written by Space Entrepreneur Veronica Chiaravalli

Articolo precedenteTop Google courses, degree & professional certificate training programs for 2020: how to get remote jobs with Google
Articolo successivoIoT and Remote Sensing in Smart Agriculture
Veronica Chiaravalli is Founder, CEO, and CRO (Chief Robotics Officer) at Emerging Technologies Sweden. She's a C-Level Space Executive, Visionary Leader, Space Entrepreneur, Exponential Innovator, Visionary Exponential Entrepreneur, IIEC-Certified Trainer, IIEC-Certified Executive, IIEC-Certified Expert in IoT, IIEC-Certified Expert in Immersive Technologies, and IIEC-Certified Expert in Exponential Technologies offering online services and solutions to global grand challenges. Among the services she offers are customized and innovative online training programs, research, and innovation work with Space projects, speaking services, 3D Artist Cert. Training, and articles on Space, emerging technologies, exponential technologies, innovation, and visionary leadership. Besides her work at Emerging Technologies Sweden, she is also working with Space Projects as a volunteer for The Mars Society and The Moon Society. She is also one of the Editors of the upcoming book: "A Pioneer's Guide to Living on Mars" written by Peter Kokh. Her areas of expertise are: Space, Immersive Technologies, Augmented Intelligence, IoT, Robotics (Human-Robot Space Exploration & Innovation), Digital Twins, Emerging Technologies, and Exponential Technologies. She spoke at Purdue University several times on entrepreneurship, her work with global challenges (gender & knowledge gaps), and the future impact of emerging technologies and exponential technologies. Visit her website at http://www.exponentialtechs.com Feel free to connect with her via LinkedIn. Here is the latest interview: https://ebullient.com/podcast/veronicachiaravalli/ Click on the right where it says Watch Video.

LASCIA UN COMMENTO

Please enter your comment!
Please enter your name here