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What is Revenue model of Business listing Website
Business listing sites are the best way of marketing helping entrepreneurs to generate revenue for their local businesses. Traditional marketing does not suit much to our changing digital world, but business directories are brand maker. Customers can provide testimonial for different businesses coming across and business can categorize their business making buying and selling easier through online business listing.
What is the revenue model – In Simple words revenue model of any business is a strategy explaining how a business can earn money? The strategy includes the value of a product and/or service, the revenue generation techniques, the revenue sources, and the target consumer of the product offered. Simply the revenue model is an exploration of cost and expenses which has motive to generate profit for a business and sustain long-term growth.
Revenue Model of a Business Listing website – Business listing websites are the local business search directory. These business directories create database of local business categorized by specific area or service. This database listing process continues and thus these business directories have now a healthy database with them. Next step is to bring users to use this information which is a tough task, required marketing and advertising cost. The company also can seek for sponsors to fund it to stand on top of the search list by paying a certain amount for promotions. Including all these aspects of a business, lets understand how a Revenue model works for a company
Stages of Revenue Model – A Business directories include so much task to list before going live like, how to differentiate your products from others. How unique is your services that you can provide to customers and clients to make demand gets higher?
SME registration – Small and-medium sized business lists their business on business listing websites by providing all required verified NAP (Name, Address, Phone number) information. Local business needs to choose category and sub category to list their business, ensure more relevancy and easy to find for a customer.
Information verification – After registering all information related to business, yellow page directories make proper verification weather all details are genuine or not by making phone calls. This process is required and necessary as they need to earn trust of their users by providing right services and information on their websites. Local listings which are not rich with details about a business and favorable results that are reliable, accurate, and dependable, and oftentimes this includes listings that include a lot of enhanced content.
Sponsor result on relevant local searches – Valid and verified NAP details not only increase how many customers arrive at a physical business location, but also increase the visibility of its listing to the consumers on a search engine results page. These business directories provide search results on a specific local search keywords based on categories and location.
Get % share from sales – Once customer submits enquiry, s/he gets notified through various mediums like email, message or any other supported medium. Out of many details shared, s/he choose the best as per interest and buys the product or service. With these sales, business directories earn their percentage share
How It works: Every business works for profitability and wants to earn as much as it can. We have already seen what a business model for a business listing site is, now we will understand how it generates revenue for business listing site. Below are ways that will generate revenue for your company
Membership: Business listing are of 2 types paid and unpaid. With unpaid, there is no revenue generated, however your customer base increases increasing your website traffic. With Paid membership, you prioritize your listers based on money paid on where they will appear in search. With many business listers registering themselves using paid membership, you are definitely going to generate revenue from your business.
Advertisement Space: One of the popular ways to publicize your business is to advertise it. Once your business listing website have millions of visitors, people will surely pay you for advertising their product and services on your website. Depending on the space, people will pay e.g. cover page is going to be the most expensive. A big chuck of revenue will get generated when people buy advertising space on different pages on your business listing website.
Banner Space: A subset of advertising where people will display a banner on your website to advertise their products and services. You can either define a fix price or costing done on banner height and width page wise to generate revenue for your business.
Lead generation: When some business is getting listed on your website, he is actually looking for quality leads in quantity. You can create a well-designed revenue plan for your website based on number of leads getting generated. You can start with minimum amount of leads that will be generated when you buy a membership plan from business listing website. Since you are a popular website, you will have enough traffic on your website to generate substantial leads that you can sell as a package.
Continuous Evolution and adoption- Adding more services to a business directory provides opportunities for you to reach more customers, which can help you to generate more revenue and succeed in a competitive marketplace. Providing these services online will engage more traffic and customers on your website. There are a lot of services that you add to your business for steady grow
- Booking Service – Mostly pre booking services required in hotel, restaurant, salon businesses to make appointment online. Usually, customer prefer to book in advance for these services, as it makes process hassle free. These systems can work with an online database and directory and reduce scheduling issues.
- Training Course – Online courses and trainings are always trendy. These services allow you to sell your listing products/services to anyone in the world. Training courses listed on your website, can be then brought by different customers result revenue generation through leads and traffic coming in.
- Offer/Coupon deals – Exciting offers attract more users, and people are always looking for better deal available to save their money. Once you offer a good promotion to them, they will revisit again and again to view available coupons. Sometimes Many deals go viral as user post details and links on social media such as Twitter and Facebook.
- Online Shopping – Online shopping is quite popular in current digital world. People use to swipe left and right on shopping websites adds to browser more and more. Selling products online can increase your revenue as you can sell everything to everyone in the world at any time of the day. This will also increase your customer base.
- Membership Plan – Fitness is new freakiness these days specially among youngsters. Fitness Gym or club membership also can be sale through a business directory with some exciting offer.
Opportunity is everywhere but you need to generate it for your business. Business listing website’s aim should be around earning money through lead generation process, sell of products by listed businesses, advertisement and banners. These all is result of good traffic coming onto your website which is primary performance measure for any business listing website.
Also Check : Business Directory India
Also Check : Local business Listing Sites in India
Also Check : Free Business Listing Sites in India