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Why GuruWalk's Business Model is so successful?

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GuruWalk’s Company Overview


GuruWalk is a leading international platform for free walking tours, operating across the globe. This innovative company was founded in 2017 and is headquartered in Valencia, Spain. It offers a unique platform that connects local guides with tourists who are interested in exploring cities in an authentic, immersive, and affordable way. GuruWalk's mission is to democratize access to culture and heritage by enabling anyone to offer and book free walking tours. The company is committed to promoting sustainable tourism and fostering connections between locals and travelers. Business Model: GuruWalk operates under a two-sided marketplace business model, acting as a bridge between local guides and tourists. The platform allows local guides to list their free walking tours, providing details about the itinerary, meeting point, duration, and language of the tour. On the other side, tourists can browse these tours, book the ones they are interested in, and leave reviews after the tour. GuruWalk does not charge any upfront fees for listing or booking tours. Instead, it relies on the quality of the tours and the guides' expertise to attract and retain users. Revenue Model: GuruWalk's revenue model is based on voluntary donations made by tourists at the end of the tour. This pay-what-you-want model allows tourists to determine the value of the tour based on their satisfaction and budget. While the tours are initially free, the guides encourage tourists to give a donation if they enjoyed the tour. In addition to these donations, GuruWalk also generates revenue through premium features and services offered to guides, such as advanced listing options, promotional features, and professional development resources. By leveraging these revenue streams, GuruWalk ensures a sustainable and scalable business model.

https://www.guruwalk.com/

GuruWalk’s Customer Needs


Social impact:

Life changing: motivation, affiliation/belonging

Emotional: fun/entertainment, provides access

Functional: connects, variety, informs


GuruWalk’s Related Competitors



GuruWalk’s Business Operations


Advertising:

This approach generated money by sending promotional marketing messages from other businesses to customers. When you establish a for-profit company, one of the most critical aspects of your strategy is determining how to generate income. Many companies sell either products or services or a mix of the two. However, advertisers are frequently the source of the majority of all of the revenue for online businesses and media organizations. This is referred to as an ad-based income model.

Collaborative consumption:

Collaborative Consumption (CC) may be described as a collection of resource circulation systems that allow consumers to both get and supply valued resources or services, either temporarily or permanently, via direct contact with other customers or through the use of a mediator.

Collaborative production:

Producing goods in collaboration with customers based on their input, comments, naming, and price. It represents a new form of the socioeconomic output in which enormous individuals collaborate (usually over the internet). In general, initiatives based on the commons have less rigid hierarchical structures than those found on more conventional commercial models. However, sometimes not always?commons-based enterprises are structured so that contributors are not compensated financially.

Cross-selling:

Cross-selling is a business strategy in which additional services or goods are offered to the primary offering to attract new consumers and retain existing ones. Numerous businesses are increasingly diversifying their product lines with items that have little resemblance to their primary offerings. Walmart is one such example; they used to offer everything but food. They want their stores to function as one-stop shops. Thus, companies mitigate their reliance on particular items and increase overall sustainability by providing other goods and services.

Customer loyalty:

Customer loyalty is a very successful business strategy. It entails giving consumers value that extends beyond the product or service itself. It is often provided through incentive-based programs such as member discounts, coupons, birthday discounts, and points. Today, most businesses have some kind of incentive-based programs, such as American Airlines, which rewards customers with points for each trip they take with them.

Customer relationship:

Due to the high cost of client acquisition, acquiring a sizable wallet share, economies of scale are crucial. Customer relationship management (CRM) is a technique for dealing with a business's interactions with current and prospective customers that aims to analyze data about customers' interactions with a company to improve business relationships with customers, with a particular emphasis on retention, and ultimately to drive sales growth.

Experience selling:

An experience in the sales model describes how a typical user perceives or comprehends a system's operation. A product or service's value is enhanced when an extra customer experience is included. Visual representations of experience models are abstract diagrams or metaphors derived from recognizable objects, actions, or systems. User interfaces use a range of experience models to help users rapidly comprehend what is occurring in the design, where they are, and what they may do next. For example, a software experience model may depict the connection between two applications and the relationship between an application and different navigation methods and other system or software components.

