3 Elements You Need to Have a Viable Business Model

To sustain a successful business, owners no doubt know they need a successful business model in place. While a business plan may give companies a bird’s eye view of the general direction they’re heading in, their business model is the more tactical approach to how the company will achieve its long-term goals.

Some aspects of a viable business plan include how you’ll scale, continue to offer value and turn a profit.

But it’s not always easy to figure out which set the business model will work best for your company. So, instead of one ridged model, we’ve gathered three qualities to make the biggest impact on your business model success.

1. Secure High-Value Customers

A high-value customer is essential to your business flourishing. High-value customers are those that:

Keep in mind, high-value customers may not be just the end consumer. Retailers and other distributors who sell your product should be marked as high value, as well as any other impactful influencers or partnerships your company may have.

Once you’ve secured these types of clients, make sure you continue to retain them by meeting their expectations, building strong relationships, following up and anticipating their needs.

2. Find and Maintain Optimal Market Position

Many businesses think that achieving a high-market share is key to their company’s continued growth and success. But it’s also a reality that any shift in regulatory pressure, workforce talent or customer buying behavior can cause the ground to quickly shift underneath their feet and lead them down the path of no return.

Enter optimal market share placement. The idea here is for a company to figure out the connection between market share, profitability and the risks related to each newly attained level. The point at which a company’s profitability and market share increase would no longer compensate for the added risk is a good determination of where the company should strive for its optimal market-level position to be.

3. Provide Significant Value to Your Customer

There are many ways to define value when it comes to delivering it to your customers. Key elements such as cornering the market with unique features and benefits included in your product or service, more effective distribution methods, faster delivery, and broader or more customizable offerings can all add significant value for your end-user.

However, according to the stats, one of the highest value sets every customer has is their time. With that in mind, the most significant impact on your business model when it comes to providing value might just be incorporating a more complete customer care solution.

Luckily, this doesn’t have to mean overspending on or completely rebuilding your current customer service solution. With newly developed, cloud-based software like Aspect Via pure SaaS workforce management solutions, you can ensure both world-class customer experience and efficiently managed labor resources. This cloud-leveraging call center software delivers persona-driven user experiences for agents, managers, and administrators, ensuring customers are highly satisfied, which means increased profitability and no debilitating turnover rates.

Touchstones Are More Effective

Having a framework instead of a rigid plan when building your business model is usually the best way to guarantee your long-term success. Each business needs to be flexible to some degree to keep its competitive edge, but having a few set guidelines driving its core goals is a good idea.