REVENUE

MODELS
2nd Edition
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 SUPER GUIDE:
REVENUE
MODELS

BY DANIEL PEREIRA

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 © THE BUSINESS MODEL ANALYST

The Business Model Analyst is a website dedicated to

analyzing business model types, patterns, and innovations
using the business model canvas as its primary tool. The
site offers a wide variety of free and premium content,
including digital products such as PDF tools, presentations,
spreadsheets, ebooks & guides, and much more. Check it
out here.

Daniel Pereira
The Business Model
Analyst Ottawa, ON,
Canada
businessmodelanalyst.com

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 Copyright © 2022 Daniel Pereira
All rights reserved.
ISBN: 978-1-7387612-1-0

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 TABLE OF CONTENTS
Introduction 8
What Is A Revenue Model? 9
Business Model Vs Revenue Model Vs Revenue Stream 10
Symmetrical Vs. Asymmetrical Business Models 12
Who Pays The Bill? 12
Asymmetrical: Users ≠ Customers 13
Symmetrical: Users = Customers 14
Revenue Scale: Does The Platform Retain Its Margins
As It Scales? 14
Symmetrical And Linear: Margins Tighten As The
Platform Scales 14
Asymmetrical And Non-Linear: Margins Keep
Growing As The Platform Scales 15
Why Is Revenue Modeling Important In Business? 16
Types Of Revenue Models 17
Ad-Supported Revenue Model 17
Licensing Revenue Model 19
Affiliate Revenue Model 21
White-Labeling 22
Freemium Revenue Model 24
Subscription-Based Revenue Model 25
Consumption-Based Revenue Model 27
Brokerage (Commission-Based) Revenue Model 30
Hidden Revenue Model 32
Razor And Blade Revenue Model 33
Donation Revenue Model 35
Arbitrage Revenue Model 37

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 Data Sales Revenue Model 38
Transactional Revenue Model 41
Rental Or Leasing Revenue Model 42
Borrow / Lending 44
Product Is Free, But Services Aren’t 45
Direct Revenue Model 47
Indirect Revenue Model 49
Hybrid Revenue Models 51
Markup Model 52
Revenue Model Combinations 54
Revenue Associated With Different Business Models 57
Saas Business Model 57
Ecommerce Business Model 58
Open-Source Business Model 59
Content-Based Business Model 60
Retail Businesses Model 60
Some Case Studies Of Revenue Models 63
The Revenue Model Of Amazon 63
The Revenue Model Of Netflix 64
The Revenue Model Of Uber 64
The Revenue Model Of Foodpanda 65
The Revenue Model Of Disney 65
The Revenue Model Of Binance 66
The Revenue Model Of Apple 67
Revenue Models Key Performance Indicators 69
Costs Associated With Revenue Models 70
Cost Of Revenue 70
Prototyping Costs 71
Equipment Costs 71
Labor Costs 71

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 Advertising & Marketing Costs 72
Tips For Choosing Your Revenue Model 73
How To Write A Business Revenue Model 76
1 - Market And Industry Research 76
2 - Analyze Target Customers 77
3 - Define Revenue Categories 77
4 - Put Them All Together 77
5 - Revenue Model Evolves 78
6 - Know And Mitigate Your Critical Variables 78
How To Recognize Revenue Accurately? 79
Ifrs Reporting Standards Criteria 80
Accounting Standards Codification (Asc) 606 81
Conclusion 83
References 84
About The Author 85

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 INTRODUCTION
Revenue models are a fundamental part of successful
business models. Whether you are a brick and mortar retail
company or a software as a service business, aiming to
generate as much revenue as possible is critically important
for your venture.

In very simple words, a revenue model is how a business

makes money. It is a conceptual framework that includes
every aspect of the revenue earning strategy, such as the
value proposition (product/service), the revenue sources, the
pricing and payment methods, and the target consumer.

Revenue can be generated from many sources and means.

But the revenue model you chose will define how you can
sell to your target audience, in order to build a profitable
growth-oriented business.

Therefore, it is a core element of your business model.

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 WHAT IS A REVENUE
MODEL?

A revenue model is how a business makes money. It is the

framework for generating income for the company. It is the
blueprint that indicates what product or service will be
created and the ways in which the product or service will be
sold in order to generate revenues. A revenue model helps to
identify critical factors that can help a company thrive and
grow. Its main goal is to manage the revenue stream of a
business. Without a well-defined revenue model — i.e., a
clear way to make money —, businesses, especially startups,
may generate unsustainable costs.

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 BUSINESS MODEL VS
REVENUE MODEL VS
REVENUE STREAM

When developing a business, there are some usual

misconceptions regarding the differences among the terms
business model, revenue model and revenue stream.

In fact, the revenue model is part of a business model and the

revenue stream is each single revenue source of the revenue
model. So, from “largest to smallest”:

The business model is the structure that describes how the

company creates, delivers and captures value, including all
baseline aspects of a business. It also comprises the revenue
model (and its revenue streams).

The revenue model is restricted to the chosen strategy

towards making money. It encompasses the management of
each revenue stream, in accordance with the business’s
customer segments.

The revenue stream, finally, refers to every single source of

revenue a company may have. Depending on the type and
size of the organization, it can have zero or several revenue
streams.

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 Wrapping up, the revenue models will help to manage the
revenue streams inside the big picture of a business model.

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 SYMMETRICAL VS.
ASYMMETRICAL BUSINESS
MODELS

One way to classify business models, according to their

revenue models, is by differentiating them into symmetrical
and asymmetrical.

To begin with, the biggest distinction between both of them is

the fact that, in symmetrical business models, the ones who
use/consume the product are the same who pay for it. But in
asymmetrical ones, some use the service at no cost, while
others pay. But let’s dive a little deeper into that:

WHO PAYS THE BILL?

At any kind of business model, there are two important
players, the users and the customers. Sometimes, the same
party plays the role of both players. For example, when you
buy a car, you’ll use it yourself.

But, in some cases, different parties will play them. That’s

very usual in platform business models, for example. In this
case:

● Users are the people who use the platform but don’t
have to pay for using it. On the contrary, they become
assets of the business, as they will be the audience of

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 the actual customers. For example Facebook users.

● Customers: the ones (people or businesses) who pay

for a service. For example companies that advertise on
Facebook, using its segmentation algorithm.

So, understanding who are the users and who are the
customers will be the main criteria when separating these two
kinds of business models.

ASYMMETRICAL: USERS ≠
CUSTOMERS
The asymmetry here is the fact that customers and users are
two different groups of people. It’s the case of Facebook,
Google or Snapchat, which sell ads to businesses and let
people enjoy their core products for free.

As the popular adage states: "There ain't no such thing as a

free lunch". The asymmetrical business models have a hidden
revenue generation model.

While the users know virtually nothing about the platform and
how it makes money, the platform keeps lots of data about its
users.

And this is precisely the greatest asset the platform has to

provide to its real customers: audience information.

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 SYMMETRICAL: USERS =
CUSTOMERS
On the other side, the symmetry establishes that users and
customers are precisely the same entity. The ones who use
are the ones who pay for using it.

It’s the case of practically all the brick-and-mortar businesses,

and brands such as Netflix or Zoom. And the revenue
generation here is clear: the customers know what they are
paying for.

REVENUE SCALE: DOES THE

PLATFORM RETAIN ITS MARGINS AS
IT SCALES?
Scaling is all about enabling growth in the company while
keeping its margins. It requires planning and proper
processes.

Some kinds of business are more likely to scale than others,

and that is also associated to symmetrical and asymmetrical
business models, especially regarding to platform business
models:

Symmetrical And Linear: Margins Tighten As The Platform

Scales
In a symmetrical and linear revenue model, as the platform
scales, the margins tend to tighten up, which reduces the
business’s profitability.

