Back in 2008, potential investors thought the concept of renting beds and rooms to strangers was a loony idea. When you had a ride in your city, you would call a cab — completely oblivious the market could offer another choice.
Sharing economy has been great for consumers, that are reaping the benefits of reduced prices and handy new options: They could now remain at a British castle for the price of a hotel room. They do not need to stand in line for a cab.
In its core, the sharing economy is all about fostering collaboration to turn underutilised resources into new revenue streams. This quest for greater efficiency appeals well past the consumer market as businesses seek to optimise assets by encouraging B2B exchanges such as vehicles, parking spots, office space and more.
The fast-growing sharing market is interrupting industries from ride sharing to fund to audio streaming. To capitalise on trends and thrive in the contemporary business landscape, marketers need to understand and accommodate these elements.
Beyond convenience and cost benefits, the sharing market was able to take hold because customers were prepared to rise above the standards of industries that had begun to feel stuffy, such as travel and hospitality. Every space gets ripe for change if customers trapped by limited options.
By participating and supporting the growth of the sharing economy, marketers can ensure they’re actively listening to their own clients’ needs and pivoting as necessary to succeed in the shifting sharing market climate. And when brands take heed of client insights, they can attract and convert customers using direct, meaningful messages and promotions that struck their intended mark and boost the company’s bottom line.