Assessment Activity 3 Review Fraud Control Activities Fraud control requires the implementation of a number of control strategies which contribute to an effective fraud control framework, two of which are….
Self Service or Automated relationships where clients can conduct most or all of the service they need without assistance by anyone in your business
Watch the video: https://youtu.be/IP0cUBWTgpY
Fill out two more sections for the business of your business model canvas: Customer Relationship Types, and Define Your Channel Strategies. Just write down what you would actually write down for your business, in a way that your team will understand.
- Customer Relationship Types
Your customer relationship will influence the experience that they will have with you and the frequency of engagement with them.
Here are 5 commonly used customer relationships as part of your Business Model Canvas development:
- Self Service or Automated relationships where clients can conduct most or all of the service they need without assistance by anyone in your business. A lot of monthly subscription or online services follow this model
- Personal Relationships where your direct teams are involved in selling and servicing your clients. This is common in physical retail, high value and corporate sales.
- Creation Relationship where clients contribute to the growth of your business, such as the case with social media sites
- Transactional Relationship where the client can use your product and service once and might never have the need to return to you and use it again
- Switching Cost are sticky relationships where it becomes difficult for a client to change a service since they have invested so much time and effort into the relationship. First movers in this type of relationship have the most to gainDetermine which one of these relation types have the most value to your business and to your clients’ experience resulting in great customer service.
Key Revenue Streams
Revenue streams or sales refer to how you generate cash from your clients. In the Business Model Canvas, different client segments could pay you in different ways. Without sales, a business can’t function, so this is the most important aspects of any business.
7 most used revenue types include:
- Asset sales refer to cases where you sell a product to a client who then becomes the owner of that product. This is the most widely used model in business and takes place anytime we buy a car, computer or a building
- Usage fee refers to when a client uses your product or service but its ownership remains with you. This is common in the hotel or airline industry
- Subscription fee refers to when your clients subscribe on a monthly or weekly basis and can use your infrastructure. Examples of this include software as a service, gym memberships, etc..
- Leasing or renting or lending refer to allowing clients to use your assets for a period of time as if it is theirs
- Licensing revenue is earned when you give clients permission to use your intellectual property. This is common in content production and inventions.
- Brokerage fees are earned when you take a commission from facilitating a business transaction between two parties.
- Advertising results from fees for advertising a particular product or service or brandEnsuring which of the above revenue streams is most convenient for each of your target segments and in turn allowing you to generate the most business is an essential aspect of having your business survive and thrive.