It's time to take a second look at how we're going make some money out of all of this?
The problem we are facing is deciding how. We have a multi -sided business model
1. SMEs
2. SMEs customers
3. Third party market/consumer trend reports
We have really pitched our wagons to infinity and beyond as we want to be able be an oasis of information for third parties looking for indications on consumer sentiment or SME trends.
We have noticed that there is very little information out there on SMEs and consumer behaviour in Ireland. Even the reports that we have found are outdated and not specific to customer segments or SMEs industry.
We've now found ourselves in the Revenue Streams Maze,
How can we test if this is a viable revenue stream?
Also, when will this be a viable revenue stream for us?
What value can we add by creating market/consumer trend reports?
Who will it add value to?
How much value will it add?
We have a huge amount of unanswered questions! Which made us realise that - maybe we are not ready to investigate this aspect of our revenue stream.
We believe the best next steps would be how to create revenue streams from our SMEs and their customers.
We got out of the office this week and spoke to some experts in the field of data and two potential competitors. We wanted to discover their opinions on pain points with revenue streams.
The leader in the field believes that SMEs are not aware of the potential of data and those who do perceive resources as a barrier.
The competitors believe it is down to the SMEs customers not getting on board. SMEs customers have tonnes of deals sites targeting them every day.
They do not have alliance to any one particular app/website they just want to best deal in the most convenient way.
This week we are going to figure out how to get the very best revenue stream from our SMEs by maximising customer involvement.
We will further research our third party revenue stream when we fully understand our basic product offerings.
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