What is it about?
Study of the various prospects of various digital business firms like revenues, customer base, share price, ranks. Uses of freemium business model to hold on to existing customers and attract new customers.
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Why is it important?
Analyzing consumer behavior with recent analytical tools and techniques such as web analytics, bigdata analytics are required in order to get deeper market knowledge. It is crucial to get the knowledge of recent trends of markets, the perception of customer and customer’s journey mapping in order to run a business with freemium model.
Perspectives
Innovative service or product offerings and growth strategy is the base of this business model. So businesses must assess innovation strategy before deciding whether to opt the freemium business model or not. Retaining the existing user and constant addition of new users are the founding stone of the freemium business model. So, the value offerings have to be well perceived by the customer so that switching costs will be increased for them and the customer will remain loyal.
Bijaya Panda
Read the Original
This page is a summary of: Application of business model innovation for new enterprises, The Journal of Management Development, November 2019, Emerald,
DOI: 10.1108/jmd-11-2018-0314.
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