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 Asymmetrical And Non-Linear: Margins Keep Growing As
The Platform Scales
On the other side, the asymmetrical-revenue-model platforms
are non-linear. That means their margins keep growing along
with scaling, thus maintaining the business’s profitability.

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 WHY IS REVENUE
MODELING IMPORTANT IN
BUSINESS?

Revenue modeling is the process of determining how a

company plans to make money. The revenue modeling
process defines the product or service to be sold, determines
its value and the customers it will serve, and how it will
generate income.

Every business exists to make a profit, or at the least to be

financially sustainable. Revenue modeling helps to achieve
this goal. Revenue modeling helps to identify the different
sources of income for the company and gives an overview of
the company’s current and future potential to earn profits.

It also gives a hint on successful pricing and customer

satisfaction. The revenues generated will indicate whether
customers are satisfied with the product and the price or not,
and whether they are buying from you again or not.

Though there is no such thing as a perfect revenue model,

familiarity with common revenue models is vital in identifying
the right combination of models for a business. Below, there
are some popular revenue models.

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 TYPES OF REVENUE
MODELS

There is no such thing as a perfect revenue model, but the

popularity of some of the methods below suggests that many
of them are well-tailored for the current state of the market.

Here we’ll walk through each type of revenue model and

when they may be most beneficial and applicable.

AD-SUPPORTED REVENUE MODEL

The ad-supported revenue model is widespread in both
online and offline businesses. It is commonly adopted by
media companies and information providers, and can also be
associated with other types of revenue models
(subscriptionbased, for example) to form different business
models.

How it works
This revenue model is about selling advertising spaces and
charging advertisers – per size of the ad, impressions or
clicks, for instance. The advertisers value the popularity of the
medium and pay to feature their product or service to its
audience. It is mostly used in B2B settings, since normally
businesses pay businesses to place their ads.

Revenue Streams

● CPM (cost per thousand impressions): customer pays

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 every time the ad loads on a webpage or in an app.
For example, whenever the ad appears below the
browser window, the advertiser will pay. Even if the
user never scrolls down, no conversions are involved.

● CPC (cost per click): customer pays whenever the ad is

clicked on. They will pay only when the viewer is
interested enough to click to check it out.

● CPL (cost per lead): customer pays when a lead form is

completed and submitted. It’s more usual for
purchases that are not made immediately. The goal
here is to build a relationship with the consumer.

● CPA or CPS (cost per action or cost per sale): customer

pays when the viewer takes a certain action (such as
registering for an account). So, the advertiser only
pays if something actually happens. It’s low risk for the
customers, but high risk for the media company.

Advantages

● It’s easily monetizable for high-traffic media.

● It’s simple to structure.

● It can be associated with other types of revenue

models.

● Scaling up depends only on increasing the number of

visitors.

Disadvantages

● Users usually find ads annoying.

● Building traffic and engagement is not that simple.

● It’s risky – if the customers don’t see value, the

business can get to zero revenue, quickly.
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 Examples

● YouTube

● Google

● Facebook

● Instagram

● LinkedIn

● Pinterest

● Twitter

● Media companies

LICENSING REVENUE MODEL

This revenue model works perfectly well for those businesses
that have a unique advantage or intellectual property.
Because when there is a special product or work (such as a
movie or cartoon), other businesses may benefit from
licensing the use of your creation.

How it works
Licensing is about renting some goods or services to other
businesses. The owner keeps full copyrights on the property
used by the buyer. It is very common for media productions,
software companies, and for legally protected intellectual
property, such as patents and trademarks.

Revenue Streams
In the licensing revenue model, the property’s owner grants a
license of use at a predetermined recurring cost, that usually
runs perpetually, until one of the parties terminates the deal.

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 This license is limited by time, territory, distribution, volume,
etc., and the deals are conducted for either a flat rate (an
annual fee, for example) or on a sliding scale depending on
the amount of use (some fixed fee or percentage over each
sale), the so-called royalties.

Advantages

● It’s beneficial for the creators or producers of some

unique property.

● The commercialization is the buyer’s responsibility.

● It brings the final consumer closer to the licensed

brand.

● It has high sales reach.

● It has a competitive advantage over the competition.

● The opening of markets is simpler.

Disadvantages

● It demands great attention to the conditions of the

deals and contracts.

● It’s difficult to see the long term.

● It’s hard to find and build profitable partnerships.

Examples

● Adobe

● Microsoft

● Walt Disney

● Ferrari

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 ● Warner Bros.

● Marvel Entertainment

● Nickelodeon

● Major League Baseball

● NBA

AFFILIATE REVENUE MODEL

This revenue model has become bigger and bigger on the
internet. It may be exercised by an individual or legal entity,
and it is easily associated with other revenue models, mainly
the ad-based ones.

How it works
An affiliate is someone who advertises the product or service
of another person or company and earns a commission on
sales or leads made. The affiliate can promote a product by
including referral links in their website/blog/social media or
by offering their customer some specialized
recommendations.

Revenue Streams
Sales percentage is the core revenue stream for this type of
revenue model. The affiliate, whether an individual or a
business, will collect a percentage of everything they sell
through their promotions, as a commission for the service.

Advantages

● It makes more money than simply advertising.

● There are several affiliate programs available online.

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 ● There is no inventory required.

● There are no distribution expenses.

Disadvantages

● Attracting traffic and engagement is not simple.

● Building authority takes a long time.

● Producing relevant content is demanding.

● There’s low control over the quality of the service

provided by the producer.

Examples

● Amazon

● Etsy

● Wayfair

● Fiverr

● Bluehost

● Hostinger

WHITE-LABELING
The white-labeling revenue model is used to provide a
specialized service without having to invest in all the
infrastructure and the technology for production.

How it works
Basically, the producer develops and/or manufactures the
product or service that will be marketed by another company,
which will rebrand it to make it look like if it had actually

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 produced it. It is very common for mass-produced generic
products, such as electronics, software, and apps.

Revenue Stream
The white-label deals are made on revenue share
transactions. In this revenue stream, the parties involved split
both the profits and losses resulting from the operations of
the business, according to each one’s share in the
partnership arranged.

Advantages

● There’s quality service at a low investment.

● The content is adapted to the audience.

● It builds the authority of the brand.

● The innovation is faster.

● The entrance is simplified in emerging markets.

Disadvantages

● There’s a lack of control both over the production by

the marketer, and over the marketing by the producer.

● It may deal with potential liability for bad consumer

experience.

● There’s quality inconsistency.

● It’s not suitable for small brands.

Examples

● TV sets

● Mobile apps

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 ● Social media management software

FREEMIUM REVENUE MODEL

The freemium terminology associates the words free and
premium. So, as you may see, in this strategy, the vast
majority of users will use the product/service for free and a
small portion will pay for the premium version.

How it works
In the freemium revenue model, a basic plan, product or
service with few resources is offered completely free, for
users to get to know about it. At the same time, another more
complete plan or more advanced service with additional
features is offered in exchange for a fee – that is the premium
option.

Revenue Streams
The strategy here is to attract consumers, create a customer
base to further convince part of that base that you have a
more interesting value proposition than the free one, and that
the advanced features are worth the investment. So, the free
plan is the “bait” and the premium prices are the actual
revenue streams.

Advantages

● Offering a product or service for free is always a very

effective marketing strategy.

● The strategy works very well on the internet, where

the acquisition cost is very low.

● Free users may also spread the news, providing wide

word of mouth.

● There’s the network effect – the more people use a

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 particular product or service, the more valuable it
becomes.

Disadvantages

● A low percentage acquires the premium version.

● Maintaining the service relevant to the audience is

hard.

● It takes longer to become profitable and the cost

structure must be lean.

● There’s a considerable investment of time and money

to reach the audience – and convert them into paying
customers.

Examples

● Waze

● Spotify

● Slack

● Skype

● LinkedIn

● Evernote

SUBSCRIPTION-BASED REVENUE
MODEL
This revenue model became some popular in tech and online
companies, that people usually forget it has been there for a
lot longer: it’s the revenue model applied by newspapers,

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 gyms and courses.

