Another element included in Osterwalder's model is customer relationships. These must be clearly defined to effectively acquire and retain repeat buyers. Depending on the specific customer segment, their level of engagement, trust, and communication and interaction, the type of relationship can vary from personal to fully automated.
Revenue streams
The main motivation for starting your own business is to make money. In exchange for the value provided to customers, the business earns revenue. To ensure a steady stream of revenue, the business must answer the question of what value and how much customers are willing to pay. When designing this part of the model, the entrepreneur must consider what value proposition the target audience will be willing to pay for. The next step is to determine the preferred method of payment. Depending on the nature of the product or service offered and customer preferences, possible options include retail, wholesale, rental, barter, and many others.
Key Resources
Every company needs resources to produce a product or service and, therefore, the value it wants to offer to the customer. Depending on the company's field of activity, these may be tangible resources, such as raw materials, production materials, infrastructure, or intangible resources, such as human capital or cash.
Key actions
In addition to resources, value creation requires activities, i.e. the set of actions undertaken by a company that will lead to the sale of a product or service to a customer, the maintenance of a relationship with that customer, as well as the generation of income. Of course, they depend on the type of company, for example, they will be different for a b2b email database poland supply company than for a consulting firm. Among other things, they will differ by the type of service offered, the value delivery process or interaction with the customer and the business model.
Main partners
Nowadays, a small percentage of companies are completely self-sufficient. For this reason, an extremely important aspect of running a business is establishing the right relationships with suppliers and collaborators, on whose selection the successful operation of the company depends. For example, working with the right suppliers can ensure that a company has access to high-quality raw materials, materials or products, as well as at competitive prices. Suppliers can also influence the timeliness of deliveries, which is important for the production process and customer service.
Cost structure
Running any business is, on the one hand, about revenue, but costs must not be forgotten either. To increase profits, which is what every business aims for, costs must be minimised. For this reason, establishing a specific cost structure allows for informed financial decisions and management of the company's budget. Above all, operating costs, related to production, sales, marketing, as well as management and administration, should be taken into account.