MBA1007 How to Adapt Spotify’s Business Model + Free Ride Friday!
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Give. Hook. Upsell. Repeat. The Spotify business model is genius. It’s also increasingly common practice, one currently adopted by businesses big and small. Spotify, Pandora, YouTube, and many more take the same approach: provide an incredible free service, then offer a premium version for a relatively small monthly fee. The beauty is that it works at both levels. At the free level, you can still draw revenue from advertisements — the exact advertisements your customers will pay to avoid. If the service is great, and the customer has a certain amount of disposable income, it’s a win-win. Today, we discuss exactly how to apply the free service to premium upgrade model to your business. Just like in many facets of business, from marketing to support, what you give away is ultimately what earns you the most. It’s FREE RIDE FRIDAY!!! See if the Spotify method can work for you. Click Play!