How it works
A subscription-based revenue model is when a business
offers a service or product in exchange for a recurring fee,
usually monthly or annually. That is, as long as the customer
wants to have access to that product or service, they need to
pay.

Revenue Stream
The company's revenue depends on the maintenance of
buyers. Thus, it needs to deliver a high-quality product and
service in order to keep earning recurring fees. It is deeply
based on the relationship with the customer. The longer the
relationship, the more value a customer has for the business.

Advantages

● Revenue is recurring, providing sustainable growth.

● Revenue comes from many scattered customers, so

there are no great losses when there is a cancellation.

● As the fee is generally cheap, it doesn’t become a

burden to the subscriber, avoiding them to cancel
subscriptions.

● Some subscribers are too lazy to cancel their

subscriptions.

● When the customers get satisfied, they become loyal

to the brand and can turn out to be its marketers.

Disadvantages

● The maintenance of a large consumer base is

fundamental, so the company must understand very
well its audience’s needs.

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 ● It takes a long time to recover the amount invested in
CAC.

● There are great investments in keeping the

subscribers while trying to reduce acquisition costs.

Examples

● Netflix

● Trello

● Amazon Prime

● DollarShaveClub

● Hims

● Spotify

● Insurance

● Courses

● Clubs

● Gym and fitness studios

CONSUMPTION-BASED REVENUE
MODEL
This is a revenue model as old as the moving truck or the
payphone: you use, you pay. Nowadays, it is most common in
telecom and cloud-based services industries. Unlike the
majority of service-based models, where a fee is charged for
a regular service, the consumption-based one charges only
when it is actually used.

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 How it works
The consumption-based revenue model trades flexibility for
profit, and it is based on the high margins applied. The
business provides access to many features, but the customer
only pays for what they use.

Nowadays, it is particularly very popular among SaaS

(software as a service) companies. The software is
cloudbased, centrally hosted and maintained, and only
licensed to customers, for as long as they maintain their
subscription.

Revenue Streams

● Pay-per-user: very usual in the software industry, it is

about giving a customer unlimited access to a range of
features while charging each user for the services they
use.

● Tiered pricing: there is one tool that can be used by

several customer segments in multiple ways. So, there
are different levels of service and features packages
to appeal to different users. Once the user fills up a
tier, they move to the next one and will be billed
according to the number of purchases.

● Pay-per-view: it is special packs or shows offered

individually by the cable TV industry. The subscribers
don’t have access to that regularly, they will only pay
when they want to watch it.

● Pay-per-usage/metered: it is when the customer pays

according to some specific criteria, such as the amount
of time (parking meters, for example) or mileage (taxis,
for example).

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 Advantages

● It’s flexible to charge.

● There are high-profit margins.

● The product offerings are scalable.

● The product-development loops are faster.

● The distribution and billing processes are simple.

Disadvantages

● It competes with subscription models, such as

streaming.

● It has a high churn rate.

● The use and revenue are unpredictable.

● It demands a high volume of use to breakeven.

Examples

● Uber

● Zipcar

● Rappi

● PayPal

● Zendesk

● Office365

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 BROKERAGE (COMMISSION-BASED)
REVENUE MODEL
The brokerage revenue model always involves a middleman
(that may be a company or a person) who promotes a
transaction between the other two parties and, thus, is paid
for the service.

How it works
An intermediator establishes the connection between two
parties, for example, the producer and the end consumer.
Whenever a transaction is fulfilled through this middleman’s
job, it earns a commission – usually a percentage on the sale.

This revenue model is very common in some business

models, such as marketplaces, aggregators and multisided
platforms, which offer a space for selling products/services
and charge a commission on every item sold.

Affiliates, brokers, auctioneers, some distributors and

salespeople also work under this type of revenue model.

Revenue Stream
Brokerage is algo called commission-based revenue model
precisely because the revenue stream is the commission
collected on each transaction handled. This commission is
usually a percentage of the deal. But it can also be a fixed
price for each sale, for instance.

Advantages

● It demands little/no investment to start.

● It’s easy to run a business – no need to own/produce

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 the product.

● There’s no inventory required.

● There are no distribution expenses.

Disadvantages

● It’s hard to scale.

● The revenue stream is uncertain.

● Cannibalization may occur.

● There’s poor control over the product/service.

Examples

● eBay

● Airbnb

● Amazon

● TaskRabbit

● Fiverr

● Uber

● Stripe

● Travel agencies

● Real estate agencies

● Stockbrokers

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 HIDDEN REVENUE MODEL
This revenue model is applied for those business models in
which the end users don’t pay for the product/service they
consume, such as Facebook and Google. This name comes
from the fact that the consumer doesn’t actually “see” the
business. Because it is another stakeholder that pays.

How it works
The concept is simple: finding sales opportunities outside of
end consumers. It’s the basis for broadcast TV
advertisements, simply speaking. So, the users are kept out
of the equation, they don’t pay for the service or product,
they just consume it for free.

On the other side, they do give valuable data for a third party
of the equation: the actual customers, who will pay for
reaching the users.

Revenue Stream
The main revenue stream here is the targeted advertisement.
As the business collects accurate data about its users, the
advertisers can reach their target audience, by investing
money in the “right” audience. They are basically the same as
the Ad-supported revenue model.

Advantages

● It builds the most valuable asset, the user database,

with the users’ own help. It’s easily monetizable for
high-traffic media.

● It’s scalable.

● Building a nice reputation with the users is simple.

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 Disadvantages

● Users may find ads annoying.

● Building traffic and engagement are not that easy.

● If users lose interest, the business loses value.

Examples

● Google

● Facebook

● Instagram

● LinkedIn

● Pinterest

● YouTube

RAZOR AND BLADE REVENUE

MODEL

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 This revenue model was invented when King Camp Gillette
founded the company named after his last name, in the early
1900s. The goal is to encourage consumption over time,
based on a very cheap initial offer. The core product (razor) is
just a gimmick for the sale of the consumable (blade), where
the money really is.

How it works
Also known as razorblade and bait-and-hook, this revenue
model is characterized by selling a product at a very low
price, often to the point of not being able to cover its own
cost, to profit from the sale of other related items.

Thus, the initial investment in the core product is diluted in

consumable and dependent goods, which will guarantee the
return on that capital. It’s a nice strategy to avoid competition,
offering a very cheap outbound product, and guaranteeing
consumer loyalty.

Revenue Streams
The consumable products are precisely the revenue streams.
Once someone has bought the original product, they will
keep on acquiring the corresponding refilling goods, in order
to not waste its first purchase.

So, the razors, the printers, the gaming systems, they are all
practically free. That’s because their consumables – the
blades, the cartridges and the games – are the actual source
of income.

Advantages

● It keeps the customer’s loyalty.

● It provides cross-selling and upselling.

● It avoids competition (when there are patented

consumable items).
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 Disadvantages

● The consumable product must be desirable, offering

the best-perceived cost-benefit – or the buyer may
migrate to competition.

● Some are highly concerned with the ecological

footprint that razor-and-blade companies may
produce.

● The consumers may have a bad image of the brand

that applies this lock-in and end up denying the brand
for it.

● The pricing is complicated: if the consumable products

are too expensive, the price may discourage customer
loyalty. If it’s too low, may not promote breakeven.
Patenting and trademarks are highly important to
avoid competition.

Examples

● Gillette (P&G)

● HP

● Sony PlayStation

● Microsoft Xbox

● Nespresso

DONATION REVENUE MODEl

This revenue model doesn’t focus on generating profit – they
basically aim to cover operational costs. Once in a while,
some companies may enjoy a small recurring revenue stream
from that.

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 How it works
The companies/brands provide their products or services for
free and ask their customers for donations. These companies
normally don’t have any other revenue stream, and they rely
on their users’ altruism.

