Why Lybrate's Business Model is so successful?

Lybrate is a revolutionary online platform that connects patients and doctors in India. Founded in 2013, Lybrate is dedicated to making healthcare more accessible and convenient by enabling patients to find and consult with certified medical professionals online. The platform offers a wide range of specialties from general medicine to more specialized fields such as dermatology and gynecology. Lybrate is committed to maintaining the highest standards of privacy and confidentiality, ensuring that all consultations are private, secure, and compliant with international data protection regulations. Lybrate's business model is based on a freemium model where it offers free consultation to patients for their initial queries. However, for more detailed consultations, prescriptions, and follow-ups, patients are required to pay a fee. On the other side, doctors can register for free but they need to subscribe to a premium membership to access advanced features, including priority listing in patient searches. The platform also offers a Lybrate Health Feed where health professionals can share health tips and medical advice, further enhancing their visibility and reputation. The primary source of revenue for Lybrate is the subscription fees paid by doctors for premium services. This includes features such as online appointment booking, electronic health records, and teleconsultation services. Additionally, Lybrate also earns revenue from the commission on each paid consultation that takes place through the platform. The company also monetizes its Lybrate Health Feed by allowing advertisements related to health and wellness products. This diversified revenue model ensures multiple streams of income, contributing to the company's sustained growth and profitability.

Social impact:

Life changing: affiliation/belonging

Emotional: wellness, therapeutic value, provides access

Functional: saves time, simplifies, connects, reduces effort, informs

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.

Customer data:

It primarily offers free services to users, stores their personal information, and acts as a platform for users to interact with one another. Additional value is generated by gathering and processing consumer data in advantageous ways for internal use or transfer to interested third parties. Revenue is produced by either directly selling the data to outsiders or by leveraging it for internal reasons, such as increasing the efficacy of advertising. Thus, innovative, sustainable Big Data business models are as prevalent and desired as they are elusive (i.e., data is the new oil).

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.

Digital:

A digital strategy is a strategic management and a business reaction or solution to a digital issue, which is often best handled as part of a broader company plan. A digital strategy is frequently defined by the application of new technologies to existing business activities and a focus on enabling new digital skills for their company (such as those formed by the Information Age and frequently as a result of advances in digital technologies such as computers, data, telecommunication services, and the World wide web, to name a few).

Freemium:

Freemium is the sum of the words free and premium and refers to a business strategy that provides both free and premium services. The freemium business model works by providing essential services for free and charging for enhanced or extra capabilities. This is a typical practice among many software firms, who offer imperative software for free with restricted functionality, and it is also a popular approach among game developers. While everyone is invited to play the game for free, extra lives and unique game features are accessible only once the player buys.

Healthcare:

The prevention, treatment, and management of disease and maintaining mental and physical well-being via the medical and allied health professionals' services. It includes diagnostic, preventative, remedial, and therapeutic service providers such as physicians, nurses, hospitals, and other private, public, and volunteer organizations. Additionally, it comprises producers of medical equipment and pharmaceuticals, as well as health insurance companies.

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.

Subscription:

Subscription business models are built on the concept of providing a product or service in exchange for recurring subscription income on a monthly or annual basis. As a result, they place a higher premium on client retention than on customer acquisition. Subscription business models, in essence, concentrate on revenue generation in such a manner that a single client makes repeated payments for extended access to a product or service. Cable television, internet providers, software suppliers, websites (e.g., blogs), business solutions providers, and financial services companies utilize this approach, as do conventional newspapers, periodicals, and academic publications.