Tag: startup strategy plan

  • How Whitney Wolfe Fought against its Biggest Rival – Tinder: Bumble Startup Story

    Left swipe, right swipe. That is the focus of modern dating. Match Group, which owns the finest in dating sites like Tinder and OkCupid, looks to be at the root of it all. However, they don’t control a rival.

    Bumble was born out of adversity, persecution, and a desire to rebuild itself, and it has succeeded. Tinder, on the other hand, was not going away quietly, and the rivalry has only grown. A number of cases have been filed between the 2 parties. So, what did the bumble do to deserve such scorn?

    Did you know that the founder of Bumble Whitney Wolfe was previously the co-founder of the Tinder app founded in 2012?

    Yes, Wolfe was among the founders of Tinder, who also served as the Vice President (Marketing). The creator of Bumble later allegedly faced numerous threats, harassment, got dumped by one of the Tinder executives who was also her boyfriend before being ousted from the company. She even sued Tinder for such happenings and it was she who started Bumble later on!

    So, let’s have look at the complete journey of Bumble, including the Bumble story, history, Bumble target audience, business model, its revenue model, mission and vision, how Bumble makes money? and more!

    About Bumble
    Target Audience of Bumble
    Mission and Vision of Bumble
    Bumble – Founders and Team
    Tagline and logo of Bumble
    How was Bumble Started?
    Business model of Bumble
    Revenue model of Bumble
    How does Bumble make money?
    What makes Bumble unique?
    Startup Challenges faced by Bumble
    Competitors of Bumble
    Future of Bumble

    About Bumble

    Bumble is a platform for dating and socializing. It connects individuals with others in their vicinity for dates, informal hangouts, and corporate meetings. It was founded by former co-founder of Tinder, Whitney Wolfe Herd in 2014. Bumble is different from Tinder in that it empowers women and helps them make the first move.

    Bumble Date

    It’s Bumble Date, the matchmaking tool that’s at the heart of Bumble. On this platform, people can link possible love mates to outings, with women taking the initial step.

    Bumble BFF

    People can utilize the Bumble BFF portal to search and socialize in their area. This feature seeks to introduce you to more individuals and help you become pals with those who are new in town or have a hard time making friends. Bumble BFF allows both men adn women to have the privileges of making the first move. The bumble bff age range starts from 18 years.

    Bumble Bizz

    Finally, the Bumble Bizz feature offers entrepreneurs connecting options such as finding advisors in their sector, speaking with ideal interns, and launching new job prospects. Online dating is becoming commonplace in our society.

    Tinder is the most widely used dating tool, and many folks find love in it. Other dating apps, on either hand, are growing rapidly and may pose a risk to Tinder’s supremacy. As luck would have it, Tinder’s co-founder is contesting the designation. Whitney Wolfe Herd, the creator of Bumble.

    Target Audience of Bumble

    Bumble is a dating app primarily for 18 to 34-year-olds, who can be referred to as Bumble target audience and want to make genuine social and work ties. Regardless, because of its history as a female-centric dating site, Bumble remains the app of woman’s choice. They like the idea of connecting and making friends in a safe setting.

    The networking drives the app’s appeal among males by increasing the number of female members. When a large number of individuals use a brand, its value rises. Bumble’s rising community makes it easier to form positive links, which attracts more users.

    Bumble began as a dating service, but its attention turned. Bumble BFF and Bumble Bizz were created recently. Amidst this, the website keeps putting women first.

    Mission and Vision of Bumble

    The aim of Bumble is to establish a “portal and community that empowers links in dating, life, and career.”

    They attempt to do so by fostering “responsibility, fairness, and compassion in a drive to abolish sexism and redefine antiquated gender norms.” Women on Bumble are the ones to initiate contact!

    “A future free of misogyny, where all connections are equal,” is what they envision.

    Bumble – Founders and Team

    Whitney Wolfe Herd is the founder and CEO of Bumble, who started the app in 2014. Whitney was a student of Southern Methodist University. She is later credited with being the co-founder of the most popular dating app Tinder, where she eventually managed the Marketing, being the VP of marketing. However, after certain unpleasant experiences and under unprecedented circumstances, she left the company and then later founded Bumble, where she is currently serving as the founder and CEO.

    Whitney Wofle Her – Founder and CEO of Bumble

    Bumble had over 700 employees when last recorded in 2020.

    Tagline and logo of Bumble

    Bumble Logo
    Bumble Logo

    Their tagline is “Shine Bright Like A Diamond”.

    The color scheme is ideal for the app’s tone and purpose. The color yellow has been linked with vitality and young. But, more deeply, it’s the hue of honey, that reflects stuff most people seek from a dating site. Both variants of the logo’s font are driven by rounded, softer arcs, which are commonly linked with femininity.

    How was Bumble Started?

    An odious beginning

    Whitney Wolf Herd started her career at the age of 19 when an oil leak spurred her to team up with a fashionista and make handbags to raise funds for rescue efforts. She also volunteered in Asia and got a job at Hatch Labs Incubator at the age of 22, where she met Sean Rad. They collaborated to build Tinder.

    Many people regard Wolfe’s efforts as the basis why the app grew so big on campuses across the U.S., here’s where the conflict begins.

