It is daunting to remember a busy schedule, manage multiple tasks, and keep track of all the information collected throughout the day. Therefore, we note these down in a small section within our phones.
Evernote is a note-taking app, which earns profit by selling its premium subscriptions. It offers Professional and Professional Plus packages with top-notch features to justify the premium charges.
Smartphones have made note-taking a much simpler process as compared to the old times. You don’t need a notebook to take notes because you can simply open the app and start typing (without any risk of theft!). That app can provide comprehensive support for note-taking and many other associated tasks!
Evernote is one of the leading note-taking apps. Many people are using this application for free and top-class features that make it an exciting platform to operate. So, how does this app make money? What is the EverNote Business Model?
Continue reading to reveal everything about this company’s business and revenue model!
What is Evernote?
Evernote is helping users live a well-organized life. Users can rely on this application for not taking, task management, organizing, and also for archiving. Evernote Corporation has created this platform and distributes it across the globe for free.
It is a feature-rich app because it allows the client to create new notes. Users can include drawings, audio, photographs, and web content in their notes. Text notes are great for keeping the track of a busy schedule though!
This cross-platform application uses notebooks to store all the notes created by the user. Suppose a note is important, the user can search, edit, annotate, and tag it. Evernote also allows users to attach and export their notes to other users.
Users can access the Evernote application online through the official website or download the app on Android, iOS, Windows, and macOS devices. This is a free application, but it offers some advanced features to its premium users. It instantly lifts all limits once the user buys the premium package.
Evernote got over 220 million registered users and most of them use this platform time and again. It has raised prices, but people still love its features. Thus, this firm has become a major player in the app industry!
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Stepan Pachikov is a Russian-American entrepreneur, who had established the Evernote Corporation in 2001. This company had introduced the Evernote application for note-taking, archiving, and task management.
Pachikov’s primary objective was to improve human memory. He wanted to help users find everything easily because he believed people forget several things quite easily. Since people constantly gather information about numerous things throughout the day, it is easy to forget many important things. He provided the simplest way to keep track of people, places, and things people need to do.
EverNote was the first app to use the handwriting recognition technology introduced by Apple in its Newton personal digital assistance. This company had first introduced its note-taking product for Windows in 2004. It allowed users to take notes and search important notes by using topics, dates, contacts, or keywords.
Pachikov had a great product and he wanted to promote his business. Therefore, he started working with Phil Libin in 2007. The creator believed that Phil was the right man to take his business forward.
Libin became the CEO of the Evernote Company. He decided to launch the application for mobile users. Smartphones were becoming quite popular among users, therefore Libin decided to offer this app to all smartphone users.
Over 11 million users downloaded the app on mobile devices within four years. Evernote hired the best engineers to improve the app’s potential and make it user-friendly for all users. It became an instant hit wherever the app was launched!
In order to grow faster, Evernote raised funding in four rounds. Its organic and gradual growth continued and thus it became a major player in the app industry. Since it had funds to conduct smooth operations, the company took some unnecessary risks. Its disastrous product launches caused unexpected setbacks.
Even though products like Evernote Food didn’t do much, they gained unicorn status in 2012! Those failures made the top management realize that they should focus on main products. Today, it is probably the world’s leading note-taking, task management, and life organization platform.
Evernote entertains over 220 million users across the globe for their demands. It is competing against Google Keep, Dropbox Paper, Microsoft OneNote, Hive Notes, and several similar products. The entry of major players such as Google and Microsoft has also failed to affect Evernote Corporation’s business!
How Does Evernote Work?
Evernote did not do much research on how to take the company forward. It did not target any specific customer segment or research its products. Professional workers were the initial users of this platform. They took full advantage of this app’s potential. Journalists and clergies were the top users of this platform.
Evernote Corporation recognized its users and then promoted the app perfectly to draw more audience.
It learns from customer feedback
This company carefully assesses customer feedback to plan future app changes. A survey was conducted to find out which app was people’s favorite for note-taking. Evernote gained the second spot because traditional note-taking was at the top.
Evernote was people’s first choice for digital note-taking. The management team learned that they can promote this app more effectively and bring more active users. They did it and continued assessing clients’ feedback. Thus, the Evernote App became a more user-friendly and reliable platform to memorize important things, places, and events.
