Winning the SMF Business Model Innovation Award!
We are immensely proud to share that we have been awarded the Singapore Manufacturing Federation’s (SMF) Business Model Innovation Award!
The SMF, established in 1932, champions Singapore’s manufacturing and manufacturing-related industries.
The SMF award pays tribute to successful companies that have created new value through Business Model Innovation and achieved sustainable growth. This year’s awards comprised of three main categories: the SMF Sustainable Growth Award; SMF Business Model Innovation Award and the inaugural SMF Collaborative Partnership Award. The aim of these awards is to let winning companies serve as a beacon for the rest of the business community, inspiring other companies towards transformational growth, and promoting the sharing of best practices.
SMF Business Model Innovation Award
The SMF Business Model Innovation Award, which VenVici won, is the first award in Singapore to recognise companies that have achieved success in transforming their business models. The objective of this Award is to inspire the business community to pursue exceptional growth through business model innovation. This Award celebrates innovative growth strategies in today’s fast-changing business landscape and honors companies that have achieved excellence in innovative thinking and implementation in business model change.
The judging criteria for the SMF Business Model Innovation Award is as follows:
– The extent of innovation or change from past and current innovative business model.
– The impact on the company’s profitability and revenue growth.
– The effectiveness of company’s new model and unique selling/value proposition in addressing customers’ needs.
– The process of generating ideas, introducing change, and implementing business model innovation initiatives.
VenVici has reinvented a business model known as the Affiliate Incentivized Marketing (AIM) that combines the efficiency of ‘Affiliate Marketing’ with the effectiveness of ‘Incentive Marketing’.
AIM essentially works towards building a community of affiliates that are incentivized to drive trend and sales for a product. Part of what AIM encompasses is the development of such community we call Resellers. As a Reseller of VenVici, they will be incentivized to recommend people to join the community, consume, purchase or even market our partnering vendors’ products.
AIM builds core affiliates through a Reseller exercise, inducting them through training and a loyalty program tied to compensation and performance. This core group will use their individual social network platforms to build their clientele base. Clients who are interested in the program can also in turn become affiliates in the program.
Resellers in the AIM affiliate program are further incentivized by a scheme which will allow them to be rewarded as a community. This will mean that Resellers are incentivized together with the growth of the community. With the high penetration potential of a community network which is held together by a common interest or goal, in addition with the motivation of being incentivized – AIM is a marketing model that will be able to move products and services into markets expeditiously