Utilizing Influencers to Help with the Creation of Your Business Model

Embold Team

Utilizing Influencers to Help with the Creation of Your Business Model

A business model is nothing more than a blueprint that explains how a company aims to earn money. It outlines who your client base is, how you provide value to them, and the financial numbers that go along with it. The business model canvas allows you to specify all of these elements on a single page. It is a strategic management tool for visualizing and evaluating your company concept or idea. It’s a one-page document with nine boxes that represent several key business concepts. There are nine areas in the business model that will assist you in further assessing your company strategy and structure. In this article, we will discuss those topics while also guiding you, the reader, in better understanding how to include influencers in your business plan. There are several methods to complete the business model canvas, however, the following is the suggested method:

1. Customer Segments

The first thing you do is figure out which customers you want to help. Who are you creating value for?  

    • Analyze who your target market is
    • Make the distinction between customers and users (customers pay and users do not) 
2. Value Propositions

The bundles of products and services that make your customers happy. For each customer group, you have a unique value proposition. 

    • What value are you adding to your customers? 
    • Think about the individual value you are bringing into their lives
3. Channels

Explain how you interact with your customers and give them value in three ways. 

    • What channels are you using to reach out to your customers? 
      • This part is where you, as the business owner, can start thinking about different strategies to reach out to your customers
    • Influencer marketing is predicted to be worth more than $13.8 billion in the coming years; this is an excellent market for your company to consider when determining how to reach your target population 
4. Customer Relationships

What kind of relationship are you having with your customers? 

    • What does each customer segment expect your brand to establish and maintain with them? 
    • What is the relationship you would like to acquire with your customers?
5. Revenue Streams

Analyzing what value your customers are willing to pay. What streams of revenue will you be utilizing? 

    • Analyze what revenue streams would work best to suit your customers
    • Would promoting your services through influencer marketing be a good method to reach your key demographic? Is the branding of your business based on selling a feeling or a way of life? If this is the case, social media marketing is unquestionably a good fit for your organization.
6. Key Resources

What is the infrastructure that you are using to make, deliver, and get value from things? In your business model, what are the things that are important? 

    • These key resources could be physical such as the product you are manufacturing, to intellectual such as patents or data
    • These resources can also be people. What people (influencers) do you need to succeed in the selling of your product?
    • What are the key resources for your value proposition to succeed?
7. Key Activities

What things do you need to perform well? 

    • Distribution channels, revenue streams, and customer relationship 
    • What are the key activities that will help you succeed in customer relationships? What type of influencers do you envision promoting your brand?
8. Key Partnerships

Who can help you use your business model to its fullest? You won’t have all the resources and be able to do all the things on your own. 

    • Who are the required suppliers? 
    • Which key activities do your partners perform? 
      • Your influencers running your campaigns to improve customer relationships and increase sales 
9. Cost Structure

Once you understand the other elements of your business and its infrastructure, that will help inform the pricing and cost structure.

    • What are the most important costs inherent to your business model? 
    • How much are you wanting to allocate to influencer marketing as opposed to traditional marketing? 
    • How much are you wanting to spend on the manufacturing of your product?

 

When you are just starting out on your entrepreneurial adventure, the Business Model might be overwhelming, but once understood, it can help you to grasp every critical aspect of your business. Integrating influencer marketing into your business model is critical for determining the value of your various influencer initiatives and how much to spend on them. Utilizing influencer marketing strategies can help promote the overall impression of your brand more than any other marketing strategy. It enables your audience to receive a first-hand look at your product in action in a real-world context. Collaborating with the proper influencers can help you develop your brand and business strategy in a variety of ways. If you are interested in learning more about how to utilize influencer marketing click here or visit: https://embold.co/getstarted/

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