There are limited number of business model available for our application. Since our application and services are mainly web-based, our initial options for economical aspects are Subscription, Freemium and Data Monetization. We decided to use a combination of Freemium and Subscription business model as our go-to-market plan.
Freemium business model is a common for this kind of services. Basic features of our application will be provided free of charge to all users, however user can opted for proprietary and added features by paying amount of money. There is one major drawback of using only freemium model and that is the user will only pay one time to get value added features. On the other hand, subscription business model requires the user to pay regularly (monthly or annually) to use and access those extra benefits. Thus, it can become a recurring sale for future revenue.
Therefore, we use free service to attract as many users as possible to use our application and leveraging on subscription model to get steady revenue.
We have come out with our draft package for pricing model below:
