Intensively Studying an Event Marketplace & Scheduler Tool for Venture Capitalists
Utterly Profiting Revenue Possibilities for a Unique App Concept
The most important part of any business is undoubtedly, THE REVENUE MODEL.
And for the application which is highly a virgin mobile application concept, it is natural to get puzzled about what the revenue model of the application should be.
The idea of the venture capitalist app is simple: Let the venture capitalists browse and find the most relevant event, simply add it to the calendar, and tada! their schedule is set for the day, week, month, year, and what not.
If you haven’t yet gone through the venture capitalist app, here is where you should be first before continuing the further read.
Below we listed the possible revenue generation model that will compliment the overall venture capitalist application idea.
1· Subscription Model for Advanced Features
The concept of the subscription plan is such that for providing the users with more ease to navigation within the application in order to perform a specific task, users are charged with an amount which is known as subscription fee.
The Trick to it:
The application is definitely designed in order to solve an existing problem. Backing up the same lines, the most viable features of the application should be planned in such a way that they perform the task they are mean to do by imposing certain limitation on the usability.
For example the basic task to be performed in Tinder was to get matched. So, the power to swipe left was unlimitedly bestowed upon the users. But the right swipe and super like came with certain limitation.
Here see an example of Tinder’s Subscription Plan and you will get a clear idea about it.
Now, when the user feels bounded, he’d definitely will find a way out to it. This restlessness and the crave can give rise to ‘Subscription Plans’.
Implementation in the App:
To build a subscription plan for the venture capitalist app, we have to precisely understand the difference between the MVPs and Advanced Set of features for the Venture capitalist application. You can read about the features of the Venture Capitalist app.
The most basic and the unique selling point of this application is that it is used for the browsing of the events and for scheduling the events.
So, there should be no revenue model attached to these basic functionalities.
But on the other side, the filtering of the events and feeding the most relevant search can be considered as an advanced feature,
A question may arise as to how filter can be an advanced feature while it is totally free in the other application?
This is because, the venture capitalists are busy vultures looking for the outstanding business ideas, of course within a short span of whatever time they can spare after maintaining and studying about their current businesses.
The idea is to make use of their time-constraint and to charge them for the relevancy you provide them.
The subscription plan can be applied to ‘See Which Connections are Going’ as well.
In short, the subscription plan should be made in a way that provides the venture capitalists with the ease to perform their task in a better, faster, and efficient way.
2· Registration Model for Accounts
The concept of the registration plan is when the features of a platform are way too enticing for users, they choose to subscribe to the platform, even if it is paid.
The problem to registration plan is, how will users hold a knack of what are the features in the application and how are they going to want to subscribe if they would not know what the application holds for them?
It is pretty simple.
Most of the applications go with a free registration plan in the beginning.
Let’s say for a month or so, the users are given a free account to use and then they are charged for the registration.
This way it becomes easier for the users to explore the app in-depth and then go with the fees after their trial duration gets over.
Implementation in the App:
The application is going to be a dedicated platform which provides the venture capitalists with the ease of browsing events and adding events into their schedules.
To have an access to a platform that provides with all the easy searchability is surely a big advantage when it comes to killing the time-constraints that the venture capitalists have.
Thus, even the venture capitalist will want to try the application for at least once as it can narrow their search for the business events and provide them with the relevancy.
Apart from the venture capitalist, the other stakeholder to the application will be the event organizers.
They are the ones on the platform to publicize and make the venture capitalists aware about their business idea. Making use of their functionality, they will be ready to pay for the platform which allows them with the event creation as well as with the promotion of the event.
3· Additional Feature
The concept of additional feature is such that it does not serve any purpose in the application but is just meant to provoke the user to get more involved into the activity of the platform.
The concept of the additional feature is that it pinches on the envy nerve of the user and get them to go extravagant in order to match up with the standards to the subject of envy. This is the best way to earn an external revenue without a designated plan in the application.
Implementation in the App:
Features can be: ‘See who’s Going’, ‘Creditability of the Startup’ Viewing Fees, ‘Check-in App’
The application is basically meant for the venture capitalist so as to make them reach to the most relevant startup events.
Now, what happens is when the venture capitalists browses for an event, they see the business idea and decide whether they would really like to attend the startup event or not.
Also, they want to gauge what their competitors are doing on the platform. Thus, they would like to know who are attending a particular event.
This is where venture capitalists are shown which among their competitors are attending the event. There is a big scope of getting this work out since business largely works on the competitive analysis.
This was one of the additional feature, another one can be to view the creditability of the event organizer or the owner of the startup idea. There is a huge opportunity here because the investment business runs on the creditability of the business person who thought about the idea. More the creditability more are chances of venture capitalist investing in the business idea.
Thus, somewhere the investment is based on the creditability score as well. So, the venture capitalist would definitely want to know the potential and hence the feature.
Another important additional feature can be a totally different ‘check-in’ app for the event organizers. They can list out all the venture capitalist who are to attend the event and then can have a list of them.
During check-in, the venture capitalists can punch their code and can get the entry. This will be highly recognized and appreciated by the event organizers as it lessens their efforts in the listing of the guest and manual check-in.
4· Promotional Plan
The concept of promotional plan is to help an objective reach to a larger pool of people.
Take any objective that is to be publicized, the main motto would be to get to more and more audience. Now, when the platform where the task is created allows with all sorts of marketing and promotional tool in a single package, it will be far more useful than to purchase individual packages for creation, marketing, promotions, etc.
Implementation in the App:
The aim behind creating an event is to get to the right venture capitalists and get funded for the business idea. Thereby it is extremely important to reach to the venture capitalist from the same industry and sharing the same business interest, which in turn increases the startup’s probability of getting funded.
The revenue model can be in such a way that the event organizers can create the event for free from the platform. Now, for the boosting of the event on various social media platform and showing up in the search results of the search engine, rather than purchasing individual plans, it is most helpful for the platform itself to provide the event organizer with the feature to share his event on the relevant platforms.
Apart from this, in case the event organizers have a personalized list of the venture capitalist, they can purchase the ‘send invites’ packages and can make themselves acknowledged by the venture capitalists.
Thus, a dedicated package can serve all the purpose like ‘Send Invites’, Promote event, Boost event, Enhanced SEO, and Cross-promotion.
So, What Revenue Model Suits the Best?
Basically, if your veins are full of business blood and you can foresee business and make decisions, you will make a clever revenue model for the application.
Every revenue model has its own uniqueness. Subscription plan can be used when the functionality can arouse crave in the mindset of the venture capitalist, the registration plan can be used when your business plan is strong enough to captivate immediate attention of the registered users, the additional features plan can be used when your mobile application has got multiple features, and the promotional plan can be used when you start your application by putting more emphasis on the event organizers.
Frankly, if you ask me, it solely depends on what functionality are you planning to inbuilt for the venture capitalist and the event organizers.