How did you choose your business model?

Question

It's often beneficial to seek advice from industry experts to gain additional insights and perspectives; or to analyze the most popular type of business model in your market.

How did you do that?

Accepted Answer

I followed a two-step approach. First, I actively sought advice from industry experts through networking, conferences, and online communities. This helped me gather valuable insights and perspectives. Second, I conducted thorough market research to analyze the prevalent business models in my industry, identifying trends and understanding what resonates with customers. Combining expert advice and market analysis guided my decision-making process.

Giles Crouch · Answer

A great question! It's best informed by taking a hypothesis into the wild; the research part of a UX strategy. I've launched over 25 tech products into the market. Talking to potential customers is critical and can avoid the costs of stakeholder bias later...many times I've seen the founders idea of what the model should be end up being entirely different than what the market wanted.

Answer

I likely chose my business model based on various factors such as my target market, the value my product or service provides, and the revenue streams that align with my goals. It might involve considerations like subscription models, one-time purchases, freemium offerings, or a combination. Factors like customer preferences, market trends, and my unique value proposition likely influenced my decision.

Giles Crouch · Answer

@thomas_yanik It's quite amazing how few founders do this initial research and rely on a bit of Google research (or a chatGPT prompt that hallucinates) to test their assumptions.

Answer

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How did you choose your business model?

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