This business model is more common for nonprofits

organizations, nonprofit online media and independent news
outlets.

Revenue Streams
These businesses are based on donations. Usually, the users
are invited to collaborate, by paying some fee, often a small
one, in order to keep the business running. To incentivize
their users to contribute, the companies sometimes offer
exclusive content in exchange for payment.

Advantages

● Benevolence usually strengthens the brand.

● It arouses loyalty in the customers.

● It attracts conscious business partners.

Disadvantages

● Donations are completely unpredictable.

● If the customer doesn’t see value, they won’t feel like

contributing.

● The amount of people that consume and actually

donate is very small.

Examples

● Wikipedia

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 ● Patreon

● Kickstarter

ARBITRAGE REVENUE MODEL

This one of the most unpredictable revenue models a
business can apply. It’s about buying and selling
simultaneously and earning over the variation between both
markets. This revenue model exists, actually, due to the
inefficiency in the markets – so, it wouldn’t exist if the
markets worked properly.

How it works
In simple words, one buys some good or service in one
market and, at the same time, sells it in another market, at a
higher price. The arbitrage revenue model takes advantage
of the temporary price difference in the two markets to make
profit. It’s most common in security, currency and commodity
businesses.

Revenue Stream
The arbitrage takes advantage of technological mechanisms
that monitor fluctuations in similar instruments. This way, any
inefficient pricing will be recognized almost immediately – as
the opportunity will be lost within some seconds.

Advantages

● It is low-risky.

● It helps maintain the prices in the market more stable.

● It makes the markets more efficient.

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 Disadvantages

● There may be many transaction costs and taxes

involved, that can lead to profit miscalculations.

● There are a few arbitrage opportunities.

● It requires time, capital and technology.

● It’s very expensive – thousands of dollars are

necessary to start.

● It’s unpredictable.

Examples

● Affiliate marketers

● Currency and cryptocurrency

● Securities

● Commodities

DATA SALES REVENUE MODEL

Have you ever heard the phrase “if you can’t see how the
money is made, you are the product”? This revenue model
surely matches this concept.

These years, the world has watched the explosion of

datadriven business models. These businesses rely on
building data assets in order to sell them to the customer.
Selling data can be tricky, but profitable.

How it works
This revenue model can be associated with other ones, such
as Ad-supported. On the other hand, in some cases, there is

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 no interaction between the users and the real customers, as
the previous ones do.

In data sales, the service provider can act like a data broker.
They collect, sort, filter and analyze the data, focusing on
creating customer profiles, and, then, sell this organized data
to their customer, usually on a C2C transaction.

Revenue Streams

● Data Users: these businesses use technology to track

the usage of a product. They sell this technology that
provides micro-profiling, within some demographic,
geographic and behavioral standards, in order to
foster R&D and marketing strategies.

● Data Supply: data is the product. These businesses

simply collect data (usually from content creators) and
sell them to other businesses, like a regular asset.

● Delivery Network: this is the case of some

Ad-supported revenue models. These businesses sell
advertisement, by targeting users according to data
collected from their regular use. The more users they
have, the more customers they get.

● Data Analysis: these businesses facilitate the work of

analyzing the information, thus increasing the
efficiency of its use. They provide a kind of consulting
service.

● Data Tools: these businesses focus on handling the

information. They offer storage media, servers,
scanners, analysis and management software, data
protection technology, etc.

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 Advantages

● It creates new opportunities for the market.

● Data is more and more valuable these days.

● The cost structure is lean.

Disadvantages

● Not every data is valuable for other companies.

● It’s difficult to price information.

● Data has an expiration date.

● It’s necessary to gain customer trust.

● There must be an investment in data security.

Examples

● Bloomberg

● Reuters

● Nielsen

● ZoomInfo

● Crunchbase

● Gartner

● Experian

● Facebook

● Twitter

● Google

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 TRANSACTIONAL REVENUE MODEL
This is maybe the most typical revenue model there is: each
transaction is a sale, and the money is made over each and
every one of them. The newest startups usually try to avoid
this revenue model, because they must thrive every month to
survive.

How it works
This revenue model is probably the most direct way of
generating revenue: a company produces a product or
provides a service, and the customers will pay for it.
Whenever you enter a store and purchase anything, you are
participating in a transaction.

They must deliver something new at every sale. If it’s a

physical good, it has to be manufactured and shipped every
time. And these companies have to work hard on attracting
customers to maintain their business running.

Revenue Stream
It is a basic exchange: the business offers a product or a
service and the customer pays for that. It can take place in a
brick-and-mortar store, an e-commerce, an industry or with a
self-employed professional.

Advantages

● Customers enjoy simplicity and variety.

● It’s scalable.

Disadvantages

● There is great competition.

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 ● The businesses usually fight for price.

● The cost structure can be expensive, depending on

the offer.

● The revenue is unpredictable.

Examples

● Industries

● Stores

● E-commerce

● Self-employment

RENTAL OR LEASING REVENUE

MODEL
For renting or leasing, there is usually a physical asset
involved – often real estate – that can be offered as a
product. In both cases, the payment is due to the temporary
use of this asset.

How it works
This revenue model is about an agreement when one party
pays for the temporary use of a service or property of another
party. Assets that may be rented or leased include real estate
(such as lands and buildings), vehicles, equipment, furniture,
among others. In general, both parties sign a contract, that
establishes time, price and other details of the deal.

Revenue Stream

● Operational Lease: the contract has a minimum term of

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 90 days. When the contract expires, there is the
possibility of acquiring the asset at the current value in
the market. A financial institution performs the
intermediation of this operation.

● Financial Lease: the minimum term varies between two

and three years, depending on the useful life of the
product. At the end of the contract, the lessee can
return or buy the asset, or renew the contract. If the
asset is bought, the buyer will pay a residual value,
which is already predetermined at the beginning of the
contract.

● Leaseback: the customer sells their own asset to the

financial institution and it rents it back to the customer.
This is common among companies that need both
working capital and the acquired asset.

● Real Estate Lease: the lessee acquires land, builds a

property on it, and then leases it to the customer. A
clause can be inserted with the option to purchase the
property at the end of the contract.

● Renting: a contract by which one of the parties gives

the other the use of an asset for a fixed or indefinite
period, upon payment of a certain amount.

Advantages

● Income is recurring.

● Revenue is predictable.

● The property value can grow.

Disadvantages

● The assets may lack liquidity.

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 ● There may be disagreements with tenants.

● Costs of maintenance can be high.

● The asset value may low (e.g. neighborhood declines).

Examples

● Housing

● Facility rentals

● Equipment rentals

● Automobile rentals

BORROW / LENDING
This is probably the most rentable revenue model for banks
and financial institutions, and it is based on the interests
charged over loans, to both individuals and businesses.

How it works
The customer seeks for a financial institution that is able to
lend them an amount of money. The proposal and the
financial situations of this customer will be analyzed, and over
that, the institution offers a loan, specifying duration and fees
involved.

Usually, the longer the agreement, the more profitable it is for

the business.

Revenue Stream
Interest is the revenue stream here. It is the income one gets
when lending money for a certain period. The interest is
compensation for the time they will spend without using the
lent amount. The interest rates are set by the creditor, often
based on factors such as current inflation or the risk of the
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 loan.

Advantages

● The interest fees are usually very profitable.

● The revenue is built on its abundant resource: money.

● Usually, there are guarantees to avoid losses.

Disadvantages

● Even with guarantees, there is always the possibility of

default.

● Recession and crises may increase default.

● It is very susceptible to economic and political

changes.

Examples

● Banks

● Financial institutions

● Online lenders

PRODUCT IS FREE, BUT SERVICES

AREN’T
It’s a quite unique revenue model: the business gives the
product for free, and charges for additional services, such as
installation, customization or training. This is the revenue
model usually applied by open-source companies.

