Discuss about the Literature And Practice Review To Develop Business.
Tribe Digital (Australia) Pty Ltd is one of the companies in Australia that offers a marketplace that helps in establishing a connection between the various creators of the content in the various social media sites and the leading brands in order to facilitate the transformation of the word-of-mouth recommendations. The organization was founded in 2015 by James Lund, well-known host over the radio and the television media, had founded the company as a personalized solution to the workflow that might help him with his own management of the time with the brands that have been offering him with money for posting on his own social media handles (Tribegroup.co, 2018). The following report deals with the budget model canvas of Tribe and explains the relations that exist among the various factors in the business model canvas. The report further proceeds to discuss the factors that are critical to the success of the company and the risks that might be encountered by the company in the future operations of the same. The report further proceeds to put forth some recommendations that might help the company to perform better in the future days.
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Key Partners · Media agencies · PR agencies · Brands |
Key Activities · Advertisement · Promotion · Activating social service campaigns · Bringing the audience and trustworthy people together. |
Value Proposition · Allows the creation of a relation between the audience and the other trustworthy people. · The application, TRIBE, allows the various influencers in the process of posting the posts for the other brands to either accept or decline. · Unlocking the creativity of the world of influencers. |
Customer Relationships · Improvement of the social media handles based on the content that is significant to the platform and is targeted to the concerned audience. · Streamline the message consistently across all the social media platforms. |
Customer Segments · Targeted clients of the various companies · Social media sites · Various companies that intend to advertise themselves over the social media. |
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Key Resources · The various social companies that tend to advertise online. · The companies that aim at the getting themselves popularized over the social media. · Freelancers and copy writers. |
Channels · Various social media handles of the influencers · Management of the accounts |
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Cost Structure · Paid advertisements · Various campaigns and various promotions · Hiring freelancers and copywriters as employees in order to compose the content. |
Revenue Streams · Charge of 20% of commission on the purchase of posts. · Completely free for the Influencers. |
Business canvas model is defined as a strategic management tool that is used for both the purpose of the documentation of an existing business as well as the development of the new businesses (Barquet et al., 2013). This is generally a visual chart that consists of the various elements that might help in the description of the various factors like the value propositions, the customers, the finances and the infrastructure of the company (Joyce & Paquin, 2016). The business canvas model might be used in order to analyze the conditions of the business and thereby taking further steps for the improvement of the various matters related to the concerned organization (De Reuver, Bouwman & Haaker, 2013). The business canvas is used for bridging the various gaps that exist between the implemented processes in the business and the various strategies that are used for the proper functioning of the concerned business. There are nine building blocks in the business canvas model that are related to each other and have been interdependent on each other (Fisk, 2014). The business canvas model of the Tribe Digital (Australia) Pty Ltd is described in the following section.
Key Partners – The major partners of the company are the various brands, the media agencies and the various PR agencies that have been operating in the country.
Key Activities – The major activities that are performed by the organization are the various activities that are related to the advertisements, the promotions of the various brands over the various social media handles. The concern also aims at the activation of the various social service campaigns that might be organized through the various social media platforms. The organization also helps in bringing together the various trustworthy people and the target audience of the brands that they have been promoting through their content.
Key Resources – The major resources of the company majorly refer to the freelancers and the copy writers who have been involved in the production of the content that is needed for the promotion of the concerned company or brand. The other resources of the company are the various companies that tend to need the content that is needed for the promotion of the concerned company and the companies that aim to get themselves popularized over the various social media handles.
Value Proposition – The value proposition of the company tends to aim at the creation of the value of the company in matters that pertain to the creation of the relationship between the audiences and the concerned brands (Bohnsack, Pinkse & Kolk, 2014). The company also encourages the various influencers who are attached to the concern and thus tends to bring out the creativity all over the world.
Customer Segment – The customer segment of the company mainly comprises of the various target audiences of the concerned brands, the influencers who are attached to the company and the various brands that do seek their assistance in the advertisements of the same.
Customer Relationships – The major relationship that is maintained by the company refer to the improvement of the various social media advertisements of the concerned brands and the streamlining of the concerned messages that are conveyed through the advertisements.
Channels – The various channels that are used by the brands to reach out to them are the social media handles of the influencers and the management of the accounts of the concerned company.