    Justin Mateen, Tinder’s CMO and Wolfe’s employer, was one of the initial members. They started dating, which was a bad decision. They dated for nearly a year but before she ended things with him, he went nuts, abusing and assaulting her sexually. But it doesn’t stop here; when Wolfe went to CEO Sean Rad, he switched sides.

    Her cofounder’s position was canceled by both Rad and Mateen. They stated that she’s just a woman and how they had five co-founders. According to Mateen, hiring a female CEO made it sound like a bad thing. They then compelled her to leave without pay.

    Wolfe retaliated by filing a lawsuit against the firm, citing Mateen and Rad’s chats as proof, prompting an inquiry and Mateen’s instant detention, that he would later vacate. Rad was demoted at first, but he was later reappointed.

    The case made headlines, and rightfully so: the firm she helped build was a success. Tinder had a rolling average of over a billion swipes and a $1.1 billion worth by the end of 2015.

    On a daily basis, Wolfe received backlash and threatening texts. She felt everything was over. Her despair and terror were caused by the app she helped build and market. However, Wolfe was not crushed.

    Another inkling

    Wolfe desired to restart, but the response and hatred from the Tinder affair made her opt to avoid the dating sector entirely. Her modern approach centered on women’s security and offer comfort.

    She was supposed to start a social platform for women alone. She had sketched out the entire scheme when Andrey Andreev, a Russian-British entrepreneur, who had met her and been struck by her tenacity, wrote to express his support for the Tinder issue and to brainstorm with her.

    Whitney Wolfe with Andrey Andreev
    Whitney Wolfe with Andrey Andreev

    When Wolfe set out her vision, Andreev claimed that her idea works like a dating app, despite Wolfe’s protests. Wolfe finally agreed after much persuasion. Chris Gulczynski and Sarah Mick, both ex-Tinder employees, were called in to assist with design.

    It’ll be on Wolfe’s rules if she returned to the realm of dating apps. She often found dating habits weird, despite the fact that she had counted herself a feminist from a young age. Why did women have to obey set norms, the bulk of which were set by the guy’s actions or desires? That was going to be changed.

    Wolfe launched Bumble in 2014, just months after the Tinder catastrophe, with Andreev’s assistance and Badoo’s technological worth as a portal. It was a huge hit. In a year, the firm had matched 80 million people, had 15 million distinct chats and had some fascinating unique features.

    Business model of Bumble

    Bumble Website
    Bumble Website

    Bumble operates on a freemium paradigm. It’s a business model in which simple benefits are given for gratis, yet few premium features are available for a cost.

    Bumble is a free dating portal for those over the age of 18. That’s how the firm expands its audience. The app’s visibility also motivates fresh members to join because of its wide reach. Bumble doesn’t charge to signup or interact with people. Other options such as Beeline, Backtrack, and SuperSwipe, however, cost money.

    Notable freemium services include YouTube, Spotify, and Google.

    Revenue model of Bumble

    Bumble’s revenues mainly come from its paid subscriptions from the users. These subscriptions allow the users to get benefits in the form of more swipes and additional interactions.

    Bumble, to date, has over 42 million users out of which 1.35+ million users are paying customers.

    To sum up, some of the premium packages of Bumble are:

    Bumble Premium – The Premium subscription of the Bumble app enables the users to check who has right-swiped them, use the incognito mode, swipe in different locations, boost their profile, set advanced filters and more.    

    • For 1 week this subscription charges $17.99
    • For 1 month it charges around $32.99
    • For 3 months it charges around $66.99
    • There is also a lifetime subscription pack worth $199.99

    There are 3 other premium packages of Bumble. These are:

    Boost – $7.99 to $47.99 (recurring)

    Spotlight – $5.99 to $49.99 one-time purchase

    SuperSwipe – $5.99 to $39.99 one-time purchase

    How does Bumble make money?

    Bumble’s main aspects are totally free. People can call and swipe for free. Bumble makes money by selling premium add-on features like Spotlight and Boost.

    The spotlight works in the same way as Tinder’s Boost does. Users access Bumble coins to stay ahead of the match line, enhancing their exposure. Once you get Spotlight, you have 30 min to use it.

    Users can buy coins via the app. The value of coins varies greatly among nations and locations.

    Another paid tool is Boost. This tool’s benefits include:

    • No swipe constraints.
    • Discover people that liked you.
    • Pairs will be prolonged for an extra 24hrs.
    • Enjoy endless search tool.
    • Interact with old buddies.

    Unlike Spotlight coins, it’s not a one-time buy. All week, a monthly, 3 months, or a lifelong, purchase can be made. All three Bumble attributes: BFF, Bizz, and Date are supported with paid add-ons. Customers pay a monthly membership fee to Boost.

    Netflix works in the same fashion, enabling users to opt from a range of monthly membership options.

    What makes Bumble unique?

    We all know Wolfe wished to shake things up. But how do you do it? A Sadie Hawkins dance, where a lady asks a guy to be her date, was among her influences. This was implemented in Bumble. If a girl and a guy match, only she has 24 hrs to start an interaction. Women had more power over their speech by having these possibilities.

    Bumble BFF was another feature of the app that enabled women to meet other women searching for friends. About 90% of women used the app’s BFF option right away after it was released.

    Bumble BFF
    Bumble BFF

    Plus, Bumble’s collaboration with Vital Voices implies that the business funds to a woman-focused NGO for every 1st step taken on the app.

