In the competitive business world, every entrepreneur wants to be fortunate to grow their business or disrupt the industry. In fact, it’s tough for on demand economy to dive into competitive world competing against sharing economy enterprises. It is important to realize, on demand services changed the way of operation making lives of people easy and convenient.
The on demand services are here to stay and disrupt many new industries in the coming years. All service offering startups can’t follow the same strategies to succeed. In view of a survey by Burson-Marsteller, the Aspen Institute and Time, 42% of the US population has used at least one on-demand services. Here are list of growth hack for entrepreneurs to succeed in the on demand industry.
1. Know your market in and out
Customer segmentation and demographic industry are different for every business. Entrepreneurs have a large list of industries to offer on demand services. Market research gives insights on industry along with customer preference and needs. Additionally, market research gives you the ability to gather insights of customer needs and competitors offering.
2. Bring out your A-game with creative content
Content being centre of attraction for business provides content driven experience to your target audience. Informative and useful content for your target audience enhance customer experience and create awareness for your brand. In short, customer engagement and brand awareness further impact on the increase in sales figures.
3. Disrupt with technology
Never stop playing with technology to offer best on demand services to the customer. Embrace technology to grow your on demand business. Technology provides more convenient and easy way of performing business. Each business operation and transaction in on demand service involve the use of technology and without technology advancement, business wouldn’t be same after some years.
4. Build your customer before building the product
Services on demand aren’t unique today and attracting a lot of customers by offering cheap deals. Getting the user experience right can be the best hack to grow the on demand business. According to a research by Forester, every dollar invested in user experience brings 100 dollars in return to business.
5. Pluck the lowest hanging fruit
B2B and B2C industries are quite different. Strategies require a different approach to retain customers in the B2C industry. Always start with the small things and grow substantially. Don’t ignore small projects and start working on even smallest of ideas. Give a try to unique ideas and never give up even you fails.
6. Let others do, you are bad at
Make your business profitable. Reduce the work and outsource in which you don’t have core competencies. Keep your operation cost low and make outsourcing as a business strategy to grow business directly or indirectly. Outsourcing let business to grow and continue to be profitable with the quality workforce at an affordable price.