Evernote serves everyone!
Evernote is a note-taking platform that serves businesses, common users, and users who own multiple devices. Since this app is available on several platforms, users install it on desktops, laptops, and mobile devices.
This application supports the organization of videos, notes, pictures and other types of data. Therefore, users trust this application to live a well-organized life.
Common users do not deal with frustrating ads while using this application. That’s why they like Evernote and this platform never shares users’ data with other companies. All those features attract users of all age groups. Competitor apps grabbed many clients of this company, but that didn’t affect its business a lot!
Evernote developers have constantly tried to make it a simpler and more beneficial platform for users. Its cutting-edge note-taking system requires minimal entries from users to organize their data. Many users call it their external brain because this app can include and organize a variety of data.
Evernote app automatically synchronizes users’ images, text, audio, and other files on all the linked devices. Whenever a user provides a new input, it uses several sophisticated algorithms to organize the data efficiently. Thus, users can find the required note within a few seconds.
Latest Technology for a Tech-Savvy Audience
Being one of the top-rated note-taking applications, Evernote provides a wide range of organizational tools. This application can follow how the user wants to operate it. Even though the user doesn’t remember the entire note, it can find the note with the help of written texts.
This application works like a personal assistant who never forgets anything! Whatever note you want to check, it can pinpoint within a few seconds. It allows users to share their notes with other users. The user can pick the recipient or make the note public to share with everyone.
Whatever changes the user makes, this application will record them and work accordingly. Users and also try the Web Clipper feature of this application to capture the desired part of the website. Thus, the user can keep important information from several web pages in notes.
Offering additional solutions through other apps
Evernote has introduced other apps such as “Skitch” which allows annotation, creating sketches on images, and drawing shapes. Its Scannable application allows users to scan and digitize anything written or drawn on paper.
They have also introduced the Penultimate app for iPad users, which can imitate the natural calligraphic experience.
Users can find the Evernote app on various application stores or download it directly from the website. It allows users to create free accounts by using their email IDs, social media IDs, and by providing other data.
In order to acquire more customers, this company has collaborated with several electronic brands. Samsung, Lenovo, and many other brands have partnered with Evernote to provide their users with the best note-taking and task management experience.
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How Does Evernote Make Money?
The Evernote Company is offering its application for free. Users can download and use the app for free as long as they want. This freemium business model is similar to many other companies. However, users can buy the premium package to get much better features and services.
It is completely optional to switch to premium services, but Evernote has succeeded in drawing the attention of users. This company has effectively converted many common users into its premium consumers. Even though only 0.5% of new users buy the premium package, this percentage increases to 11% by the next year and 25% within five years.
This company is offering three types of subscription plans, which are explained below:
The free package allows users to synchronize two devices. Users get 60 MB of space to upload their notes in a month. The note size can’t be more than 25 MBs and users get three widgets to organize their notes.
Features such as in-note tasks, search and tags, web clipper, and the ability to attach receipts, PDFs, files, images, photos, and documents make the free package quite beneficial for common everyday users. The only cons are the limited space and limited features.
The professional package includes everything offered with the free package. Besides, users get 10 GB monthly uploads, unlimited device syncing, 200 MB note size, additional widgets, Google Calendar, and many amazing features.
Users can add reminders, due dates, and other important notifications to never miss important events. The professional package is suitable for all common users and people seeking advanced note-taking solutions.
It is the best package Evernote is offering to its users. It provides all the latest widgets, home customization features, and 20 GB monthly uploads! Users can synchronize both personal and workplace calendars through this app to never miss an important appointment or meeting.
Professional Plus users can add new tasks, manage them, and assign tasks to other users through this app. This package allows users to search stored data by location. This version can integrate with Microsoft Teams, Slack, Salesforce, and other applications.
Competitive pricing and a broad range of advanced features have made Evernote users’ favorite note-taking app. That’s why it can quickly convert free users!
Evernote serves people from all over the world. Its premium packages are affordable and loaded with cutting-edge features to justify the cost of the subscription.
Therefore, the company has been able to overcome all the obstacles that came in its path. Its freemium business model has encouraged many developers to come up with similar solutions. It continues to serve over 220 million active users and many of them will become Evernote’s premium users (hopefully!)