On-demand marketplace is in trend nowadays. Startups such as Uber, BigBasket, and Helpr have stretched a good idea to its utter limits. There are now mobile apps for almost everything. From house cleaning to personal butler needs to on-demand tailor, you name it. And this time, app entrepreneurs have taken it to the next level. Recently, a new on-demand startup named LUXE offers on-demand valet parking service.
LUXE, inspired from Uber and many other on-demand startups, helps people to park their car in a congested city traffic situation by providing a valet to park your vehicle. The personal valet provided by LUXE comes to you when you pull over your vehicle, parks your car for you, and comes back when you need. The valets even takes care of filling gas tanks if it’s low and bring the vehicle to other parts of city, whenever you need. Additionally, the price is quite cheap. With hourly rate of just $5 for an hour that include insurance for both customers and valets is much affordable.
This young startup analyzed business model of several on-demand startups like Uber and other Uber like app startups, and took necessary steps to achieve rapid growth.
Lessons From On-Demand Valet Parking Startup – LUXE
Find Genuine Solutions to Real Life Problems
Every business in this world exists to serve a need of its customers. But the thing is, most of these businesses have the same limited set of business models, which might not be enough to solve all the problems people face. And companies that offer unique services and provide better solutions to real-life problems grow quickly.
If there’s one important lesson that app entrepreneurs should learn from LUXE then it is this: the only way to achieve rapid growth is by offering services or products that are unparalleled by its competitors.
Key Point: Companies that solve customers’ problems in the most efficient way with its unique products get more business. Make this your top priority and offer genuine solutions to real-life problems, better than your competitors.
Be an Early Adopter of Your On-Demand Idea
Being the first to stand in a new market is crucial. Uber, the first on-demand ride sharing company carved out a huge share of the market. However, Uber got competitors eventually, but the company still has a strong brand essence because it was first into the market. And this is why, most of the consumers always think of Uber whenever they think about ride-sharing companies.
For this reason, App entrepreneurs should take their ideas to market as soon as possible to get such significant benefits. Now this doesn’t mean you should rush things to the point of launching before you have your viable product ready, but you should also not waste your time with endless tweaks and design changes when you have the opportunity to be the first one to enter your new market.
Key Point: You can get a strong presence in your new market if you be the first one to enter your new market.
Leverage The Word of Mouth
Word-of-mouth has played an important role in the growth of LUXE, Uber and other other on-demand startups. As a matter of fact, Uber mostly grew exclusively due to word of mouth. The company surely invested in marketing since started, but the word of mouth still remains the best way to reach the consumers.
Since word of mouth has played big role in the growth of Uber and similar on-demand startups, App entrepreneurs should also leverage this technique as it helps to grow customer base and brand reputation.
Key Point: Satisfied Customers are the best brand advocates. Leverage them to their maximum potential to create strong brand reputation.
What Should Be Your Next Move?
We have dug a little bit deep to know the scope of Uber for parking startups. The recent forecast from statista.com shows a natural increase in parking revenues from 2010 to 2016, with a forecast to 2022. It is projected that the revenue of parking and garages in the U.S. will amount to approximately 9,827 million U.S. dollars by 2022. With the help of such valet applications, your parking startup can easily generate more revenue than traditional system.
Knowing these facts about successful on-demand parking startups, it may seem like a simple approach, but there’s actually a lot of work that needs to get done in backstage. These lessons surely deserves full attention and should be considered while planning your startup strategy. And in case you require any help of technical person, you can hire dedicated developer from us to execute your on-demand app idea!