Business Model Canvas of Nuru Headphones
Discuss about the Business Model Canvas of Nuru Headphones.
Nura Headphones is an Australian organization which was established in the year 2015 by Luke Campbell, Kyle Slater and Dragan Petrovik. The company mainly provides customised headphones to its customers which help in providing sound clarity levels which are perfect for the individual users. The designs of the products provided by the organization are finalised by the music lovers who have expertise in acoustics, engineering, hearing science and biology. The listeners are able to find the perfect sound with the help of the various features that are provided by the headphone (Our Team., 2018). The organization became successful in the market within a short span of time. The app of Nura headphones creates unique profiles which represent the ways of hearing of the customers. The profile contains all relevant information about the style of hearing of the users. The sounds are created based on the sensitivity of the users to the various tones. The unique hearing levels of the users are detected with the help of the technology that is provided in the app of Nura Headphones. The hearing profiles of the various individuals help in determining the colour or the preferences of the various users (Breuer & Lüdeke-Freund, 2017). The business model canvas of the organization will be analysed in the report.
Business model canvas of Nura Headphones
· The efficient and passionate team of music lovers or founders.
· The providers of technology.
· The passionate group of scientists, creatives and engineers who form the management team of Nura Headphones (Carayannis, Sindakis & Walter, 2015).
· Promotional activities performed with the help of their websites.
· Increasing tie-ups with organizations.
· Providing customized hearing services to the users according to their hearing preferences.
· Providing high levels of customer satisfaction.
· Providing consistent services to the users based on their hearing sensitivity.
· Creating an effective team in the organization.
· High technology related services provided to the customers.
· Social media communication with customers.
· Advertising with the help of various mediums like, events, media and many more.
· Creating relationship with the customers with the help of feedback services provided in the website.
· The music lovers who wish to use headphones which are effective and customized according to their preferences.
· The highly effective and passionate management team of the company who love their work.
· The availability of high technologies in the app of the company which customizes the sound clarity of the headphones (do Rosário Cabrita et al., 2016).
· Presence of the company on the web.
· Advertisements done with the help of TV and other media.
· Distribution of the services (Güemes-Castorena & Toro, 2015).
· Costs related to the payment made to the staffs and the other members of the management.
· Costs related to the formation of the high end app of Nura Headphones.
· Costs related to the shipping of products.
· Taxes paid to the government (Lüdeke-Freund & Dembek, 2017).
· Sales of the products.
· Finances received from the banks and government institutions.
Key relationships between the nine building blocks of Business Model Canvas
The nine building blocks of the company are related to each other as each of the building blocks helps in the fulfilment of the duties related to the other blocks. The partners of Nura Headphones help the company in providing services to the various customers. The promotional activities of the organization help them in creating a different position in the technology industry. The technological capabilities of the company enable Nura Headphones in providing the best services to the users according to their listening preferences. The founder of the organization and his team act as major resources of Nura Headphones and the ways by which it customizes the products. The dynamic nature of the founders of Nura Headphones has helped the company in gaining more customers and expanding the business operations as well (Luft et al., 2016). Luke Campbell, the founder of the company has been the main face behind the incredible success of Nura Headphones in the industry within a short span of time. The different services provided by the company increases the customer segment in the industry. The music lovers are concerned about the experience that is provided to them by the headphones that they purchase and the fact that the sound clarity needs to bed according to their preferences. Nura Headphones has been able to cater to these needs of the various music lovers in Australia (Massa, Tucci & Afuah, 2016). The usage of innovative methods has enabled Nura Headphones in differentiating its products from the other organizations. The cost structure of the company is quite low as it operates in the market with the help of the website. This leads to huge levels of investment advertising of the services in the market. The revenues of Nura Headphones are also dependent on the customers. The reviews provided by the customers on the website of the company are helpful in advertising their products. The value propositions of the organization deal with providing best service to the customers according to their hearing sensitivity. The employees or management team are a part of the organizational processes and this encourages them in their work process (Ng, 2017).
Critical success factors of Nura Headphones
The most important factor related to the success of Nura Headphones is the customer satisfaction that is provided to the clients. The consistency of their services have helped the company in acquiring a profitable position in the industry. The team of the employees are the passionate music lovers who aim to provide the best possible sound clarity to the users so that they enjoy the music to the fullest. The passionate team of the music lovers, engineers, creatives provide the best technology to the users or the customers. The work environment created within the organization is positive in nature and helps in the enhancement of services (Pyo & Ha, 2015). The success of the organization is not only defined by their sales, the satisfaction levels of the employees and the customers also play a major role in the fast success of the company in the industry. The management believes that the satisfaction of the employees and of the customers is interlinked with each other. The founders of the organization and their attitude towards work is another reason behind fast success of Nura Headphones. The success of the organization has not stopped them from improving the work operations in the organization. The app of Nura Headphones is creative in nature and provides the best after sales services to the customers (Ng, 2017). The major customers of the company include, the users who are mainly concerned about the high quality of music and the unique capabilities if hearing. The huge client base of the organization has been developed with the help of the high skilled team of employees. The organization provides its services to the music lovers and users in Australia. The 24/7 support provided by the app to the users has helped in customer retention (Salgado et al., 2014). The organization also provides a personalised user profiles for taking care of the needs of the individual users. The headphones are designed in such a manner so that they can cater to the individual needs of the users. This helps the organization in creating a competitive position in the market as compared to the other organizations.
The training related costs of the company is a major issue in their operations and it affects the revenues of Nura Headphones. However, adequate training is important for the services to be provided by the company to their users. The services provided to the users with the help of their app are also important for the customizing the headphones based on user preferences. The employees are the base of a service oriented organization. The costs related to recruitment and training of the employees is therefore quite high for a company like Nura Headphones. The unique concept and product quality of the organization is a major issue which can cause the lack of adequate and suitable employees (Taran et al., 2015). This can act as a major problem in the revenues of the company in the future. Lack of effective communication in the organization can lead serious issues in the future for Nura Headphones. The lack of processes and systems that help in providing quality services and delivering promises to the customers can act an issue for the revenues of Nura Headphones in the market.
Recommended changes in the business model of Nura Headphones
The partnerships of the company need to be increased so that the customer base of Nura Headphones can increase. The value propositions of the company can be improved so that Nura Headphones can provide high quality services and increase customer satisfaction. The customer relationships can be improved by maintaining personal email communications with the clients. The organization can increase its resources and provide effective and consistent services to the customers. Nura Headphones needs to improve its channels and expand its business operations so that they can increase their revenues in the industry. The music industry is growing and this can be used as an opportunity by the Nura Headphones by providing them with the best sound quality of music. The employees need to be provided with more facilities so that the turnover rate can be decreased. This will further reduce the training and recruitment related costs of the company. These minor changes in the business model can improve the position of Nura Headphones in the industry and help then in creating a competitive position as well.
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