So, how to turn out as a unique business in the vertical in this era of throat-cut competition? Simply by following these on-demand service business model rules we have summed up for you
1. Identify your Niche
The first and foremost step to target the on-demand service model is to identify the right services that can work under the on-demand service business model.
2. Know your Audience
For whatever niche you choose for your business, make sure you know the targeted audience.
Conduct surveys, meet with the end-users, step in their shoes, and know what kind of services will they prefer over the traditional ones. Know the demographics you need to target, know the gender of your user personas on the basis of their needs, and design your business model accordingly.
3. Explore your Niche
The smart businesses are successful because they know the past, present and future of business very well just like Uber did know about it.
On that account, it is important for you to envisage the possibilities for the expansion of your business from the time of its very inception and monetize your brand for your expansion in a new category.
4. Related Resource for the Service
Once planned for the targeted audience, the user behavior, the next significant aspect to be planned are the related resources for the service.
These resources are to be planned in a way that they open up a space for the expansion of the future of the business.
5. Keep What Matters, Change that Doesn’t
You may think that your business is sure to succeed, your revenue model is sure to make you rich, your strategies are sure to acquire customers, but then you decide to re-analyse the plan and you find flaws.
This is how businesses are made stronger and stronger. While analyzing the plan, if at all you are not sure about an aspect or two, feel free to change it. Because in the long run, what will matter is a well-evaluated business plan.
6. Customer First
No matter how full-fledged your business planning and strategy is, if you still don’t have a plan for the customer acquisition, customer retention, cross-selling, your platform is just an open ground with absolutely no interactivity.
The three most popular niches that people target for when they build their own Uber for X are Logistics, Transportation, and Food.
So, in case when you are targeting for any such niche, the most important thing you should keep in mind is the wide competition in the marketplace.