    These aspects contributed to the app’s success. Bumble had 22 million active members as of 2017. Bumble experienced a 70 percent year-over-year increase vs Tinder’s 10%. Her firm earned over $100 million in 2017, and she was named one of Forbes’ 30 under 30. Everything was fine, but it was about to get ugly.

    Startup Challenges faced by Bumble

    As you may recall, Wolfe sued Tinder, which resulted in Mateen’s exit and Rad’s demotion. It didn’t stop there, though. Because Bumble had received a deal by the mid of 2017. Someone demanded $450 million for it. The Match Group was that someone.

    As a result, it felt that bumble, the app that wish to break free from Match Group, might wind up inside its dating app shell. The sale was denied by Bumble due to a poor bid, but the back-and-forth that ensued was lengthy.

    Bumble had to present key papers that demonstrated its true worth as lieu of the potential buyer. The Match Group retaliated by pulling out of the deal.

    Tinder said in February 2018 that they would add a women-talk-first choice, which was nearly identical to Bumble’s initial concept. Tinder disputed any misconduct, stating that the concept came from approaching women and understanding their needs, even going further to declare this was voluntary, demonstrating that it’s not the same.

    Match Group then fought back, filing a lawsuit against bumble, claiming that it was a replica and that two former staff had leaked info. They even argued it was a trademark breach to use the word “swipe” in a dating setting. Bumble retaliated in an unusual way: via an open letter. “Match Group, we swipe left on you.” When Bumble sued Match Group for losses, it resulted in a $400 million countersuit.

    Bumble open letter to Match Group
    Bumble open letter to Match Group

    Experts believe that it’s not a legal struggle over artistic material custody, but a statement from both sides to funders. Do you want to put your money into a tyrant or a wannabe?

    As if it wasn’t terrible enough, Wolfe was dealing with her own problems as allegations arose linking Andreev to misogynistic tweets as well as discriminating behavior at Badoo, the same reason she had quit Tinder in the first place.

    It was now going on at Bumble’s parent business. Yes, Andreev stepped aside and subsequently sold his shares to the UK financial firm Blackstone, but Wolfe was now in charge of Bumble in the midst of the scandal.

    Wolfe reaffirmed her commitment to a healthy corporate culture, but the charges and events (including Andreev’s resignation) are hindrances she must deal with as CEO of bumble. She even modified the software to filter out any inappropriate, vulgar picture and alert users about the potential for nudity. Users can relax thanks to the aptly titled Private detector.

    Bumble has an in-app call option, but both users must opt to use it. And the world favors dating. Bumble is making progress. It boasted 66 million subscribers and profit by the year 2019. Given the struggles, this ship is at best travelling in the right way. Wolfe, on the other hand, isn’t decelerating.

    Competitors of Bumble

    Clover Inc

    Clover Inc is among Bumble’s main rivals. It was created in 2013 and is headquartered in Toronto, Ontario. Clover Inc, like Bumble, works in the social media space. It earns 2.62% less income than Bumble.

    Tinder

    Bumble’s main competitor is Tinder. It was created in 2012 and is based in Los Angeles. Tinder, like Bumble, is a social networking app. Bumble has 100 fewer staff than Tinder.

    Happn

    Bumble’s 3rd main competition is Happn. Happn is a private firm based in Paris, Île-de-France, which was created in 2013. Happn, like Bumble, operates in the Social Media space. It has 510 fewer staff than Bumble.

    Future of Bumble

    Wolfe has been engaged in a lot of issues, notably local policy. She even went further to demand that the law be changed to make online sexual abuse more punishable. In terms of the conflict with Match Group, Bumble has dropped out of the $400 million countersuits, while Match Group has not.

    They’ve gone further to claim that the pandemic has led bumble to prolong the legal procedure. But, looking back, it feels that Wolfe’s young but stormy career always was encircled by toxic settings, and she has persevered. Bumble isn’t decelerating: Wolfe revealed intentions to go public in 2021, with a valuation of $6 billion.

    Conclusion

    Bumble is revolutionizing the online dating industry and is setting an example for empowering its members that rival firms should take note of, thanks to its exponential rise since its start in 2014.

    All I can say is, who thought dating could be so tricky?

    FAQ

    How did Whitney Wolfe Herd start Bumble?

    Whitney Wolfe Herd started bumble with the help of an Russian investor Andrey Adreev.

    Who is the CEO of Bumble?

    The CEO of Bumble is Whitney Wolfe Herd.

    How does Bumble make money?

    Bumble makes money by offering a paid subscription, called Bumble Premium, to its users.

    Who created Bumble or who is the founder of Bumble?

    Bumble has been created by Whitney Wolfe Herde. She was helped by Andrey Andreev in her efforts.

    Does bumble cost money?

    Bumble doesn’t cost money initially because some of its basic features are free to use. However, when it comes to unlocking its advanced set of features like advanced filters and profile boosts, the company has other plans like:

    Bumble Boost Plan – This is $16.99 for a month, and helps the users have the facility of unlimited likes and “rematches.”

    Bumble Premium subscription – This subscription of Bumble costs $39.99 for a month. It also has another option of a lifetime plan, which costs $229.99.

    Is Bumble bff only for same gender?

    Yes, Bumble bff is only for the same gender where matches can be made girls for girls and boys for boys.

    What is the best time to use spotlight on Bumble?

