Wondering how to come up with an innovative business model? Read on to find inspiration from some of the world’s very best business models!
A solid business model allows a company to stand out from its competition and keep its customers happy and satisfied. Some companies in the world have the most innovative and effective business models today. What helps them come up with these models is having a deep and thorough understanding of their customer base and doing everything in their power to meet the needs of their customers.
Check out the following companies and their business models to take some inspiration and create your business model:
Airbnb is an online market that allows people to list, discover, and rent lodgings such as single rooms, apartments, houses, and so much more for a processing fee. However, what makes Airbnb truly special is that the accommodation provider doesn’t own a single room! It does not even rent the housing form the host. It just acts as the platform where the interested parties – the renter and the host – can find and freely interact with each other.
Alibaba Group is the biggest e-commerce company in the entire world. What truly stands out about Alibaba is that it has no inventory! Its long tail competitors such as Amazon buy the merchandise and then sell it to their customers via their system. However, Alibaba’s primary focus is to connect potential buyers with sellers. The reason why Alibaba manages to stand out is its solid software interface.
Hilti is a Liechtenstein multinational company that invents, manufactures, and markets different products for maintenance, construction, and mining industries. The company has truly disrupted the industry by coming up with a rental business model rather than the traditional purchase model. Their model is based on the fact that companies don’t need or want to own every single tool imaginable to mankind, they just need to have the right tool at the right time. They handle the maintenance and repair of the tools and their customers rent these tools whenever the need arises.
IKEA is famous for its ready-to-assemble furniture and home accessories. The innovative business model of IKEA includes globally sourcing its materials, setting up accessible suburban stores and outlets, and selling quality products at a comparatively low cost. What helps it stand out from the competition is taking out the time and effort to provide in-store amenities such as restaurants, coffee shops, and even day-care facilities.
Zara is a Spanish retailer renowned for clothing and accessories. It’s one of the world’s most recognized fashion brands. Zara utilizes a super tight supply chain by producing where it sells. This allows it to adjust to the current fashion trends within two weeks! This enables them to come out with new products and to replenish their sold-out products as quickly as possible.
Easy Bank is the second biggest direct bank in Austria. It provides a vast range of financial services and products to its customers, without having a branch network. This allows the organization to keep its infrastructure costs to a minimum and offer its banking services without charging the account and transaction fees that banks typically charge!
Take inspiration from the business models mentioned above and come up with your own inspiring and effective business model.