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The following article was published in our article directory on January 12, 2019.
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Innovative Business Models from Most Successful Companies

Article Category: Business

Author Name: Theodore Henderson

Innovation ideas do not come at a snap of a finger. Sometimes, they will come as the result of a careful study of a company's success. Other times, they will be passed on by a mentor.
No matter how difficult it seems, innovation in business must be any company's aim. Not only will it boost the productivity of the company, but it will also increase profitability.
Depending on the types of innovation you implement in your company, you can definitely make use of the following fool-proof business innovation models as inspiration and template.
1. Product-as-a-service model. One of the benefits of innovation in business is to create efficient ways to use a product or a service. Examples of business innovation include the continuous development of Android smartphones and the software they use. Such product is also capable of rendering different services such as GPS, Wi-Fi hotspots, and fake money scanners.
2. Freemium. Innovation and generation X work together in this business model. Generation X is known to be pragmatic in the use of a product. Before they patronize a product, they must first try and see if it's worth buying. In the freemium model, clients try the product or service for free, then decide later on if they want to get the premium service.
3. Platform model. The importance of innovation in business likewise underscores the need for you to explore various platforms and networks. This model also facilitates interaction between and among two or more parties who share the same platform. For instance, a meal delivery company can combine Facebook, WeChat, and Instagram to provide better service to their clients.
4. Subscription model. Consider this the merging of innovation and consulting. You can convert your target market to an actual client by providing them subscriptions (emails, magazine inserts, or text messages) to your service. When clients subscribe, they do so out of an obvious need (e.g. text alerts to sales and discounts).
5. Community Model. This business model uses the power of a community as source of jobs or income. For example, a freelance work platform uses the community model to drive leads (that is, attract clients) through a network of creatives and professionals. The latter, on the other hand, uses the platform as an instant source of possible clients. As company owner, you can develop your skills in leadership and innovation – both as creator and manager of the community.
6. Crowdsourcing. This is quite popular in social media, in which a person sources information from the general audience. Instead of creating a team of creatives to brainstorm on a new design for a planner, you can use crowdsourcing to encourage your followers to submit their own designs. Not only are you saving on time, cost, and energy, but you are also creating a link between your company and the target market.
These business models show the importance of innovation in entrepreneurship. Companies sought these models to grow their business, and their success clearly shows why business needs to innovate.

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