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Internet business models

 

Before you start your online venture, you must establish a relevant and feasible business model.

It is important for you to note and be prepared: this model is flexible and may be changed from time to time should this one not prove to have sufficient results.

 

1. Your “typical business model” – how most businesses operate and sell online

 

According to this model, which is time limited, the user will download a fully functional version of the product for a limited time. This is really what is known as a trial version.  

After a defined period of time has elapsed, the software/product will stop working, and the user will have the opportunity to buy the product.

 

This is the most common business model on the internet. The main disadvantage of the model is that it is based on two assumptions.

 

  1. The software or product is a “must have” product – i.e. the user will have to buy it in order to perform a specific activity.
  2. The competition for the product is low.
  3. User acquisition cost is very low.

 

Even though it may well be that these assumptions are correct, the problem with the above assumptions is that in 99 percent of the time they are not correct.

Should any of these assumptions prove even remotely wrong, this typical model will not generate even close to the potential amounts of revenue.

 

2. Feature limited version

 

In this model, the product or service is offered for free in its limited edition.

The customer expects to get more after he agrees to make the transaction. For example, if the program is a report generator, the print and save option are disabled.

Research proves that this model, although it sounds sensible to internet beginners, creates customer annoyance. Although it creates anticipation, sales do not hit their full potential.

3. Monthly payment

 

In this model, the product or service is offered to the user based on the assumption that it will create satisfaction, and user will make the informed choice to purchase it again.

This model is more beneficial to user than to seller. In addition, this model is hard to implement since the vendor will have to perform a transaction monthly, save the credit card number (very strict legal standards), and provide monthly confirmation reports and communication with the buyer on a monthly basis. Also, in the event the user agrees to purchase, research proves the “instant gratification” theory, in that the next monthly payment is still uncertain. Why wait? Cash now.

 

4. Product offered for free, money generated by ads.

 

This model usually appears with highly downloaded products. Although there are excellent examples of some of these products, this model is only relevant if you are not in a rush to start generating income, and your assumption that your product is “viral” is true. Many companies I encountered changed this model after realizing it does not generate an easy cash flow, and as soon as the model was changed, income was incredible.

 

5. Pay before you use.

 

This model usually appears in the retail industry. It is “old fashioned” in the way that it uses internet marketing like buying from the shelf. Research shows that internet users still follow the “instant gratification” rule. Or the “I like it, I want to get it now” rule. Although this model proves very successful to some companies, it is dangerous in a way that depends only on your website and landing page, and it allows the user to think that he is paying for a dream that may never come true.

 

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