    Spotlight of Bumble is a special feature of the app, which makes it possible for the Bumble users who are enabled with Spotlight to advance their profile to the top of the stack so as to stay viewable by the people instantly.

    The best time to use bumble spotlight in India is between 8 pm to 10 pm on Sundays of the week. This is because it has been assessed that this is the time that sees most of the Bumble users are browsing.

       

  • 6 proven startup strategies for entrepreneurs in the hospitality space

    This article is contributed by Sohail Mirchandani, Chief Operating Officer & Co-Founder, Ekostay, a homestay venture.

    Despite the setbacks, the hospitality and tourism industry is only projected to grow by leaps and bounds by the year 2029. For aspiring start-up owners, this is the motivation they were looking for. Because as intimidating it is to launch a start-up, it is even more of a challenge in the post-COVID era – knowing the industry can dip due to factors beyond its control. The journey will be a lot less daunting and more exciting if you know how to navigate the paths beforehand. These six proven startup strategies will help you turn your startup into a lasting success:

    1. Understanding your industry/ sector

    The first step before starting your entrepreneurial journey is to do exhaustive research of the industry or sector your start-up belongs to. For the hospitality space, this involves keeping up with the present and future movements in the local and foreign markets that are shaping it continually. For instance, understanding the growth predictions for hospitality and travel amidst the local and international markets can help you analyze customer demand and scope for penetration in the existing market. Another instance would be the rising demand for staycations and staycation packages post-COVID along with mandatory sanitization and a heightened need for adherence to safety/ cleanliness protocols.

    Also Read: Travel and Tourism Industry Trends in 2021: Post-Pandemic


    2. Learning from your competitors

    A core part of research also involves analyzing what your competitors are up to. Competitors aren’t rivals; they are your inspirators. You can take competitor research as a personal fuel to motivate you to carve your start-up goals and find your niche. Understanding what the major hospitality players are doing, specializing in, and preparing for will give you excellent insight into what the market is missing and how you can fill the gaps in what is lacking. That way, you can even gauge your core demographic and market your unique selling point better. For instance, travelers are on the lookout for luxury-like yet affordable staycations – something which top hoteliers might not be able to offer to meet their financial margins – but a start-up like you could fuse the two and rake huge profits.

    3. Building presence through marketing and social media

    At present, nothing reaches prospective customers more effectively than digital marketing and social media. As a startup, it is crucial to build a strong social media and digital presence to garner the maximum number of customers. Ensure that before you launch your website, you have registered on all the popular social media apps as well like Instagram, Facebook, and Twitter. Once you are operating, you can develop daily or weekly posts that engage with your key demographic. Make sure to grow your reach organically and resort to paid adverts rarely. Not many users appreciate being bombarded with or shown sponsored posts.

    4. Listening to your customers

    Listening to what your core clientele wants is a marker of trustworthiness and reliability – two qualities that you must establish as a start-up. For your startup venture to be a success, people need to know that you are listening to them and coming up with ways to serve their needs. One of the best ways you can tap into your customer’s mind is through social media. Social media applications enable customers to reach you directly and engage with them in numerous ways – including chat, email, call, direct message (DM), tags, and comments. So, if there is any negative feedback or complaint, use it as constructive criticism to change/ upgrade to what works best for the customer. Acknowledging this feedbacks will also make you adaptable and establish your business/ company as a people-first organization.


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    5. Being ready to adapt

    Reiterating on the point above, being ready to adapt is one of the most vital essentials of transforming from a hopeful startup to a successful large-scale venture. The world we live in today is hyperdynamic and constantly evolving. Just last year, no one would have predicted how the coronavirus would take our world by storm. And while the hospitality sector took one of the biggest hits, it still found a way to get back on its feet and adapt to people’s changing needs. So, if you cling on too tight to your old ways, you run the risk of becoming inflexible and losing out on revenue/ profits in the long run.

    6. Re-investing any money earned into the start-up

    Those who save a penny today earn a penny later. Saving whatever income you earn from your start-up helps you stay prepared against emergencies that require your immediate attention. Resist the urge to spend away from your earnings or profits on your personal desires at least for a few years from your launch. Re-invest that money into your startup and see the scope of returns multiply within the next few years. Focus on the aspects of the business that need financial assistance and improvement. Sow to reap more and grow beyond expected margins.


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    To Conclude –

    The hospitality industry is an exciting space, especially for spirited entrepreneurs. Before COVID-19 hit, the hospitality space was thriving and ever agile. It is no secret then that the impact of COVID-19 left several leading players, let alone young start-up owners struggling to stay afloat. However, with almost everyone vaccinated and the resumption of local and international travel, the hospitality sector is seeing a bigger, better, and wiser revival. Now is the perfect time to strap on your entrepreneurial gear and kick-start (forgive the pun) your start-up journey with these six proven-to-work strategies!

  • How to Create an Effective Revenue Model for Startups

    Revenue model is how a business makes money. It is important for the company’s long term projections. It provides Current and future potentials to earn profit. Building a great revenue model convinces investors that you are worth investing in. Designing an effective and profitable revenue model for startup is difficult but is significant.

    What is a Revenue Model ?
    How to Create an Effective Revenue Model for Startups?
    Top 10 Most Effective Revenue Model For Startups
    FAQ

    What is a Revenue Model ?

