The 9 Most Successful Business Models Of Today

What are the

most

successful

business

models

today

? I work with companies around the world helping executive teams on their strategy, coaching them and our autumn work as a non-executive director of companies, so my role is to challenge companies on their

business

model and what I did during the last 10 to 15 years to really look closely at what some of the key business trends are, what other key business

models

are really

successful

and I've identified nine key business models that I want to share with you. The first one is that. We're seeing a move toward a subscription model or we're seeing what we call servitization of industries, so in the past companies would just produce things and sell them.

This is a good purchase option. If you produce cars, you will make money at some point. over time, but if you can create a service model, this is different because what you do is create an ongoing relationship with your customers, so they generally tend to be much more loyal in the long term and you get regular income streams, etc. . It's easy, it's your cash flow and we've seen that with recent announcements from companies like Apple, who have now moved to a subscription model which has driven many of their services, so obviously they want you to pay for an iPhone phone, but in the future they might just r NQ a phone ok the service here is that you have a phone because you don't really care if you own it or not and then with this subscription you'll get the latest model every time it's released but the key elements of the service are Apple Music. movie streaming services, etc., and we see that companies that have the subscription model actually get much better insights into their customer relationships when you compare companies like Netflix and Disney, for example, both companies are great for produce content, so They both produce movies and create entertainment content, the difference is that Disney does not have direct access to customers.

They don't really understand how many people are watching the movies, when they skip what they're watching, what else they're watching, whereas Netflix has these relationships. What has this relationship been like with customers, where they understand exactly what you're watching, they get a full understanding of you as a consumer, and therefore they understand when you skip what movies you're watching and what series you're watching in what order? So this gives them a lot more intelligence in terms of what content to produce next and this is really a challenge for a lot of traditional companies that have been focused on producing products.

If you think about Gillette producing razors, they are now being challenged by the Dollar Shave Club, for example. It's a subscription service and what I feel is that Gillette consumers might buy the razor thinking it's that pretty and probably one of the latest,

most

innovative razors you can buy; However, with the company Dollar Shave Club consumers are building a relationship to have this ongoing dialogue with this organization and I believe this is what successful companies will do in the future moving from a product model to a service model the second business model is creating platforms platform business, so these are businesses that basically create a platform that then connects consumers or consumers and companies or companies and companies, so if you think about what companies like Facebook are doing, they are basically creating a platform for you to share information with your friends, but it is consumers like us who upload content and like content.

We share information and photos with each other and then we interact with each other and the only thing Facebook does is create the platform and the platform, then being able to monitor this platform gives you a lot of information and in fact a big competitive advantage if you think about companies like BnB, for example, this is now a company valued at a lot of money and they don't own any hotels, they don't own any vacation rentals, but they're creating the platform for anyone to rent anywhere. part of your house or the whole house or your hotel room on Airbnb and what they do is create the platform that they are making possible, a little like uber is another platform, the company that produces it creates a platform that connects drivers to people that they need transportation or that they want a food delivery or whatever they want and these platforms are enormously scalable, so you've seen it with the growth of these companies like Airbnb and uber that are very quickly becoming global businesses because it's very easy to just replicate this platform anywhere in the world and this for me is another key business trend, especially if you can combine some of the other trends that I talk about here with an enterprise platform when you incorporate services etc.

My third business model is actually being in a sociable and authentic business. I think if we think back, what companies didn't say, we don't want you to put the company name on your Facebook account, we don't want you to share information on Twitter, and in fact, companies became these organizations without face and what organizations what consumers want now is that they want organizations to be real companies with real values ​​with opinions and the most successful companies

today

are actually doing this from the top, so they have a CEO who is in the social networks. media that share their opinions that stand up for the values ​​and I think this then filters down into the organization where everyone in the business also does this and I think this is me as a consumer I want this I want to engage with organizations I want to stand up for the right values ​​and I want them to support the right behaviors and companies like Apple, to me, great examples where a good example was when the FBI challenged Apple and said we have caught this criminal that we would like to have access to. to your iPhone and we would like to implement some code so that we can access the information on the iPhone and Apple said that actually security and data privacy is one of the most important values ​​that we consider really important and in fact they faced the FBI and they said No, we will not give you that access and this to me is really important.

In fact, their CEO started a lot of interesting discussions on social media about data privacy and their values ​​and what they represent, and I think this is what organizations need. to do more in the future the fourth business model is where companies really focus on employees now we are entering a new fourth industrial revolution the war for talent or the competition for really talented people with good skills is increasing it is increasing warming up then, what organizations need to do is attract really talented people and those organizations are really employee focused. What they do is make sure that they offer a work environment where employees feel happy, they have nice offices but they also have nice organizational cultures where everyone feels happy. comfortable where, if you think about companies like Google, they have incredible buildings.

I have three canteens, they have ping-pong and pool tables and they allow the employees to really feel at home. The other thing I think is happening is that if you are focused on employees, it also means that you can attract people to your business and you are happy for them to leave again. Now we're entering this geek economy where a lot of us are basically working for less time for small projects for different companies offering our skills etc. We have options as employees: do I want to work for this or that company? And the ones that I want to work for are the ones that allow me to come in and feel comfortable and then happy to leave again, and that's actually while I'm there, it gives me support, it gives me some development opportunities, so the models Employee-centered business strategies are really important.

