The rise of online media and technologies has laid the foundation for a heap of new ways to engage with customers — alternatives that allow for greater personalization, interactivity, automation, and measurability. If you are struggling with insufficient technical staff and limited resources, you can consider exclusive digital promotion platforms like NXTIdea to leverage your cloud technology and B2C needs.
If you’re not sure which B2C business model is the best option for your business, you might find it useful to consider below the top 4 successful models for FY2022-23
Freemium model
Customers can access the basic product/service for free but must pay for additional (premium) features and functionality.
Pros:
• Easy to get a foot in the door: Customers are more open to trying out products/services when there’s no fee attached
• Once buyers are hooked on your offering, it’s not too difficult to convert them to paid plans
• Fairly easy to obtain word-of-mouth marketing exposure
Cons:
• You can fall into the trap of giving away too much for free.
• Constant innovation is required to keep increasing the value of premium services.
• Costs can outweigh earnings in the early stages of business.
Examples: LinkedIn, NXTIdea
Subscription model
Rather than paying a high price once, customers pay a recurring flat fee (every month or year) for consistent access to a service/product.
Pros:
• Fairly predictable and reliable income stream
• Improved customer retention
• Ongoing servicing allows for close study of customer behavior over time
Cons:
• Small issues can disrupt an entire product/service delivery cycle.
• Most customers are only willing to subscribe to a limited number of services (so the pool of prospects is smaller).
Examples: Netflix, Adobe, Birchbox
Advertising revenue model
Customers get the product/service for free. The business earns money from advertisers.
Pros:
• Easy to attract and retain customers
• Fairly simple strategy to execute
Cons:
• Audience/viewership stats must be significant before advertisers will sign up (it can, therefore, take quite some time before you start making money).
• The revenue stream can easily dry up during economic downturns.
Examples: Facebook, Google, Instagram
Marketplace/ platform-based/ brokerage / aggregator model.
The business serves as a platform that brings together buyers and sellers, and takes a small cut of every transaction.

Pros:
• No major overhead or need to own/store stock
• Potential for rapid growth
• Gives platform operators access to user data
Cons:
• You need to reach a critical mass of buyers and sellers before others are tempted to join/engage.
• Reputation management can be tricky as the business has limited control over the quality of transactions.
Examples: Airbnb, Uber, eBay
B2C marketing efforts tend to focus on building trust and cultivating desire, and they rely fairly heavily on the power of emotion and shared values to convince and persuade.
You need to select the #B2C business model as per your business plan and vision. Now its time for B2C marketing which refers to all the strategies and tactics a B2C business uses to promote and sell their products and/or services directly to individual consumers. More specifically, it covers all practices used to both acquire and retain customers — to bring in new leads (prospects) and nurture them through the decision-making process to convert them into loyal customers that keep coming back for more. as an effective B2C marketer, it’s essential that you do three things to ensure your efforts in this arena give you the maximum amount of exposure and return on investment:

1. Carefully research affiliates and identify the ones most relevant to your target audience.
2. Constantly track success metrics to ensure affiliates are performing and generating the quality of business you want.
3. Protect your brand identity by monitoring the messaging that affiliates and influencers use to engage audiences.
   Due to growing online user population, all business houses should consider B2C seriously in the current fiscal to compete with global peers.

The post Top 4 B2C Business Models to consider in FY2022-23 appeared first on NXTidea.

Why to digitize your business? Are there any advantages of doing it?

The system admin at NXTidea says “Only business plans with built-in digitization strategies can only survive past 2023”.

COVID-19 is a wake-up call for many traditional companies who dragged their feet when it came to digital transformation. We are still far from an end to COVID and the economy is not running full steam. Fortunately, all clouds come with a silver lining and in the case of COVID, it has brought in the realization among companies that a COVID-like situation is repeatable and being prepared is the best approach ahead.

Companies may find it tough in going about digital transformation, considering the logistics and the effort involved. However, there are significant, visible benefits for companies which have implemented digital transformation in their premises. Traditional companies get the necessary competitive edge in the market with digital transformation:

There are many b2b digital platforms like NXTidea which provide digital promotion facilities and dynamic listing with AI-powered CRM.

Companies may find it tough in going about digital transformation, considering the logistics and the effort involved. However, there are significant, visible benefits for companies which have implemented digital transformation in their premises. Traditional companies get the necessary competitive edge in the market with digital transformation:

• Data-led Decision Making: A business is always trying to cut on costs and improve revenue, with digital transformation enough data starts becoming available and businesses get transformed with data-led decision making. Data becomes the critical component for framing business strategies. In addition, it augments relevancy, real-time feedback and agility through structured (customer information) and unstructured (social media metrics) data. 
• Transforms Customer Experience: Customers expect ‘solutions’ to their problems through product or service in a timely manner. With digital transformation and the incorporation of the latest in technology, a company serves its customer better through improved sensitivity towards customer concerns through seamless workflow. A company through digital transformation gets the consideration as an authority in the industry and earns the trust and respect of their customers.
• Encourages Collaboration: Communication is one of the primary drivers that improve efficiency in an organization. With incorporation of technology, a company is benefited with the smooth flow of information across departments. A healthy culture of collaboration is seen with the easy availability of critical information across departments.  The organization is turned into a unified workforce with common goals.   
• Improves Skills & Knowledge: By adopting digital transformation a company no longer chooses to remain in the past and faces the future with confidence. With the technology landscape changing fast and with emerging technologies becoming relevant with every passing day. Digital transformation compels employees to embrace change to develop their skills and knowledge required for a fast-approaching future. This makes the organization not only competitive but future-ready to take on any business challenge.
• Increased Flexibility & Scalability: One of the major disadvantages of old legacy systems is that it requires manual operation which becomes extremely restrictive in situations where there is a spike in the workload. With digital transformation improved flexibility becomes the norm for the functioning of the organization. Modern software is often easier to integrate with various parts of a business, this makes the workflow more automatically streamlined without the need for manual intervention making scalability a visible reality.

Credit – MSMEx

#msmeDigitization #msmeGrowth #msmeListing #b2bPlatform

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