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 How it works
In open-source software companies, anybody can see the
code and contribute to make it better. In the end of the day,
the whole code base belongs to the community, to the
thousands of people who contribute to it. So, anyone can use
the software, for free.

Nevertheless, there are other customized and optional

resources that are charged and those are the revenue
streams of the business.

Revenue Streams
The free product is quite limited and poor, regarding features.
The revenue streams are the fees charged for other
personalized or advanced services, such as domain, storage,
customization, monetization, support etc. All of these services
have their own price.

Advantages

● It builds trust with the customer.

● It attracts lots of new customers.

● It spreads the brand.

Disadvantages

● It’s difficult to scale.

● Cost of the production is cost of marketing.

● Breakeven is risky.

● Pricing services is hard.

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 Examples

● WordPress

● Redhat

● Cloudera

DIRECT REVENUE MODEL

As the name says, the direct revenue model is about direct
sales. Products and services are marketed directly at
consumers, without any type of physical commercial
establishment to perform the intermediary.

How it works
In the direct revenue model, the supply chain reduces
intermediaries (regional distribution center, wholesaler,
stores) by selling more directly to consumer, in a non-retailing
environment.

The products can go from the producer directly to the end

consumer or to a representative, for example. This business
model, therefore, relies heavily on salespeople and on a
close connection with the customer.

Revenue Streams

● Single-level direct sales: performed one-on-one or

door-to-door, via personal presentations, catalogs or
online. Income is based on sales commissions and
possible bonuses when reaching some goals. Usually,
the salesperson is an independent contractor.

● Host or party-plan sales: performed before a group,

the rep or distributor brings together potential
customers in the same place (online or offline) and

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 make a presentation of their product or service.
Income is based on commissions and on the
recruitment of other reps. The objective is to present
the products in a fun, relaxing environment. Examples
of businesses: Scentsy and Stella & Dot.

● Network or multi-level marketing: it associates the

methods used in both single-level and party-plan
sales, since the income is earned through
commissions on the rep’s sales as well as on the sales
made by the partners they recruited into the business.

Advantages

● It gives control on marketing, sales, prices and product

quality.

● It provides building meaningful personal relationship

with customers.

● Marketing strategies can be rapidly adapted to

demand.

Disadvantages

● Scaling can be complicated.

● Staff may be seen as inconvenient.

● Finding and recruiting salespeople must be

challenging.

Examples

● Avon

● The Pampered Chef

● Mary Kay

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 ● Amway

INDIRECT REVENUE MODEL

Again, as the name states, this revenue model is the opposite
the one before. It is about indirect sales, i.e., when the
product or service reaches the end consumer through
reselling agents or distributors.

How it works
In indirect revenue model, the supply chain starts in the
producers and goes to one or more intermediaries (regional
distribution center, wholesaler, stores) before being delivered
to consumer, usually in a retailing system.

This is a way of increasing the sales volume quickly, avoiding

great upfront investments, and especially useful for
businesses that operate in a large geography.

Revenue Streams

● Affiliate: business that sells products or services for a

commission. Companies create campaigns for their
products/services that affiliates promote. Affiliates are
paid only when a sale is made.

● Resellers: resellers interact with the customer in

face-toface or digital transactions on behalf of a
company, at a brick-and-mortar store or online.

● Independent sales representatives/agents:

independent sales reps who are paid on commission
on sales made.

● System integrators: common in B2B sales, system

integrators are often consultants who also pitch

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 solutions to customers.

Advantages

● It can achieve broad market coverage.

● The supply chain stakeholders share the costs of

sales, marketing and support.

● The intermediaries don’t have to invest in

production/manufacture.

● The producers don’t need to find, recruit and train

salesforce.

Disadvantages

● Focus can be diluted when partners resell too many

products.

● The producer may lose control over people

representing its solution.

● The intermediary may lose control over product

quality.

● Sales margins are reduced by the discount the

resellers take.

Examples

● Retailers

● Distributors

● Representatives

● Agents

● Brokers

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 ● Affiliates

HYBRID REVENUE MODELS

Hybrids, whether talking about business models or not, are
normally the solution encountered to manage difficult periods
of transitions, by combining elements of even competing
systems.

How it works
In general, hybrid business models are an evolution over
time: a business starts with one product/service that the
customers enjoy and evolve by including other matching and
additional features, that end up becoming new sources of
revenue. This way, the business ends up keeping both the
revenue streams. Sometimes, temporarily.

Revenue Streams
The revenue streams of any hybrid will actually be the
revenue streams of each one of the revenue models
combined in business. For example, a streaming service can
combine freemium + subscription + advertisement.

Because it can use the freemium strategy to attract the

customers, subscriptions as a recurring revenue and ads as
an extra income, to balance for those users who keep the
free version and do switch to premium.

Advantages

● It helps businesses manage complicated transitions.

● It supports the transitions between technologies and

legislation.

● It may be temporary or definitive.

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 ● It allows new possibilities and sources of revenue.

Disadvantages

● Sometimes it looks messy and clumsy.

● It is hard to abandon the original idea and switch to

the new one.

● Customers may not understand what the business

actually is.

Examples

● Shopify

● Spotify

● Qihoo

● Veeva

● Stripe

MARKUP MODEL
This is the oldest and most common revenue model in the
world. It is about buying some goods for a lower price, and
adding profits and charges over it for, then, selling it to others.
It is applied by retailers, wholesalers and anyone who plays
the middleman, by purchasing for one price and selling for
another.

How it works
It is as simple as can be: one purchases a product for a
specific price, marks it up some percentage and gets the
profit on this margin, the difference between both buying and
selling prices.

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 Revenue Streams
Wholesale (bulk pricing): buys from producers and
manufacturers and sells to retailers, distributors or other
wholesalers. The business buys in large quantities (bulk),
what provides a lower price.

Retail: buys from wholesalers, distributors and reps and sells

to end consumers in physical or online stores.

Advantages

● Calculating the markup is very simple.

● Customers are familiarized with this kind of deal.

● It works best for companies that don’t sell their own

goods.

● It ensures the costs are covered.

● It fights inflation effects.

Disadvantages

● The markup must be very well estimated.

● Opportunities can be missed due to errors in pricing.

● Many costs are fixed: the higher they get, the lower
the margin or the higher the final price, making the
sale harder.

● The company has to invest something new into every

sale.

Examples

● Stores

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 ● Supermarkets

● Marketplaces

● E-commerce

REVENUE MODEL COMBINATIONS

Markup + Subscription
This is a regular combination for businesses that sell goods to
consumers, making profit at each single sale, and want to get
some recurring source of revenue, whilst cutting costs.

They start to sell their own goods through their own channels.
This way, these companies cancel some middlemen in the
supply chain, getting directly to the end customer. It is a
manner of cutting expenses and commissions, and getting
the loyalty of the customers.

It has been the case of Dollar Shave Club, that started selling
razors online and ended up offering subscriptions plans.

Marketplace + % of GMV
The combination of marketplace and earnings over gross
merchandise volume can be very profitable on the internet.

The marketplace is a multisided platform that connects two or

more participant groups, playing the intermediation role, and
making it easier for them to find and relate to each other. And
the revenue is generated cutting on a percentage of GMV
sold due to the connection promoted in the marketplace. This
is the case of enterprises like SimpliShip. The marketplace
helps freight forwarders sell ocean and air transportation
space companies that need shipping, and generates income
by taking 2% of space booked on ocean and 5% on air.

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 Product + Service (Hardware (IoT) + Software)
It is quite common for companies who sell hardware and
software that work fine together. If the customers like the
software, then they can buy the hardware which enables the
software to work. And, once the customers have acquired the
hardware, they are more likely to maintain the software’s
subscription fee.

One example is Sensa Networks. Their service is to help

other businesses manage their wastes. In order to do that,
they install hardware in companies’ dumpsters. This hardware
run a software that informs when the dumpster is full.

