It may be past time for you to take stock of how you are engaging with your customers. While it may be true that you offer products and services that fit their needs; you may be missing an opportunity to close on sales due to an undesirable gap in the time they realize they have a need and when you can fill it. An on-demand solution could be awaiting you as the next innovation to business.
Rise of On-Demand
Business analysts reported an increase in the on-demand market as far back as 2018 citing that nearly half of all smartphone users, somewhere around 2.5 billion, were actively utilizing some sort of on-demand app. In less than 18 months, the COVID outbreak would drive those numbers up to surging levels across many industries as lockdowns led consumers to turn to mobile devices for far more than the standard telecommunication of days past. Work, dining, and even religious events were moved to the digital stage via a number of apps changing the future of business execution in the process.
The appeal of the on-demand design is anticipated to continue to grow for a number of reasons. Customers have benefited from high levels of personalization, rapid turnaround times, and a greater ability to multitask to accomplish business and personal goals. Tasks such as the weekly grocery store visit have been reduced to selecting items and scheduling a delivery or curbside pick up. Television and movie viewing has become more than a limited number of providers as consumers have personalized their viewing at the expense of cable and satellite providers. Transportation, housing, and so many other industries have found ways to integrate an on-demand approach into their core business strategy.
Business Impact
Your ultimate goal as a business professional is to increase your revenue. Looking for new avenues that can drive your profits is key to meeting that goal. The rise of on-demand business models has shown rapid growth for the industries that have adopted an aspect to give customers what they want when they want it. Ask yourself, is there a service/product that you can provide relatively quickly to your target customer?
It took the outbreak of COVID-19 for some companies to realize that they had an underserved consumer base. Those that survived the waves of mandated shutdowns and decreases in day-to-day operations found out that there were providers available to integrate into business models to overcome this obstacle. Real estate, for example, utilized virtual visits to show potential home buyers properties in the place of open house dates. The change created a surge in first-time buyers in 2021. Bankrate quotes an increase of 31% higher than in 2020 (Caginalp, 2022).
At first glance, the solution to integrating an on-demand model may not be as simple as providing virtual tours. Say you over a complex product or very detailed service model. The availability of on-demand video providers gives your business the means to provide detailed after-purchase and troubleshooting content to customers that can build trust in your brand. Providing product review videos or tips on features and benefits can help customers make a buying decision for your offering over a competitor who does not offer the same. You can host those videos on platforms such as YouTube and link them directly back to your webpage for customers to access at a moment’s notice. As a bonus, YouTube has expanded its coverage to televisions and mobile devices giving users other means to view your content when it is needed.
Mobile & Versitle
The revenue growth potential is real; depending on the source, it has been stated that mobile on-demand apps will continue to hold a multibillion-dollar share of the market. Mobile is the key driver of this fact, too. Consumers are increasingly becoming comfortable with making purchases through mobile on-demand apps. Your business only needs to find a suitable means to deliver via those apps to provide the success sought. After a few quick searches, users have the ability to acquire all the information needed to make a purchase decision. Being located on a device that can be used almost anywhere, the need for sales calls and people become less important, but you still need to deliver the message specific to your offering.
First, take a survey of the on-demand landscape before designing your strategy. Several providers may already exist to assist you in going to the mobile marketplace. Follow these six steps as provided by RentALLScripts:
- Gather requirements
- List out the features to be included
- Choose the technology
- Design the application
- Develop yourself or find the best company
- Quality test and Launch
Putting your company at the fingertips of your ideal customer can bring you much success for years to come. It is important to remain focused on changes in trends in your customers’ changing habits.