Are you having a dream to launch a startup and getting high-profit quickly in the competitive market?. Yes, means take a short look at the secret tips listed here that will be helpful for you to run an issue-free business and become a profitable player in the competitive market.
Though your ideas are strong and the services you offered to the customers are unique, you are stuck in some situations where you will require suggestions to improve. Knowing the lessons from the failures of other startups and escaping from such issues must be the preliminary things for you. Currently, the on-demand era has given birth to stress-free startups in the market.
For E.g. After the success of uber business models dedicated to taxi-booking app development, there is an extension like uber for x is getting familiar in recent years. The independently available service providers or service handlers utilize these interfaces correctly to fulfill the customer’s needs in real-time.
With the positive impacts like fast access to what we need and instant responsiveness, people highly prefer mobile applications nowadays. Due to this emerging trend, every entrepreneur shows their interest in developing uber like apps as per their needs. This increases the investment value in the on-demand industry specifically.
Aware of Startup Issues in Real-Time
Prior to launching your on-demand service startup, you must know the common issues and how to avoid them with the help of tech-based platforms. Mostly, the familiar issues observed are listed as follows.
- Competition is high. Since the on-demand services are fruitful options for getting familiarity and the quick-revenue, the participants involved in these platforms are more and hence the big competition exists
- Lag on Updates as per timely pivots. Launch a startup as per the business plan of the successful business model provides perks in the initial state. The lag in the consistent updates as per the market fluctuations and the customer’s preferences may lead to degrading in revenue
- Absence of a skilled workforce. Building the business model with the lack of skilled people induces the difficulties to attract a huge range of customers and your familiarity
- No solution for real-time problems. The opted business model hove no solution for the real-time issues that lose their customers slowly
- No balance between demand and supply. A proper balance between the number of service professionals and the requests is the necessary parameter. Either under or overvaluing may cause the disruption in handling requests and many of the customers switch over to other models
Alleviating these issues is the most essential one for the new startup launchers to get a huge range of customers and familiarity in the market. Here, let me share with you the unique tips for this process.
Show Your Online Presence
Since the mobile app and the internet platform users are more, an online presence is important for you. Showing online is not only for you, the multiple service providers, or the handlers attached to your business model also an important one. Maintaining consistency in online presence extends the accessibility ways and brings essential familiarity in the market. The beneficiary perks from online presence are:
- Portrait their skills, experience details to the world clearly
- The conversion rate between the service handlers and the customers will be high
- Presenting the updates, offers, or any new arrivals instantly
- Gaining essential familiarity against multiple players
Apply Personalization Strategies
Getting huge attention from a wide range of customers is an important one for startup launchers. Practically, capturing the customer’s heart is not an easy thing and it requires several impressive options. One such option is to apply personalization strategies to make the service providers are getting closer with the customers. Mostly, the personalization strategies are ranged as
- Instant alerts for new service requests and service inclusion
- Consistent updates regarding trip and service status
- Offering emergency handling options
- Intimating seasonal-based offers and promotions
Increase in Productive Hours
Customers prefer your services only if you fulfill all their demands timely. Keep following the timely promises is an important requirement for service providers or technicians to get repeated bookings.
But, they are failing to keep these promises because of their traveling time. Yes. The unaware of the customer’s location clearly and the distance traveled by them is high increases the traveling time. This limited the count for service requests per day. Hence, the major tactics to be focussed on in order to increase the productive hours are listed as follows.
- Use the location-aware protocols
- Plan for map-based customer’s location identification
- Navigation to the customer’s place smartly via minimum distance trip
- Increase the size of service completions on a daily basis
Update With Market Trends
Entering the base model into the on-demand industry will give you the perks in the initial stages. How far you include the impressive options and the build-up of the business model as per the market innovations and the changes in customer behavior respectively decides your sustainability. Your updated business model should meet the following trends.
- Tech-based platforms with multi-services inclusion in one domain
- Social-media incorporation to identify personal needs
- Allow the customers to always engaged with your business models
- Customer rating-based service provider selection
- Booking appointments as per the availability of the service providers
Do Paperless Works
The major tasks carried out by the on-demand service startup owner are collecting the number of service requests, assigning the right service professionals as per the service demand, tracking their workflow, collecting the validation reports from the customer side.
Being a single owner of the services, managing the tasks in all the directions via paper-based consumes more time. Replacing this through the digital app-based platforms innovates the on-demand services in the following ways.
- Digitized platforms ensure accuracy
- Transparency in service bookings and commission transferred
- Fast document processing
- Redeem the structure of the business as accessible to all the players
Utilize Revenue-Generation Schemes
The ultimate objective of running on-demand services is to get revenue. Expanding the revenue-generating schemes multi-directions is the possible way to increase the profit value for your services. The common revenue-generation schemes executable in on-demand service booking observed are listed as follows.
- Subscription-based models ensure customer participation for long-term
- Allow customers to choose certain features under premium models
- Referral-based schemes included in app-based models are guaranteed for new customers as well as consistent revenue
- Assign fees for the players who have a high-rank at the top of the searches bring additional revenue
Follow Retention Practices
The sustainability of your services is purely based on how far your service retains the customers, service providers, and service technicians. The retention highly depends on how the features or the options are impressive for all the participants. Most retention practices fall into any of the following categories.
- Engage with the customer socially
- Send periodic updates on news and offers
- Greet the top-rated service technicians, potential customers with the promo-based purchases
- Fulfill all the customer demands irrespective of the time and locational constraints
Employ Smart Payment Options
Last but not least, the payment options must be feasible and they are easier for the customers. After the emergence of the internet and many third-party payment applications, the payments for the services are getting easier than traditional models.
Recently, cashless transactions are observed everywhere and hence the integration of cashless payment modules is the necessary thing nowadays. The beneficiary points with the inclusion of smart payment modules are:
- Secure amount transfer between the service provider and the customers
- Digitized form of money transfer assures transparency
- With these instant payment options, profitable deals are assured
- Direct deduction of commission is easy via account transfers
As the innovations and the trends are growing, those in the on-demand market need some specializations to prove the quality and overcome the major issues. I hope the secret tips listed in this blog are helpful for them to launch a perfect startup and attain good familiarity in the market.