Networks sells the hardware for a fixed price and charges

another monthly fee for allowing the use of the app.

Subscription + Services
This is a very common hybrid revenue model, especially for
the transition from selling services to implement a
subscription revenue model.

That’s because it is quite usual that a company starts by

selling some service and begins to have problems scaling.
Often due to the fact that, regularly, selling a service is selling
time. And time is a limited asset.

So, the business opts to make a switch and develop a

subscription product. Sometimes, after the transition time, it
chooses to keep only the subscription model.

However, other times, this same company starts to sell new

additional services, again, thus maintaining a combination of
the two.

Subscription + % of GMV
This is the case of some software or online platforms, that
combine a recurring revenue from subscriptions to an extra

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 profit on the sales made.

For example, Workaxle provides a software that helps

businesses schedule paid meetings. The software company
charges a monthly fee for using the product, and, besides,
takes 1,5% of the total value of meetings booked through its
system.

Workana is another example. It’s an online platform that

connects freelancers to clients. Besides charging some
monthly fee (there are different plans according to the
available features), the platform takes about 20% of each job
agreed.

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 REVENUE ASSOCIATED
WITH DIFFERENT
BUSINESS MODELS

SaaS Business Model

The Software-as-a-Service (SaaS) business model is a model
where a centrally-hosted cloud-based software is licensed to
customers. Customers typically access the service via a web
app, mobile app, and sometimes a desktop app. When a
company leases out its software through a central
cloud-based system to users, such a company can be said to
be a SaaS business. Popular SaaS businesses include
Salesforce, Adobe Creative Cloud, Slack, and GitHub.

The revenue model of the SaaS model is associated with

regular, ongoing payments over a predetermined time period,
in exchange for the use of the software application. Below,
there are revenue models associated with SaaS:

● Ad-based revenue model

● Affiliate revenue model

● Channel sales (or indirect sales) Direct sales

● Web sales

● Transactional revenue model

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 ● Subscription revenue model

● Retail sales

● The product is free, but the services aren’t

● Freemium model

eCommerce Business Model

The electronic commerce (eCommerce) business model is a
model where companies and individuals buy and sell goods
and services over the internet in the digital marketplace.
Available products and services are showcased over the
internet, and customers can access them via a website or app
and make payments over a secured payment gateway that
facilitates secured financial transactions. eCommerce
comprises four main types that describe the business
transaction between customers and businesses. They are
Business-to-consumer (B2C), Business-to-business (B2B),
Consumer-to-consumer (C2C), and Consumer-to-business
(C2B). Popular examples of eCommerce businesses include
eBay and Amazon.

Below, there are common eCommerce revenue models that

have proven to be highly successful over the decades:

● Sales Revenue Model

● Advertising Revenue Model

● Subscription Revenue Model

● Transaction Fee Revenue Model

● Affiliate Revenue Model

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 ● Insurance Business Model

● Reinsurance

● Underwriting activities

● Investment income

Open-source Business model

The Open Source business model is a model in which a
business makes its source code publicly available while
emphasizing its monetization through its paid features,
services, support, and marketing. Open Source Software
(OSS) is typically developed in a collaborative way, relying on
communities of developers and users. Typically, OSS includes
a license that determines the way people can use, study,
modify, and distribute the software. Popular Open-source
business model companies include Redhat, MongoDB, and
Elastic.

Revenue models associated with the Open-source Business

model include:

● Support

● Hosting

● Restrictive licensing

● Open-core

● Hybrid licensing

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 Content-based business Model
The content-based business model emphasizes content as a
commodity for consumption. Such content could be video,
text, print, commentary, analysis, or data. Revenue from
content-based business models is linked to the ability of the
business to generate traffic on a consistent and periodic
basis and convert the traffic to impressions, clicks, and
conversions. The ability to generate traffic correlates with the
capacity to produce fresh, relevant, consumable content
regularly. Popular content-based business model companies
include Newspapers, and online platforms like Quora,
Medium, and Quartz.

Revenue models associated with the content-based Business

model include:

● Sponsorship

● Collecting User Information

● Selling Advertising Space

● Collecting donations

● Subscription-based revenue models

● Selling Content as a product

● Content as the facilitator of the selling process

Retail businesses Model

A Retail business model is one in which the company sells its
products and services directly to the final consumer. It is a
Business-2-Consumer (B2C) model.

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 A retail business model describes how a retailer creates
value for its customers and captures value from the markets.
Revenues from retail business models are generated from the
sale of products and services to customers.

Retail businesses are often locally-based. Popular retail

business model companies include Best Buy, Ikea, and
Walmart.

Revenue models associated with the Retail Business model

include:

● Contextual advertising

● Native advertising

● Partnership model

● Affiliate/Referral model

● Monthly installment payments

● Exchange offers

● Series of products

● Razor and blade model

● Subscription model

● Recurring revenue

● Daily Deals/ Flash sales

● Marketplaces/peer-to-peer platforms

● Cost-plus retailers

● Premium retailer

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 ● Low-cost retailers

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 SOME CASE STUDIES OF
REVENUE MODELS

The Revenue model of Amazon

Amazon is an American multinational eCommerce company
that focuses on eCommerce, Artificial Intelligence (AI), cloud
computing, and digital streaming. It is the world's largest
online retailer. The Amazon business model generates
revenue through the following means:

● Advertising model: Amazon offers spots for sponsored

ads, and they charge on the number of clicks received
on your ads;

● Subscription model: Amazon has various subscription

services, such as Amazon Music and Amazon Prime
Video;

● Sales revenue: This includes product sales made on

Amazon’s eCommerce website. Third-party vendors
also sell products on Amazon's online marketplace,
and Amazon charges them commission and shipping
fees;

● Web Service: Amazon Web Service (AWS) offers

several cloud-based services including storage,
analytics, and AI.

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 The revenue model of NETFLIX
Netflix is a streaming service and production company that
offers a variety of TV shows, movies, anime, and
documentaries through distribution deals as well as its own
productions, known as Netflix Originals. The Netflix business
model generates revenue through the following means:

● Subscription model: Subscription is its main revenue

source. Netflix had over 193 million members from
over 190 countries (as of July 2020);

● Partnership model: Netflix has partnerships with

filmmakers, animators, movie producers, and writers,
to receive their content and broadcast it legally. It also
has partnerships with internet service providers.

The revenue model of Uber

Uber Technologies, Inc. (Uber) is an American on-demand
transportation service with operations in approximately 72
countries and 10,500 cities. Its services include ride-hailing,
food delivery (Uber Eats), package delivery, couriers, and
freight transportation.

Though it does not own any vehicles; the Uber business

model generates revenue through the following means:

● Brokerage (Commission-based) Revenue Model: Uber

takes around 20% of the fare charged to the customer,
and the rest 80% is given to the driver;

● Advertising model: Uber uses its platform to advertise

to other businesses and earn payment from them.

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 The revenue model of
Foodpanda
Foodpanda is a German online food delivery platform that
connects users with local restaurants and food points. Its
platform allows users to browse through various food menus
and place orders for home delivery or pickup at competitive
prices. All of these can be done with a few clicks. Its revenue
model comprises:

● Registration fees: Restaurants pay a registration fee to

get added to the Foodpanda platform;

● Commission: Foodpanda charges a 20% commission

on every order that customers place through the
platform;

● Affiliate: Foodpanda suggests banks, credit, debit, and

other payment methods to users on the platform. They
charge affiliate commissions from the payment
platform for this service;

● Advertisement: Other businesses can advertise on the

Foodpanda platform and pay advert fees to
Foodpanda;

● Delivery Charges: A delivery fee is paid to Foodpanda

for every delivery made.