    The Revenue model is a strategy for managing company revenue. It will determine the types and sources of revenue that your business will generate. It projects how a product and service will generate revenue.

    How to Create an Effective Revenue Model for Startups?

    Choose a Revenue Model that is suitable for your startup and your Market

    Research the market you are entering extensively. Study your customers, address subscription options to them. Analyze how your product will fulfill the customers. On the other hand, if you are looking to sell your product to larger companies licensing is the fittest option for high returns.

    Revenue is a key component of the business model. Also While identifying your market, analyze your competitors as well.

    Create a Revenue model that expresses the value of your startup

    Your revenue model should communicate your value. How different your products and services are from the competition. A prominent selling point is to stand out your product that people will sign up for.

    Build a Revenue that helps you find the top investors for your startup

    Build a great revenue model that convinces investors that you are worth investing in. Focus on investors that will be in for the long haul. The investors should get a complete idea of your business values by just looking at your revenue model. Investors also focus on how profitable your revenue model is.

    Determine your revenue model

    An important point to figure out is how you’re going to charge your customers. There are two comprehensive types to charge your customers.

    Transactional: You can Charge customers on a per transaction basis. Once the customer purchases the product from you they don’t need to pay again. Examples: Tesla, Apple (hardware), Starbucks

    Recurring: You can charge your customers a monthly or annual subscription fee for the ongoing service. Examples: Netflix, Blue Apron

    Determine your customer acquisition model

    There are many customer Acquisition models but we will shortlist three important customer acquisition model

    • Direct: Does Your company has direct contact with the customers of your product. This typically means contracting salespeople who engage directly with and sell the product to customers. This tends to work best for products that demand a high price. Examples: Tesla, Palantir, Boeing.
    • Indirect: If your company does not has direct contact with the customers of your end product. Indirect customer acquisition includes retail sales, channel partnerships, independent dealerships, consultants, etc. Examples: Mattel, Ford, Oracle, Coca-Cola.
    • Inbound: Customers have no or little contact with your company. This typically entails driving traffic to a website or app with  sign-up and payment interfaces. This works best for low price products or services that customers understand easily. Examples: Netflix, Amazon Prime, Spotify.

    Top 10 Most Effective Revenue Model For Startups

    1. Ad-Based Revenue Model

    Ad based revenue models require creating ads for product, service, or app and placing them on high traffic channels. Google’s Adsense is one of the most practical and common tool to get ads for your website. For most websites, AdSense will make about $5-10 per 1,000 page views.

    Revenue model
    Google Adsense 

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    2. Affiliate Revenue Model

    Affiliate revenue is an affiliate web-based revenue model in which you signup with a company to promote their products via links. You receive a small commission for the sales of the product or if someone executes the desired action.

    Affiliate revenue model
    Affiliate Revenue Model

    3. Subscription Revenue Model

    The subscription revenue model is a model where the company earns revenue by charging customers a recurring fee at regular intervals. A quite common and popular example of the subscription Revenue Model is a popular streaming platform Netflix.

    Subscription Revenue Model
    Subscription Revenue Model

    4. Arbitrage Revenue Model

    An arbitrage revenue model is a model that is followed by traders since ancient times. This is a quite simple revenue model. In the arbitrage revenue model, a product is purchased from a market or a region to be sold at high profit in a different market.

    5. Direct Sales Revenue Model

    In the Direct Sales Revenue Model, The business or brand directly interacts with the customers for selling their products. There are two types of Direct Sales

    Inside sales – When the customer calls to place the order for the product.

    Outside sales – When the brands sell their product using face to face sales transaction.

    6. Licensed Revenue Model

    The licensed revenue model is quite a profitable revenue model that is commonly used by music industries for licensing their songs. The brands or companies earn revenue by licensing their products. It is quite common in media industry and for patents, copyrights, trademarks.

    Examples of Best Brand Licenses

    • Angry Birds & Star Wars.
    • Microsoft & Fuji Xerox.
    • Microsoft & Canon.
    • Victoria Secret & NFL.
    • Lego & Star Wars.
    • Lego & Warner Bros.
    • Monopoly & McDonald

    7. Data Sales

    Data sales can be explained by a simple phrase “If you can’t see how the money’s made, you’re the product”. The data sale revenue model is a complicated revenue model and is hard to maintain. In this revenue model, the data is sold to the business or consumers.

    Specific companies use data sales as their primary revenue model while some use it to augment another revenue model. Data should be handled with care an proper public concern if you decide to go with it as your revenue model.

    8. Retail Sales Revenue Model

    In the Retail sales revenue model, you have to set up a traditional department store or retail store in which you offer physical goods to your customers. A retail business generates revenue from sales of the product with the help of its retail stores.


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    9. Channel Sales(or Indirect Sales)

    Channel sales are the most complex pursuance in the world of sales and marketing. In simple words, brands or companies rely on a third party to sell their goods.

    Revenue model
    Indirect Sales Revenue Model

    10. Freemium Model

    Fremmium Revenue model is a model in which the consumers are offered service for free of cost but additional cost is charged for premium features. Many companies use this type of revenue model for example Skype, Zoom, Spotify and many more.

    Freemium model
    Spotify Freemium Model

    FAQ

    What does a revenue model include?

    A revenue model includes the offerings of value, the revenue generation techniques, the revenue sources, and the target consumer of the product offered.