The fifth is to be partner-focused. What you want in today's Fourth Industrial Revolution is a business model that is truly agile, flexible, and scalable. and down and that takes advantage of all the other companies, so we need suppliers, we need distributors, we need people to help us in various aspects of our business and we can also also in a certain part of our business, such as human resources, marketing, finance, social media and and the companies that do it very well understand what the main skills I need within my business and what parts I can outsource. If you think about marketing, for example, I was just talking about being an authentic business and you want to have more people. within your business you are actually authentic and you use some of the social media but other elements of your marketing is SEO for your website nothing you can outsource to another organization they can do this and this allows you this flexibility and scalability to scale up and down. whenever necessary, the other thing that is happening is that now many companies along the supply chain can outsource so many components.

They wrote to me recently working with an automotive company that is basically run by a few people because they can outsource manufacturing. They can also outsource some of the development in marketing and they are actually building a completely new car, but without employing thousands of people, They are leveraging partners and this is, I believe, the business model that more organizations need under Nick's law. Well, business model number six. It's about being obsessed with customer value, so the companies that are really thinking about how can we improve the lives of our customers, how can we alleviate some of the pain in their lives and those are the companies that are thriving in this moment if you think about retailers, a great example, there are many, even in traditional retail, we have a lot of friction, we have to drive to go shopping, park, I remember what I wanted to buy, this might not be on the shelf when load my cart. then going to the checkout and having to line up and wait and then take everything out of my cart again to have it scanned and put it back in my bag.

This is nonsense, which is why companies like Amazon have started to rethink this model and say: do we really need it? this or we could use technology like computer vision technology to monitor what you are putting in your shopping bag while you are in the store and they use facial recognition technology to recognize you as long as they recognize you and you have an account with them, you just fill out your bags and you walk out without having to queue, so companies like Amazon are really, I think, our customers are obsessed if you think about their online purchases, what they are doing is taking the trouble of and any difficulties arising from our daily work , like buying, now I can go into my app and say I would like to buy a camera tomorrow, you go to the numbers and look at the reviews, you buy it, they make great recommendations and they deliver it to you. your door the next day, so these are companies that are really thinking about how we can improve the customer journey.

Other company. I recently made a video about which you can see on my channel. It's fixing the stitches again. What they try to do is try to reinvent. buying clothes at retail and what they are doing is saying you wear instead of you finding clothes, we will really understand you as a consumer, we know what your sizes are, we will select outfits for you and send them to you, and then you can try them on at home and hopefully love them and keep them, and if you don't like them, you send them back and we'll learn from this, so again we'll improve the customer journey, removing any hassle, obsessing about creating value for customers as a thing. organizations need to do better, business model number seven is to constantly innovate in companies, so these are companies that are looking for continuous innovations in products, continuous innovations in services and continue to improve and innovate the way they operate as companies to that these companies are not afraid of anything. future trends, they are happy to embrace and celebrate change and actually do something with those new opportunities, so they are happy to cannibalize their own products and services for better, smarter products and services, and this is something I see a lot with this increased demand for smarter products I know one, a washing machine that tells you something is wrong.

It is not surprising that a car can avoid an accident, so we gain a smart product, which is smarter services. I want a music subscription service that gives me a new playlist so this is what really successful companies innovate their business models that innovate their products their services in a way that they operate on a continuous basis viii the business model is a data-driven business data has now become one of the most valuable resources for companies. The Economist's famous 2017 cover says that data is now the world's most valuable resource, so whatWhat organizations need to do is be able to harness this resource and really use it to drive their business performance, so that companies that use data understand that intelligently.

They need to collect the right data and then use it to improve their products and services. I was talking about smarter products, important services, smart ways of operating and data is generally the foundation for this, so you need data to understand, you need data to be able to use things like artificial intelligence or all these big trends that we're seeing right now will require data, so truly data-savvy organizations, data-driven organizations also use data to inform their strategic decision making, use data to understand trends in the industry who use data to understand what your consumers and clients really want, what they are doing and where they might go in the future, anticipating needs.

I was talking about Amazon earlier. Amazon is doing exactly this. Now they are developing an algorithm that analyzes anticipating what we are going to buy in the future and they will start their logistics to ship things to us because they are very confident that at some point in the future we will buy this, so the data-driven companies are the ones that are going to be successful in the future and the ultimate business model is to be a tech-savvy business of companies that really leverage technology and use it to really drive their business, so if you think about companies like Apple, Amazon, Microsoft, Facebook, some Of the most valuable companies on the planet, this is exactly what they are doing: they use technology as the basis of many of their businesses. improvement and the other thing is that they are combining technology with all the other key business model trends that I talked about, being customer obsessed, really understanding the customers who create platforms and moving to a service model, so that organizations do all that together and then leverage technology.

They are the ones who are really thriving right now. Also some of the Chinese giants like Baidu Alibaba $0.10 are doing exactly the same. They are creating the technology that will allow them to collect and share data. They have the technology to make artificial things. machine learning and natural language processing now have tools like voice and chat BOTS and they are really taking advantage of the latest technology and in many of my videos I talk about being on the cusp of this new fourth industrial revolution and technology is a key factor , so if organizations don't export, they explore how things like AI, blockchain, virtual reality, quantum computing, all these important trends, how they will affect their businesses in the future and actually try to experiment to take advantage of those technologies, they will quickly be left behind, so Those are my nine key business models.

If you want to learn more about any of them, check out my channel or my website and you'll learn a lot more at Burnett Model Comm. You can find hundreds of articles on my YouTube channel. You can see many. of examples from all of these many case studies and other videos that will hopefully support this