The Revenue Model of Disney

Disney is a diversified family entertainment and media
conglomerate that includes Disney Parks, Experiences and
Products; Disney Media and Entertainment Distribution; and
four content groups — Studios, General Entertainment,

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 Sports, and International. The Disney business model
generates revenue through the following means:

● Sales Revenue: This includes the merchandising of the

Disney brand and Disney properties through its many
Disney Parks, local and international retailers,
e-commerce platform as well as Disney store locations
around the world;

● Distribution model: The studio entertainment segment

generates revenue through the distribution of films to
theaters, homes, and television markets globally; and
the distribution of recorded music;

● Subscription: Disney generates revenue through

subscriptions to its online and mobile games, and
entertainment;

● Fees: Customers pay a fee to use the Disney theme

parks, resort hotels, water parks, dining, conference
centers, Disney Cruise Lines, and other recreational
facilities;

● Advertisement: Disney generates revenue through

adverts placed on its media networks like ESPN, ABC
Family, Disney Channels, and other Disney television
programming.

The Revenue Model of Binance

Binance is the world’s largest online cryptocurrency
exchange platform by volume. The Binance business model
combines digital technology and finance, which enable users
to trade cryptocurrencies and other digital assets on the
Binance platform. Its revenue model comprises:

● Fees: Binance charges a fee of 0.1% for each trade a

user initiates on its platform;
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 ● Spread: Spread is the difference between the buying
and selling price of a product, like a token. Although
no fee is charged for the buying and selling of tokens,
Binance earns through the spread of each transaction;

● Interest on Loans: Binance allows its users to borrow

cryptocurrency loans with an interest on them.

The Revenue Model of Apple

Apple Inc. is a multinational technology company that
produces consumer electronics, software, and online
services. Some of their products include smartphones,
personal computers, tablets, wearables, and accessories.
They are popular for the iPhone, the Mac computers and
laptops, the iPad, Apple Watch, and Apple TV. The Apple
business model generates revenue through both products
and services.

Its revenue model comprises:

● Sales revenue: Apple generates enormous income

from the sale of its product lines comprising the
iPhone, iPad, Mac, wearables, and accessories
devices;

● Subscription Services: Users pay subscriptions to

access some of Apple products like its Digital Content
and Services, and its iCloud services;

● App Store and in-app purchase percentage cuts;

● Brokerage (Commission-based) Revenue: Apple

typically charges a 30% commission on purchases
made using its In-App Purchase system;

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 ● Licensing Fees: Apple receives licensing payments
from various third parties, like Google, which is
dependent on Apple for a valuable pipeline of search
and other traffic coming from its iOS devices.

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 REVENUE MODELS KEY
PERFORMANCE
INDICATORS

When choosing or designing your revenue model, it's

essential to have a few key performance indicators in mind.

● Pricing: Will you be charging a flat fee or percentage?

● Conversion Rate: How many visitors or users can your

business convert into customers?

● ARPU (Average Revenue per User): What's your

expected average revenue?

● Recurring Revenue Frequency: Once every six

months / once a year?

● Lifetime value of a customer: What is your business's

total revenue can reasonably expect from a single
customer account?

● Estimated Yearly Revenue: How much your revenue

model will generate yearly?

It’s important to have these numbers in mind as it may

indicate revenue models that are stronger than others.

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 COSTS ASSOCIATED WITH
REVENUE MODELS

While implementing the revenue model of their choice,

businesses often incur some associated costs. Such costs
often vary significantly between startup revenue models and
established businesses. When deciding the revenue model to
use, businesses must factor in the associated costs to ensure
profitability.

Cost of revenue
The cost of revenue is the total cost incurred to manufacture
and deliver goods and services to consumers. Cost of
revenue is a more comprehensive metric than the cost of
goods sale because it includes specific selling and marketing
activities associated with a sale. It covers the cost of
goods/services sold, plus additional costs incurred to
generate a sale. But it does not include indirect selling and
marketing costs, such as the cost of a trade show, marketing
brochure, or advertising campaign because these costs are
not associated with a specific unit of product/service sold.

For hardware, the cost of revenue comprises testing and

manufacture, while for software, it comprises the entire
development cycle. Service-oriented and SaaS industries
prefer using the cost of revenue metric because it makes the
many costs incurred outside of production easier to account
for.

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 Prototyping costs
Prototypes are working models of an idea. It is the original
model on which something is patterned. It is a fundamental
part of the production cycle. Prototyping is often expensive,
and even a small revision can incur expensive changes to the
production/development process.

When planning for the prototyping phase, it is important to

plan for several iterations, as it is unexpected that everything
will be gotten right the first time, especially if it is feature-rich
or innovative.

Equipment costs
Equipment Costs refer to the total cost of the Equipment,
including associated costs such as installation, freight, and
taxes. Equipment costs are considerably important in the
hardware industry. For the service-oriented and SaaS
industry, it is still factored into the bottom line even though
they do not have any production line to run. Subscription
services, app development tools, firmware, and server rental
are generally equipment costs for the service-oriented and
SaaS industry.

Labor costs
Labor cost refers to the total sum of all the wages, benefits,
insurance, and taxes paid to employees by an employer.
Taking good care of labor costs is important for the success
of any enterprise.

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 Advertising & marketing costs
Advertising and Marketing costs refer to expenses concerned
with promoting a business brand, product, or service. They
include the cost of ads in radio and television broadcasts,
print media, online platforms, and direct mail advertising.

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 TIPS FOR CHOOSING
YOUR REVENUE MODEL

Now that you understand a lot more about all the types of
revenue models, it is time to get to know how to choose the
best option for your venture. So, here are 7 tips to help you
out:

1. Know your market

First of all, you have to know who and where your customers
are. What they need, what they are looking for, how much
they are willing to pay for the solution you have to offer. After
that, you need to know your competition, so it’s essential to
have a solid knowledge about the benchmarks, especially to
define how to price and market your product against the
others’.

2. Know your product

This is not a second-place tip, since these tips are not
hierarchical, simply counted. As a matter of fact, getting to
know your product is just as important as getting to know
your market – maybe even more!

Now that you know the value of your product, how do your
customers perceive it? How does it compare to the
competitors? Remember you must sell your product the most
profitable way, but, at the same time, the price and payment
must be attractive to the audience.

3. Know your resources

When you started your business, you did it based on some

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 resources and assets you had available. Take that into
consideration when you chose your revenue model – how all
of those resources will be best employed.

For example, if you have a great team in digital technology,

maybe you can focus your efforts online. If you have an
audacious and venturesome partner, you both can test
something high-profitable, but risky.

4. Know your potential investors

If your business needs funding, it is essential that you set a
revenue model which really converges to the interest of your
potential investors and partners, especially if you are looking
for long-term partnerships.

5. Know your figures

Of course, if you haven’t even chosen your revenue model,
you probably don’t know all of your numbers, but projections
are fundamental – for your investors especially, by the way.
So, try to pick some types of revenue models that you find
more likely to work out and run some tests and calculations
to predict, as accurately as possible, the costs and profits
involved.

6. Know your strengths and weaknesses

It is imperative that you know both the advantages and
disadvantages of your company and product. Because your
strengths must be highlighted and validated, in a way that
you may benefit as much as possible from them – and in a
way that they may turn into value to your customers. Equally,
your weaknesses have to be considered and evaluated,
mainly to be mitigated, whenever possible. You must be
realistic, there’s no benefit in hiding from risk. On the
contrary, you need to know the risk, understand it, to be
prepared to face it.

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 7. Know everything can change
As your company grows, as the market and the customers
change, the revenue model you have chosen back in the
beginning may have to change accordingly.

Maybe this demands a period of transition, with a hybrid

revenue model. Maybe it requires an actual long-range
establishment of combination. Or maybe it simply makes you
switch from one revenue model to another. And those are all
okay.

Nothing is perennial, when it comes to business. Just keep

your mind open to new opportunities by paying close
attention to the market and customers behavior.