    What are examples of revenue streams?

    Subscription fees, Renting, leasing, Licensing content to third parties, Brokerage fees, and Advertising fees.

    What is the best revenue model?

    Subscription-Based Business Revenue Model is one of the best types of revenue models for startups.

    Conclusion

    Build a revenue model for startup that is equipped for the future. Research the market you enter effectively. Creating a revenue model might seem challenging but not having one is not an option. The revenue model for startup is crucial to driving the success of your company.

  • Tips and Hacks which StartupTalkers used to Grow their Startups

    In order to scale a business, it’s important for entrepreneurs to market their products effectively. There are many challenges down the road. So, scalability is only possible with these best startup growth tips and hacking strategies. If you follow us on Facebook, you must be knowing how great our community is! We’d love to discuss about things related to startup ecosystem and share valuable insights with fellow Startuptalkers. Here is the list of successful startup growth hacks and tactics shared to grow their startups.

    In order to reach out to a massive audience, entrepreneurs need to adopt best growth Hacking Strategies for startups. We are sure it will help you to grow your startup as well. We will keep updating it with more and more upcoming hacks. Although some amongst these techniques have only been around for a few years, nonetheless, they prove to play a vital role in the growth of modern-day businesses.

    Startup Growth Tips from Professionals

    Innovate an existing product or service in your initial days, instead of presenting a super unique product. Ola’s concept was not new, however, they introduced the option of Auto rickshaw because it is what people of India wanted. – Varun Surana


    Automate the process of marketing. Although not all the marketing factors, you can hire someone for some aspects of marketing like social media marketing. However, you should still keep a track that what is happening in which field of your business. – Ishu Bansal


    Recruit the best people through LinkedIn. It makes sense because most of the professionals know the value of LinkedIn, and so all the decision makers are available there. If you are able to connect to just 2 best employees of a company and you research about 100 companies, you get 200 best employees. Having this many people professionals increase your success rate. Moreover, you can use this trick if you are new into hiring business. –Priyash Nigam


    Make a product which a small group of people will love to use. When you focus on the need of a community, you get your permanent clients. It is because people tend to use any product by watching others use it. Once you earned the trust of one particular group, they will tend to use it more as they will see other people in the group using it. – Donvon Urfaison


    Co-branding for marketing. However, you should never use this type of marketing with your rival (obviously) but neither should you co-brand with a diverse brand. You can see many products giving free products of their companies like with the bottle of some shampoo, you get hair straighteners. That’s the co-branding. The hair straightener company is not the rival of Shampoo company but still relevant to their industry which is Hair care industry. –Viswam Vemula


    Use barter deals in events. Barter deals are deals without the use of money as an exchange. You can provide free promotion on your website or social media. You can use this hack to get a place in professional events. – Raunak Agrahari


    Use memes for marketing. Memes are in trends right now and you can still use them for marketing. Moreover, you can use emotional videos for video ad campaigns. If you can someone laugh, you can sell your product to them. By laughing on something belongs to you, they tend to think about you. – Arpan Khosla


    Do not to register your startup unless you have your product ready. It’s really senseless unless you are getting a very big round of funding. But it is still advisable to make your product ready even before going to investors. Most of the investor like to invest in product and the team instead of just an idea and concept. – Ramamoorthy


    Get a serious reason get out of your comfort zone. External motivation is just Moh-Maya. Find your reason to do something. Without reason, you can never plan and never know your next step. – Manoj Kumar Sahoo


    Quote more price than your competitors if you are into digital marketing. Some experts advice to do it even if you are giving the same service as your competitor. Clients think that lower prices lead to bad quality of work, which is true most of the time. – Vikas Chauhan


    If you want to deep research about anything then connect to the people who work in the particular industry, which you are researching on, through Twitter. You can also go to NGOs or Government organizations for this matter. They are like mine of information.  – Indranil Deb


    No matter what people say, but looks matters. Especially the looks of the ad campaign of the business matters. Use bright colors to design your posters. Bright colors attract more people and market your product more efficiently. You can observe the posters of other companies to learn more.  – Abilesh Hope


    Get more work done through interns. It gives a lot of perspective on a low budget. Moreover, those interns learn to seriously work on real projects. Although some people think that interns will learn everything from the company and will start something same of their own. It is life and there is nothing like copying. There is only learning and implementing.  – Midhun Noble  


    Use high-frequency sound or buzz in the background to stay focused on the work. These sounds stop your sub-conscious mind from distracting you and you can fully focus on your work. – Ronakk B kakkad


    Use web.archive.org to get content of old websites which have already closed. Although it is not a great strategy for SEO it can provide you with some content which you can repurpose later. It will be great if you ask for the permission from the owner of the content first. –Shubham Kumar


    While writing blogs, research and target on the long tail keywords. The competition on long tail keywords tends to be lower than that of short keywords. Moreover, big popular blogs already cover the rankings of short keywords, so it is better to be at higher ranking with less traffic than lower ranking and still less traffic. – Pranav Parth Tyagi


    Ask the people for the opinions about your new product before launching it. Most of the time, the reality is totally different than we think it is. It is better to know their opinion at the starting and stop wasting time on the unprofitable product than losing your motivation by facing the failure. – Jatin Kumar


