Shared Economy: The Next Big Market With No Competition – Get Into It

SoftwareSuggest

SoftwareSuggest

Senior editor

Parul Saxena

Chief editor

Last updated: August 7, 2019

That is correct! Apparently, it’s called ‘shared economy’. Sounds familiar? Yes? Then this article is worth your time.

This article is only for entrepreneurs who believe in ‘something instead of nothing’. And, if you are too much overwhelmed with the dogfight, stop reading. You are wasting your time.

Ok then, if we understand the fundamentals and original concept of shared economy, we will open doors to pure 100% profit.

Today, businesses are trying very hard to keep up with competitors and always burning resources to innovate and renovate based on their vague competition analysis. As a result, they end up biting more than they can chew. In other words, it’s absolutely OK if you don’t have everything that your client is looking for. Rather, focus on selling what you already have and stick to your growth roadmap.

And now you are thinking  Nah, I would rather build it rather than losing a big client. Well, guess what? You didn’t win it either. How? Will do the math in a bit.

Here is a funny fact Everyone wants to build a business with a differentiator to stand out. On the other hand, smart businesses just focus on building business and let their rivals figure out the differentiators.

The shared economy as a concept works in almost every industry and will never go out of fashion. It’s like being a broker without being called a broker OR a consultant in spite of being a product company.

shared economy

Ok, that’s enough! I won’t bore you with more theory. Lets’ jump right into facts and figures with examples:

  • SaaS

Let’s say that you are a SaaS product company selling HRMS (Human Resource Management System), Hotel Management System, School management system, ERP, Accounting etc.

For instance, your product is HRMS and your customer is looking for an accounting system. What would you do? Probably, recommend your customer a software which is on top of your head.

Here is a different idea! The first thing you did is correct- refer a customer. Now, the second part is where you make a sheer 100% profit just by referring.

Let’s look at another approach where you have a potential client looking for HRMS and unfortunately, you don’t have certain features client is looking for. What would you do?

Referring a customer to another company is the last thing. And that’s true. Why would you? There is no good reason for that.

Putting into the math, let’s say you make $1200 a month if you acquire a customer or nothing if you don’t.

But what if you make 10% of $1200 every month even if a client doesn’t buy your product. That’s pure profit. Right? Yeah. But you it’s insanely stupid to refer a customer to another competitor. You are correct too. So that is where SoftwareSuggest Consultant Program comes into the picture. Where you can refer a customer without the customer knowing that you are the one who referred him and start making 100% profits.

What else? You always have a scope of bringing this customer back on your product when you are actually ready.

Now that’s, something out of nothing.

  • Medical Equipment

There are various platforms that promote the utilization of medical equipment on a sharing basis which adopts a data-driven approach to identify equipment usage metrics, and afterwards, it renders solutions to its healthcare clients.

So let’s say if an MRI equipment at a hospital is not being utilized at its full capacity so that platform will assist connecting nearby facilities with the hospital. The facilities can rent the equipment from the hospital as per the requirements.

This way, the hospital makes money and avoid losses by renting equipment, and the facilities save money as they don’t have to waste money on buying an MRI equipment. A win-win situation for everyone!

  • Transport

Uber is a classic example of a cab aggregator platform that works on a sharing economy model. As a rider, you must have booked a ride on Uber or may do so in the near future. Now, from where do these cabs come from? Do Uber owns them? No, it doesn’t own a SINGLE cab!

Instead, it serves as a platform for the car owners who can register themselves on Uber, and provide cab services to the riders. In a nutshell, Uber serves as a platform that connects service providers (cab owners) with the riders (consumers).

The concept aims at reducing traffic on the roads, facilitate easy and fast commuting, and ensure revenue generation for idle cars parked in the garage.

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