The revenue model is one of the most important elements of a firm’s strategy. It defines the ways in which a firm gets compensated for the value that its products or services generate. In the old days, revenue models primarily consisted of picking a “good” price. Connected, smart devices are changing this paradigm. To think systematically about revenue models and to spot opportunities for improvement, consider: what is paid for, when the payment is made, who is paying, why the customers are paying, and what currency the customer is paying with.