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 HOW TO WRITE A
BUSINESS REVENUE
MODEL

Developing a revenue model is perhaps the best way to build

a financially healthy enterprise. A successful revenue model
is gauged by its capacity to generate higher profits in
comparison to industry expectations and its existing
competition. Building a clearly-defined business revenue
model will guide a business’ path to generate income on their
goods and services. Furthermore, a well-thought revenue
model makes a business investor-friendly, attracts new
customers, and motivates the sales team.

How can a successful revenue model be developed to

ensure business success? Revenue modeling requires
in-depth research and critical thinking to be an effective
business tool. Use the following steps to develop your own
revenue model:

1 - Market and Industry

Research
Conduct research on key players in your business industry
and compile a list of the different revenue models been used.
Determine the ones that are most successful and analyze
details about the target customers. As you begin to

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 implement some of them that are the best suitable for your
business, you must constantly be updating your revenue plan
as your model is likely to change even if your general
approach remains the same.

2 - Analyze Target Customers

Your business goal is to win new customers and keep old
customers happy. There is a need to clearly identify the
characteristic of your ideal customer. The target customer is a
much more segmented portion of your target market.
Components of your target customers might include a
specific age instead of a range, a specific income level, and
the reasons these customers are most likely to purchase your
products.

3 - Define Revenue Categories

Determine all the possible types of revenue models you can
use that appeal to your industry and target customers. Also,
determine how they can complement each other. Then draw
an outline for each income source and forecast how much
the business is expected to earn from each of them and how
cash flow could change over time.

4 - Put them all together

Summarize all of the business financial goals, revenue
sources, target customers, etc. This will serve as an overview
of your revenue model’s overall functions. This summary will
create a connection between all of your revenue sources in
order to ensure that they can meet your business needs.

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 5 - Revenue model evolves
The general approach of your business towards revenue
generation may not change, but you should continually be
re-evaluating your revenue model and re-forecasting.
Regularly evaluate sales information and the performance of
different revenue streams. Based on the re-evaluation results,
you should refine your revenue modeling strategy. Such
frequent updates ensure that your business keeps up with
the market trend.

6 - Know and mitigate your

critical variables
As you continue your business operations, the variables that
matter most to your business will continue to change over
time. Identify those variables with the most impact on your
revenue and assess how they affect your revenue. Isolate
individual variables by charting them on a graph. The chart
will help you to clearly determine how they individually
impact your revenue as the data is manipulated.

Afterward, draw up a mitigation plan to minimize the negative

effects of these variables on your revenue and business in
general.

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 HOW TO RECOGNIZE
REVENUE ACCURATELY?

Revenue recognition is a generally accepted accounting

principle (GAAP) that stipulates how and when revenue is to
be recognized. It asserts that revenue must be recognized as
it is earned. The revenue recognition principle using
accrual-basis accounting recognizes revenue when they are
realized and earned, not when a cash payment is received.

Accurately recognizing revenue when earned is important

because it has a direct impact on the integrity of a company’s
financial reports. Standardization of revenue recognition
allows easy comparison of financial statements of different
companies in the same industry. Revenue is an important
measure in the assessment of a company's performance,
hence, it must be consistent and credible.

Due to its sensitive financial nature, revenue recognition was

standardized with the release of Accounting Standards
Codification (ASC) 606 in 2014. It was released by the
Financial Accounting Standards Board (FASB) as a part of
Generally Accepted Accounting Principles (GAAP) in the U.S.
The standards stipulate how companies should recognize
revenue, particularly when the nature, certainty, and timing of
revenue might be complicated. The revenue recognition
standard, ASC 606, provides a uniform framework for
recognizing revenue from contracts with customers.

The International Accounting Standards Board (IASB) then

followed suit and issued similar guidance as a part of the

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 International Financial Reporting Standards (IFRS) to
determine when revenue can be considered to be earned.

IFRS Reporting Standards

Criteria
The IFRS specifies that the following conditions must be
satisfied for revenue to be recognized:

1. Risk and rewards have been transferred from the

seller to the buyer;

2. The seller has no control over the goods sold;

3. The collection of payment from goods or services is

reasonably assured;

4. The amount of revenue can be reasonably measured;

5. The cost of revenue can be reasonably measured.

These conditions fall into three categories that are listed as

necessary for a contract to exist. They are Performance,
Collectability, and Measurability.

The Performance comprises the first two conditions.

Performance is attained when the seller has accomplished
most or all of what it is supposed to do to be entitled to
payment.

The Collectability is covered by the third condition. It implies

that the seller must have a reasonable expectation of being
paid.

And the Measurability comprises the last two conditions. It

implies that the amount of revenue and cost of revenue

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 should be both measurable.

Accounting Standards
Codification (ASC) 606
The Financial Accounting Standards Board (FASB) and
International Accounting Standards Board (IASB) jointly
issued Accounting Standards Codification (ASC) 606 on May
28, 2014. It was an update to provide a uniform framework
and standardize the then-existing industry-specific guidelines,
which were fragmented.

There is a five-step framework to satisfy the updated revenue

recognition principle:

1. Identify the contract with the customer: For this to be

achieved, all the parties must first assent to the
contract and be committed to fulfilling its obligations.
The essential parts of any contract are:

● All parties have approved the agreement;

● All parties are committed to fulfilling their obligations;

● Each party’s rights are identifiable;

● Payment terms are identified;

● The contract has commercial substance;

● Collectibility is probable.

2. Identify contractual performance obligations: An

entity must identify all distinct performance
obligations. Performance obligation simply means a
contractual promise to transfer goods or services to
the customer. All distinct goods and services to the
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 customer must be identified. There are two criteria to
be met for a good or service to be distinct:

● The customer can benefit from the actual good or

service on its own or with other resources that are
readily available;

● The good or service must be separately identifiable

from other performance obligations in the contract.
This is commonly referred to as being “distinct in the
context of the contract”.

3. Determine the transaction price: The transaction

price refers to the amount in cash and non-cash
considerations that an entity is entitled to receive from
a customer in exchange for transferring promised
goods or services to the customer. This also includes
any variable considerations such as price concession,
volume discount, and rebates to be estimated upfront
but excludes amounts collected on behalf of third
parties like sales tax;

4. Allocate the transaction price: If there is more than

one performance obligation in a contract, each
separate performance obligation will have to be
allocated a transaction price based on its relative
standalone selling price;

5. Recognize revenue when the performing party

satisfies the performance obligation: The final step is
to recognize revenue once the performance
obligations in the contract are fulfilled.

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 CONCLUSION
There are so many variables to be considered when choosing
a revenue model, as well as central differences among all the
types. However, the truth is there is not an alternative, but
defining one.

The choice of a revenue model is one of the foundations for

the business’s success. The only option is doing the research
and all the calculations, analyze everything as carefully as
possible and electing the best fit.

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 REFERENCES

The following references were consulted to create this Super

Guide:

➔ https://www.altexsoft.com/blog/revenue-model-typ
es/
➔ https://fi.co/insight/the-10-most-popular-startup-rev
enuemodels
➔ https://www.profitwell.com/recur/all/11-popular-type
s-ofrevenue-models-used-today
➔ https://www.feedough.com/revenue-model/
➔ https://medium.com/business-model-validation-101/
10-examples-of-revenue-models-50af0078c58c
➔ https://www.smartinsights.com/digital-marketing-str
ategy/online-business-revenue-models/online-reve
nue-modeloptions-internet-business/
➔ https://en.wikipedia.org/wiki/Revenue_model

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 ABOUT THE AUTHOR

Daniel Pereira is a Brazilian-Canadian entrepreneur that has

been designing and analyzing business models for over 15
years. You can read more about his journey as a Business
Model Analyst here.

E-mail Daniel if you have any questions

at: daniel@businessmodelanalyst.com
You can connect with Daniel at Linkedin:
https://www.linkedin.com/in/dpereirabr/

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