Integrator:

A systems integrator is an individual or business specializing in integrating component subsystems into a unified whole and ensuring that those subsystems work correctly together. A process is known as system integration. Gains in efficiency, economies of scope, and less reliance on suppliers result in cost reductions and may improve the stability of value generation.

One-off experience:

The one-off experience business concept aims to facilitate the interaction between consumers in abundant marketplaces and their experience-seeking counterparts. This business model can only succeed if social media firms collaborate with physical event organizers, online pop-up shops, and e-commerce merchants. Developing software and participating in continuous dialogue with their consumers is insufficient. This business model provides consumers with unique experiences at a particular location during a specific event.

Online marketplace:

An online marketplace (or online e-commerce marketplace) is a kind of e-commerce website in which product or service information is supplied by various third parties or, in some instances, the brand itself, while the marketplace operator handles transactions. Additionally, this pattern encompasses peer-to-peer (P2P) e-commerce between businesses or people. By and large, since marketplaces aggregate goods from a diverse range of suppliers, the variety and availability are typically greater than in vendor-specific online retail shops. Additionally, pricing might be more competitive.

Online to Offline O2O:

Online to offline is a term (often abbreviated as O2O) used in digital marketing to refer to systems that entice customers to purchase products or services from physical companies while they are in a digital environment.

Pay what you want:

Pay what you want is a pricing approach in which purchasers determine the value of a service or a product. Allowing customers to pay whatever they want may benefit certain circumstances since it removes a slew of drawbacks associated with traditional pricing. For example, permission to pay whatever they want attracts buyers for a variety of reasons, including eliminating the worry of whether a product is worth a fixed price and the associated danger of disappointment (buyer's remorse). For sellers, this eliminates the time-consuming and often expensive process of establishing the correct pricing (which may vary for different market segments).

Peer to Peer (P2P):

A peer-to-peer, or P2P, service is a decentralized platform that enables two people to communicate directly, without the need for a third-party intermediary or the usage of a corporation providing a product or service. For example, the buyer and seller do business now via the P2P service. Certain peer-to-peer (P2P) services do not include economic transactions such as buying and selling but instead connect people to collaborate on projects, exchange information, and communicate without the need for an intermediary. The organizing business provides a point of contact for these people, often an online database and communication service. The renting of personal goods, the supply of particular products or services, or the exchange of knowledge and experiences are all examples of transactions.

Radical transparency:

The concept of radical transparency, or everyone knowing everything, has the potential to be a significant driver of improved organizational performance. This is especially true for new, fast-growing businesses that are under pressure to achieve aggressive sales targets and keep their investors pleased. In governance, politics, software design, and business, radical transparency refers to activities and methods that significantly enhance organizational processes and data openness.

Transaction facilitator:

The business acts as an acquirer, processing payments on behalf of online merchants, auction sites, and other commercial users for a fee. This encompasses all elements of purchasing, selling, and exchanging currencies at current or predetermined exchange rates. By far the biggest market in the world in terms of trade volume. The largest multinational banks are the leading players in this industry. Around the globe, financial hubs serve as anchors for trade between a diverse range of various kinds of buyers and sellers 24 hours a day, save on weekends.

Two-sided market:

Two-sided marketplaces, also called two-sided networks, are commercial platforms featuring two different user groups that mutually profit from the web. A multi-sided platform is an organization that generates value mainly via the facilitation of direct contacts between two (or more) distinct kinds of connected consumers (MSP). A two-sided market enables interactions between many interdependent consumer groups. The platform's value grows as more groups or individual members of each group use it. For example, eBay is a marketplace that links buyers and sellers. Google connects advertising and searchers. Social media platforms such as Twitter and Facebook are also bidirectional, linking consumers and marketers.

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