Who are your key partners/suppliers?
Hosts, guests, real estate agencies, interior designers, photographers, payment processing channels, information technology experts and the government
What are the motivations for the partnerships?
Hosts provide rental services to the guests who are in need of somewhere to stay. Real estate agencies rent out their buildings and earn revenue from the company. Interior designers help the company in giving unique looks to the rooms that the guests are living in. Photographers take pictures of the guest rooms and post them on the website. IT experts help in designing and managing the website (Jungle Works, n.p.)
What key activities does your value proposition require?
Recruiting hosts, advertising, product segmentation, customer service, event sponsorship
What activities are important in distribution channels, customer relationships, revenue stream?
Customer service, advertising the company’s products
What core value do you deliver to the customer?
Which customer needs are you satisfying?
Revenue to hosts, a convenient place to stay for guests, affordable housing, home insurance
What relationship that the target customer expects you to establish?
On-time services to guests, promotion and information availability, conflict resolution, recommendations on places to stay
How can you integrate that into your business in terms of cost and format?
Advertising and promotions, social media, dispute settlements, provision of adequate information on company’s website (Jungle Works, n.p.).
Which classes are you creating values for?
Hosts, guests, photographers
Who is your most important customer?
Hosts are important in providing a place for the guests to stay. Guests provide the company with revenue once the company provides its services to the guests. Photographers are important in taking photographs of the houses that the guests can stay in and are posted on the company’s website for prospective customers to see (Jungle Works, n.p.).
What key resources does your value proposition require?
Airbnb, Guest information, payment channels, IT professionals, hosts
What resources are important the most in distribution channels, customer relationships, revenue stream?
The name Airbnb is a brand name that is popular among travellers. Guests provide feedback on their experiences which helps the company to improve. Hosts provide the company with a place for its customers to stay. IT professionals help in creating a website that is user friendly. Payment channels are used by the company in receiving payments from the guests and paying the hosts.
Through which channels that your customers want to be reached?
Website, social media, word of mouth, mobile application, events
Which channels work best? How much do they cost? How can they be integrated into your and your customers’ routine?
The channels outlined above work best and they are free to acquire. Getting information from the website is free and so are the mobile applications. They can be integrated into the customers’ routine through searching on the internet for the website whereas the mobile application can be installed on the customer’s mobile phone (Jungle Works, n.p.).
What are the most cost in your business?
Transaction costs, maintenance costs, insurance costs, salaries and wages, advertisement costs
Which key resources/activities are most expensive?
There are transactions costs incurred when transacting money using the payment channels. The company’s website needs to be managed and updated and this makes the company incur maintenance costs. The company insures the houses of the hosts and this makes the company incur insurance costs. The company has people working for it and therefore the company has to pay salaries and wages (Jungle Works, n.p.).
For what value are your customers willing to pay?
Hosts pay service fee for acquiring guests, guests pay for getting somewhere to stay and other hospitality services such as food.
What and how do they recently pay? How would they prefer to pay?
They pay using online payment channels.
How much does every revenue stream contribute to the overall revenues?
The service fee per transaction is three to five percent for hosts and five to fifteen percent for guests.
Jungle Works. How Airbnb Works | Insights into Business & Revenue Model, 2017. Retrieved from: https://jungleworks.com/airbnb-business-model-revenue-insights/