Internet of Things (IOT) Business Models

Internet of Things (IOT) is a transformational development linking people, animals and objects real time through the internet. Business models are simply the laid down plans and strategies to generate revenue and profits. IOT has given birth to new business models changing the business frontier as we know it.

Affiliate Marketing

Traditionally, for you to engage in business, you have to own or produce a tangible product that you will bring to the market. However, in Affiliate marketing you have an opportunity to earn money without having a real product. In this model, you promote another person’s product through the internet, directing customers to the site. When the customers buy the items on offer, it earns you a commission.

Network Marketing

This is also commonly known as multi-level marketing (MLM). In this business model, there are two compensation levels; the sales commission and the commission of recruiting other people to join the sales team. The sales representatives recruited by and those recruited by you recruits are referred as your ‘downline’. However, much commission should not be paid out to recruitments as this turns the company into a pyramid scheme that is illegal.

Geo-Marketing

Geo-marketing business model utilizes the Geo-location technology to locate the exact location of a potential customer who has visited the business’s website. It’s impossible to serve a customer whom you do not know his particular location. With the internet everywhere, the customer is located and engaged to close the business deal.

Niche-Marketing

Also referred to as micro-marketing, the model focuses specializing in a particular commodity or service at a given site. A crucial step is identifying what potential customers may need, their preferences and requirements that have not been catered for by your competitors. This business model is based on strong customer relationships. It has higher profit margins as the target market is not so much keen on the prices, but the satisfaction derived from the product or service offered.

Internet Home-based Business

Technology has rapidly undergone a drastic change leading to an emergence of the internet home-based business model. At the comfort of your home, you can engage in business over the internet. You have the opportunity to offer your services through the internet without the need of having an office.

Whichever business model that you choose, success will depend on the strategy and how it interacts with the customers.

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