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5 lessons from the sharing economy.

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You don't have to be part of the sharing economy to emulate what it got right. Here are 5 lessons every business can learn.

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5 lessons from the sharing economy.

  1. 1. SHARING ECONOMYSHARING ECONOMY 5 LESSONS FROM THE SHARING ECONOMY PRESENTED BY
  2. 2. Sharing economy (noun): At the heart of the sharing economy is the ability to unlock the value  of unused or underutilized assets, for free or for a fee, directly from individuals.
  3. 3. YOU DON'T HAVE TO BE PART OF THE SHARING ECONOMY TO EMULATE WHAT IT GOT RIGHT. HERE ARE 5 LESSONS EVERY BUSINESS CAN LEARN.
  4. 4. LESSON 1: Solve an acute problem.
  5. 5. Sharing economies emerge where there is a high degree of pain. Listen to your customer's most pressing pain points, and offer real solutions. The Takeaway:
  6. 6. Shyp hacked an everyday pain point— boxing, labeling, and shipping packages and returns—by taking the logistics and hassle out of personal shipping. Users can scan an item they want to ship using Shyp's app; the startup then sends over a driver to pick up the item, package it, and mail it to the chosen destination. Case in point:
  7. 7. LESSON 2: Create an experience.
  8. 8. Sharing companies have found a way to buy and sell something abstract as “experience”. Consumers crave personalization, and delivering it will build relationships and brand loyalty. The Takeaway:
  9. 9. Airbnb gives renters the opportunity to experience a new city as a local, in a local neighborhood, with amenities not available in a traditional hotel. To maximize the full local experience, Airbnb also gives providers the opportunity to host local events in their community where they can share hidden gems, local culture, and unique activities to renters during their stay for a small additional fee. For some highly-rated Airbnbs, it’s an experience travelers believe is worth paying for. Case in point:
  10. 10. LESSON 3: Gain your customer’s trust.
  11. 11. The sharing economy relies on real-time information to gain unprecedented trust with customers. Share project data and updates to assure your audience you're looking out for them, and ask for feedback. Authenticity builds trust. The Takeaway:
  12. 12. TaskRabbit, a web platform that specializes in connecting people who need chores done with people willing to complete them, cultivates a trusted marketplace by utilizing the real-time capabilities of social media. By listening to customers' problems, owning up to mistakes when necessary, and responding at lightning speed, TaskRabbit creates a culture of transparency and authenticity that builds trust with customers. Case in point:
  13. 13. LESSON 4: Don’t hide behind your app.
  14. 14. Much of what makes the sharing economy work is based on human connections and community, not technology. Focus on quality service and earning positive WOM. The Takeaway:
  15. 15. Peerby, an Amsterdam-based app and website that lets people borrow items from their neighbours, believes people are wired to share. Its business is built around human-to-human interaction, and connecting people and communities to underutilized resources. Peerby's founder Daan Weddepohl notes that while most people prefer to lend items to their neighbors for free, technology makes more of those connections possible and a free flow of feedback makes each interaction more trusted.  Case in point:
  16. 16. LESSON 5: Do it better with data.
  17. 17. Sharing companies run on data because they know when buyers and sellers have better information, everybody wins.  Collect and analyze data about your past performance, target audience, and customer touch-points to inform better business decisions. The Takeaway:
  18. 18. For sellers, eBay offers real-time demand data from shoppers around the world. The site's searchable online marketplace allows people to set their initial prices based on easily accessible information that tells them what others are charging for similar items. For both parties, eBay’s data transforms the shopping process from an arduous, inefficient slog into something easier and much more satisfying. Case in point:
  19. 19. To learn more, visit domo.com
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