From the course: Business Design: Turning Ideas Into Business

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Monetization: What’s your revenue model?

Monetization: What’s your revenue model?

From the course: Business Design: Turning Ideas Into Business

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Monetization: What’s your revenue model?

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- Now that you have an idea that creates value for your stakeholders, it's time to think about how you'll capture that value and create value for your business. That's why one of the key steps of the third gear business design is about designing your revenue model. In this model, we'll look at how you can monetize your idea by defining who will pay for what and how. Monetization is about designing how you'll generate revenue. Your revenue model will show how you'll attract cash to build your business and continue to grow it over time. There are many ways that value can be captured. Let's go back to the Nespresso example. The ways they monetize the value they've created include selling coffee machines and capsules, accessories, and subscriptions for ongoing coffee capsule replacement. Here's how you can go about designing your revenue model in three steps. Start by asking what will we offer that others will pay for. Look at your…

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