Which is your business model?
So often I see creative entrepreneurs get caught up in the excitement of creating programs and products and they forget an important part of the business success equation:
The Business Model.
You need to understand which business model you have so that you can focus on the right marketing to support it.
Here are 4 different types of business models:
- Relationship Model – this is typically where most people start and often stay. This is where you are working with people one-to-one. You market to them one-to-one, and you work with them this way too.
If this is your model, then you don’t need to worry about all the bells and whistles of sophisticated marketing. You just need to focus on how you can meet more of your Best Clients Ever.
- Leveraged or Group Model – here you are looking to leverage your time, energy and impact. Your model may include group programs, a mastermind or membership program.
You need marketing that will support attracting more people. You want to focus on being more visible, and step into being seen as a leader in your market with a powerful message.
- Product Model – When you have products as your main offering in your business, then you need a different approach. You want to attract a lot of people to buy the products so that you can reach your financial goals.
You’ll want to focus on collaborations, affiliate programs and high visibility speaking opportunities.
- High-end Boutique Model – This is where you work with individuals at a high level for a higher price point. You don’t work with beginners. This model is focused highly on personal referrals, a transfer of trust, and standing powerfully in your transformational work.
The 5th type of business model is when you have a Hybrid Model. Many businesses have two or more of these business model approaches.
It’s important to know what your money model is because it informs your marketing model.
Take a moment…
What is your business model?
Do you have the right marketing to support your success?