Cost Structure – The cost structure of the concerned company deals with the various costs that are incurred by the concerned organization in the process of continuing their activities (Bocken et al., 2014). The company in discussion might incur costs for the hiring of the various freelancers and the copywriters as the employees of the concern. The company might also incur some amount of costs in the matters of the paid advertisements.
Revenue Streams – The revenue streams of the company refer to the in-flow of the funds towards the company (DaSilva & Trkman, 2014). The company under discussion is known to earn revenue in the form of a commission that it charges over the sale of any advertisement. The services of the company are, however, free for the various influencers who are a part of the company.
The various components of the business canvas model might assist in the delivery of the values to the concerned clients of the company. The value proposition of the company might help in differentiating the company from the other competitors of the same that have been operating in the concerned industry (Mulcahy, 2013). The maintenance of the relationship among the various clients of the company might lead to the expansion of the same thereby leading to the positive effects on the revenue streams of the company.
The critical success factors that are related to the company in discussion, Tribe Digital (Australia) Pty Ltd, are the positive reviews that re shared by the clients of the concern. The positive reviews of the concern might help them to be recognized on a larger scale and thereby help in boosting the promotion of the concern (Moroni, Arruda & Araujo, 2015). The succeeding factors associated with the concern might also lie in the quality of the work that they deliver to the concerned clients of the concern.
The major risks that are related to the concern are the matters that deal with the lowering of the client base of the concern. The concern is a relatively young organization in the market and thus might have to face a huge amount of threat from the competitors of the organization (Weiblen & Chesbrough, 2015). The company also faces a threat in the matters that pertain to the staff of the organization. The staff of the organization might stop working with the company due to the various issues such as the low amount of the remuneration that they receive in lieu of the efforts that they might put in. The company also faces a threat of losing the influencers to the other similar organizations (Lazonick & Mazzucato, 2013).
In order to avoid the afore-mentioned circumstances, the company is advised to treat all its employees in a better manner. The employees must be granted the proper payments and must be motivated to work in favor of the growth of the company. The company is also advised to motivate the workforce of the company to put in their best efforts towards the company. The company might also be advised to expand from the current scenario which might help in the reduction of the threat that it faces from the various competitors in the market.
Conclusion
Thus, from the above discussion, it might safely be concluded that the relatively new company in the industry needs to put in huge efforts in order to gain a strong foothold in the Australian as well as the global markets. The company should look forward to the expansion in the global markets in order to get a proper and steady inflow of funds that might help them to progress further in the concerned industry.
References
Barquet, A. P. B., de Oliveira, M. G., Amigo, C. R., Cunha, V. P., & Rozenfeld, H. (2013). Employing the business model concept to support the adoption of product–service systems (PSS). Industrial Marketing Management, 42(5), 693-704.
Bocken, N. M., Short, S. W., Rana, P., & Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes. Journal of cleaner production, 65, 42-56.
Bohnsack, R., Pinkse, J., & Kolk, A. (2014). Business models for sustainable technologies: Exploring business model evolution in the case of electric vehicles. Research Policy, 43(2), 284-300.
DaSilva, C. M., & Trkman, P. (2014). Business model: What it is and what it is not. Long range planning, 47(6), 379-389.
De Reuver, M., Bouwman, H., & Haaker, T. (2013). Business model roadmapping: A practical approach to come from an existing to a desired business model. International Journal of Innovation Management, 17(01), 1340006.
Fisk, P. (2014). Gamechangers: Creating innovative strategies for business and brands. John Wiley & Sons.
Joyce, A., & Paquin, R. L. (2016). The triple layered business model canvas: A tool to design more sustainable business models. Journal of Cleaner Production, 135, 1474-1486.
Lazonick, W., & Mazzucato, M. (2013). The risk-reward nexus in the innovation-inequality relationship: who takes the risks? Who gets the rewards?. Industrial and Corporate Change, 22(4), 1093-1128.
Moroni, I., Arruda, A., & Araujo, K. (2015). The design and technological innovation: how to understand the growth of startups companies in competitive business environment. Procedia Manufacturing, 3, 2199-2204.
Mulcahy, D. (2013). 6 Myths About Venture Capitalists. Harvard Business Review, 91(5), 80-83.
Tribegroup.co. (2018). Influencer Marketing Marketplace | TRIBE. Tribegroup.co. Retrieved 27 March 2018, from https://www.tribegroup.co
Weiblen, T., & Chesbrough, H. W. (2015). Engaging with startups to enhance corporate innovation. California Management Review, 57(2), 66-90.
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