    Know your product in terms of exact outcomes it will give to the customers. It will help you to create advertisement campaigns. Moreover, it will also help you to pitch it better to both, investors and customers. – Varun Surana


    Focus on the operations of the company and improve it with the help of technology. You can also outsource any operation. Outsourcing is an economical way for business operation as you don’t have to spend time and money on recruitment and setup. – Varun Surana


    Invest in knowledge. You can get free knowledge from blogs and videos, but they can never compete with the books. Read just 5 pages every day. It is better to go slow than to never start. – Varun Surana


    Track the psychographic data of all your customers. It will help you to know the need of your customers and shape your product or service better. – Pranav Shandilya


    Craft a solution around solving a problem keeping the end user in the center. In simple words, research well before starting your business. – Pranav Shandilya


    Interact with your customers on a regular basis. It increases trust and improves the relationship. And trust is the only way to make anyone your permanent customers. – Pranav Shandilya


    Never get your work done for free, neither do it for free. Getting free service is ok when you are a consumer, but it is not healthy for business. Moreover, when you take free official service from anyone, their expectations towards you increases which is the only reason most of the relationships end up. – Mudassir SkSm


    Find the backlink sources while doing competitive research. Moreover, mirror their strategy. There many paid and free websites available on the web to do this. – Aditya Raja


    The only person who knows the best about your company is you. Write the articles for your company on your own. Do not outsource it. You don’t have to spend hours on it, just 2 to 3 articles per week. – Rakesh Sidana


    Chose your first few customers very carefully. These will be your best customers and your best marketers. – Arun Babu

    8 Tips to Stay Productive while Working Remotely
    Due to the drastic spread of novel coronavirus or COVID-19, companies are makingseveral efforts to keep their employees safe and maintain the productivity atthe same time. Most of companies have asked their employees to work from home[https://startuptalky.com/coronavirus-work-from-home/]. As majo…


    Try to genuinely help your audience. We published an explainer video for GST just to help people. In just somedays, we got 150k views and thousands of subscribers, even when we never planned anything like that. – Shubham Khandelwal


    Focus on the system of your company. Improve the system where your own interaction as a boss, gets minimized. Once you automate the whole process of the company, your company will start growing faster. – Sampathraj Mathurperumal

    Focus on your business rather than your investors. Clients are the biggest investors you can get. Work hard to improve their experience. – Nirav Shah


    Promise discounts on the next service instead of direct discount or freebies on the current service. It will bound your customers as they will think that they will miss the opportunity if they chose anything but you. – Prithpal Rawat


    Collaborate with other brands more often. It helps in growth and marketing. When you collaborate, their audience will get to know about you and your audience will get to know about them. This mutual interaction will be great for the business of both the collaborating companies. – Saqlain Shaikh


    Register an expired domain with good backlinks. They will benefit your SEO. However, research about that domain first as many time these are blacklisted domains and you can never rank them again. – Sahil Sharma


    Do not procrastinate the marketing. Start it from the first day using the existing network of the founders. Most of the time, entrepreneurs think to do marketing after launching the product. Marketing takes time. – Venkatrangan Gokul


    Always have a long and short-term marketing strategy. Having everything planned helps you to stay on track of your goal. You always know what you have to do next even if one plan is failed. – Venkatrangan Gokul


    Create one goal every month and dedicate time to focus on it. It is because most of the time when we see back at the activities of last month, we realize we did nothing productive. –Ramanathan Srinivasan


    Don’t shy to ask for help from anyone. Many failed entrepreneurs regret not asking for help from people. Even many of them didn’t even ask for it from their own investors. People love to help when they can. Even psychology says that asking for help makes other people start liking you. However, if they can’t help, don’t break your relationship with them. – Gaurav Gat


    Don’t build something if it is not on the top of the priority list of your customers. Otherwise, it will take a long time to sell them. – Gaurav Gat


    Even though Facebook is working hard to provide more relevant posts on people’s feed but you will still appear as noisy to many. So, create a go-to-market strategy and don’t rely just on social media marketing.  – Ajay Ghai


    You can track the success of your competitors if they are using bit.ly links. Just add “+” at the end of the link. However, many users hide their confidential data these days but you still can give it a chance.  – Shubham Kumar


    Plan things out but don’t overthink your idea. You never know what will work for you and what will not. Overthinking leads to dilution of motivation and dropping off the idea. –Gaurav Chopra


    Focus on earning a relationship with your customers instead of just earning money. Money is just a byproduct of your service, the main aim should always be the experience of your customers. – Gaurav Chopra


    If you can add value to your customer’s life, they will add revenue to your pocket. – Varun Surana


    Tell stories while pitching your product to your customers, investors or just hiring the best person. Let them know what they can get from your product or company through the story. –Harry Ven


    Don’t hesitate while sharing your ideas. Share your ideas in communities, people will give you suggestions and help to start and grow your business. Even if someone steals your idea, they will not get enough support of all those people as much you will get. – Aayush Kaira


    Even if you have enough funds to hire someone to do anything particular, try doing it yourself for some time. It will help you to guide other people better. – Harshit Baveja


    Be like Chinese Bamboo. Not just tall and strong but patient too. Chinese bamboo grows 80 feet tall in just 3 weeks. But, it waits 3 long years under the ground. What does it do there for that long? Well, it develops itself to really stand that long. Just like Chinese Bamboo, you should be patient to really see your startup grow. You have to develop yourself and your startup and its system to achieve your dreams and goals.  – Yug Jain


