What's the On-Demand Economy, and how can your business benefit?
Slowly but surely, the online world has experienced a shift similar to the French Revolution when it comes to economic and financial effects. This shift is commonly referred to as the On-Demand Economy.
First let's look at its official definition. The Business Insider refers to the On-Demand Economy "as the economic activity created by technology companies that fulfill consumer demand via the immediate provisioning of goods and services. Supply is driven via an efficient, intuitive digital mesh layered on top of existing infrastructure networks."
Inc.com refers to the On-Demand economy as a $57 Billion dollar opportunity. This is a quote from July 24, 207: "with all the disruption caused by Uber and the flurry of similar startups it created, it seems that CEO's and executives across the board are paying attention to the on-demand economy. - and rightfully so. The on-demand economy is growing and will continue to envelop new industries year after year. According to BIA/Kelsey, the toal US transaction value (fees paid by consumers) of the on-demand economy grew from $22 billion in 2015 to $34 billion last year and it's expected to reach $57 billion by the end of 2017."
Regardless of industry, the main characteristic of the on demand economy is to replace traditional business models, and to provide instant provisioning of goods and services to your target market. Instead of them coming to you, you're going to them!
Good examples of the on demand economy are Uber, AirBnb, Lift, OpenTable, Instacart and many many more. However, you don't have to have a billion dollar business concept in order to form part of the on demand economy. The only thing your business needs is an infrastructure that will allow to receive orders from wherever your market is. The concept is to establish a digital infrastructure that will allow "instant provisioning of YOUR good and services to your target market".
How can your "Uberize" your business you ask? Very simple if you follow this digital footprint:
• Create a mobile friendly / responsive website that fully engages your target market.
• Optimize your social media channels and engage your audience on a daily basis. Promote positive reviews and make sure disgruntled customers are taken care of.
• Engage on active/on-going search engine optimization (SEO) so your target market can find you. The best time to offer your services is when your customer needs you, and SEO allows that to happen.
• Create a value proposition thru a mobile app. One thing EVERY SINGLE ONE of the on-demand economy success stories have in common is an excellent mobile app. You have to make sure your mobile app adds value to your customer's lives, and when you do that, it will revolutionize your business and your revenue.
Are you missing any of these items on the list? Would you like to consult on strategy? Are you a startup that will like to position yourself in the best way possible? Fill out the form below and let's talk.