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Why UniLodge's Business Model is so successful?

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UniLodge’s Company Overview

UniLodge is a leading provider of student accommodation across Australia and New Zealand, offering a diverse range of living options to suit every student's needs. Established in the late 90s, UniLodge has grown to manage over 70 properties, housing over 20,000 students. The company's primary mission is to provide a safe, secure, and friendly living environment that supports students in their academic pursuits. UniLodge is renowned for its high-quality accommodation facilities, excellent customer service, and a vibrant, inclusive community culture. They strive to create a 'home away from home' experience for students, offering a range of services from academic support to social events. UniLodge's business model revolves around providing student accommodation solutions directly to students and partnering with universities to offer housing options. The company operates both independently or under agreements with educational institutions to manage their on-campus student residences. The accommodation options range from studio apartments to shared flats, catering to different budget levels and living preferences. The company also provides additional services such as residential life programs, aimed at enhancing the student living experience. The revenue model for UniLodge is primarily based on rental income from its student accommodation. This income is generated through a variety of rental agreements, from short-term to long-term leases. The pricing varies depending on the type of accommodation, location, and additional facilities and services offered. In addition to this, UniLodge also generates revenue through partnerships with universities and other educational institutions, where they manage the institutions' student housing facilities. These contracts provide a steady stream of income, ensuring financial stability for the company.

Country: Victoria

Foundations date: 1996

Type: Private

Sector: Consumer Services

Categories: Education

UniLodge’s Customer Needs

Social impact:

Life changing: affiliation/belonging

Emotional: design/aesthetics, provides access, attractiveness

Functional: organizes, connects, quality, variety, informs

UniLodge’s Related Competitors

UniLodge’s Business Operations

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.

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.

Digital transformation:

Digitalization is the systematic and accelerated transformation of company operations, processes, skills, and models to fully exploit the changes and possibilities brought about by digital technology and its effect on society. Digital transformation is a journey with many interconnected intermediate objectives, with the ultimate aim of continuous enhancement of processes, divisions, and the business ecosystem in a hyperconnected age. Therefore, establishing the appropriate bridges for the trip is critical to success.

Shared rental:

In this model, businesses offer rental services while individuals rent items and pay appropriately. The procedure through which a current homeowner puts their home or an empty room available for short-term rental as an alternate type of housing. Peer-to-peer rental of property is a kind of peer-to-peer renting, which is a component of the sharing economy. The business strategy is almost identical to that of a conventional vacation rental. Through peer-to-peer property rental, participating homeowners may earn money by renting out their primary residence or an empty room they may have available.

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.

Rent instead of buy:

Services that do not need the product to be purchased but rather rent it for the economic benefit of requiring less money to access the commodity. When you rent, you assume less obligation since most of the burden is placed on the owner's shoulders. There is no debt; you are just responsible for the monthly rent. When renting, you have more flexibility by signing a six-month or one-year lease. This implies that you will be confined to that location for at least that period. When your lease term expires, you have the option of switching to another product or renewing your lease.

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.

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