    Deal your customers with heart. Many times when people go to ask about products to make a better decision, they treat you like they are some celebrity. If you are not treating your customer like your boss, you will gradually lose your Boss’s position. For instance, when I called somebody to inquire about some program and asked “Can I have more information about this?”, they replied rudely saying that they didn’t have time send a write-up. Although they agreed to explain me in brief. They mentioned 2 points while they had 5 or 6 in their post. That was the moment they lost a potential customer and a lead.  – Aman Kapoor


    Add a  Live chat option on your website. It will help you interact with your visitor. Moreover, if possible try providing anonymous chat option where don’t have to give any information about themselves and still can chat with you. It makes them comfortable to chat with you because most of the people fear that if they give you their email address, you will start sending emails every now and then. Furthermore, there are many services available for this purpose.  – Jafar Muhammed


    Next time someone asks you, where do you see yourself in the next 5 years, just say that it is totally irrelevant. In the 5 years, Apple would have launched iPhone XYZ, Mi would be selling explosives directly instead of hiding them in their devices and so on. The main point is, the technology after five years will be totally changed and it will unlock much more opportunities for everyone. No one can say what they will become after 5 years. This question is totally illogical keeping in mind that 5 years ago, we were saving internet data by sharing files through Bluetooth and today almost everyone has a Prime membership and watch HD movies online.  – Deb Rishi


    Your startup might shut or perform terribly, but the main purpose of any startup is innovation. The innovation of the startup, your  “never give up” attitude and out of the box thinking will help you sail through the storm of failure. Keep learning and keep sailing.  –Sidharth Dugar


    You can fail but you cannot stop. You cannot just give it all up. Life is enough reason for waking up every day.  – Arhaan Arham


    SEO is totally different than you think it is. Reading about SEO on some blogs don’t make you an expert. SEO doesn’t socialize your content, sell your product or manipulate Google’s results instead they communicate your value, help you attract more buyers and make Google’s results relevant. Use it wisely, don’t try to blackhat everything. Be wise and Google will rank you.  – Shanu Singh


    If you really want your dream job or just any job, you have to work on your resume. Maybe, you are not applying for your dream job but the employers are searching for their dream employee, for sure. Consider these points while creating your resume:

    • Your career objective should be aligned with the job description of the company.
    • Add a segment and describe how you and the company can be a winning combination.
    • Be creative and display how you can add values to the company.

    Moreover, spend some time editing your resume and finalizing it. Make it unique which make an impression in the employer’s mind.  – Neeldeep Das


    Try to keep your LinkedIn profile up-to-date. Many people find partners, clients, or service providers on LinkedIn. When they will approach you and see your latest achievements, it will greatly impact them and the chances of generating leads increases.  – V SHiva Kumar

    If you are using LinkedIn just to randomly find people and cold messaging them to generate some leads, then you might be wrong here. There are very low chances that people will actually buy your product based on your pitching through a text message on LinkedIn. Try posting good content on LinkedIn. Make them helpful and enjoyable. People will start following you based on your content. This way, they will connect with you and you have more chances to generate leads.  – Shubham Kumar


    Do not boost your post to get more likes on your facebook page. The likes on your facebook page are nothing more than a fancy number. Most of your post never reach to those people who liked your page. The organic reach of the best of the pages has become negligible now. Even less than 10% people will receive your post in their feeds. It is senseless to spend money boosting your post to get more likes on your Facebook page.   – Ankit Shukla


    To all the content writers there:

    • Text consistency is important; you should not type the same word in different ways.
    • If using one-liner bullet points, you can skip using the full stop until the last line; the full stop can grab unnecessary attention and it provides breaks not needed.
    • Apostrophe marks should be preferred over quotation marks when pointing out to a subject that is a single word. Right below, see how the comma comes before the apostrophe mark is closed, but in the second sentence, the question mark comes in after. This is due to completing emphasis while keeping in touch with the flavor of the conversation.
    • If you copy and paste text from a website and paste it in Word, most often, you will find the font to be different; after you are done, paste everything into Notepad and paste it back into Word; consistent font, every time.
    • The replace feature is underrated; if you have a ton of editing to do, you can use it to replace a recurring mistake with the right word, rather than just manually correcting it over and over.
    • Your client sent everything in bloody CAPS LOCKS? Use Notepad ++ and paste everything there; once done, select everything (Ctrl-A) and press Ctrl-U. Every letter ends up as a lowercase.  – Anthony Stephen Mendes

    I think new entrepreneurs should spend 3-4 hours weekly on product hunt. You get to see new innovative and upcoming ideas, changing UI and UX patterns.  More Importantly, If you will read comments you will get to know people’s views and need. These Learnings you can apply your startup to make better products / provide better services.  PS: You also get discounts and offers from some startups! – Shubham Kumar


    62 Business Ideas with Low Investment and High Profit
    One of the most desired things an entrepreneur wants in business is a smallinvestment business idea and high profits. To achieve this, they sought everyway to make their business run smoothly and increase revenue thus profitability.If you land on this article chances are you are looking for Busin…


    These hacks were implemented and adviced by our amazing community members. Thank you to you all for joining our community and sharing your thought. The basically unique idea was given by our members however some editings were made by our writers.