Lessons that you can learn from the success of Uber
Amazed by the business model of Uber? And ever thought of learning concepts that helped Uber to become what it is now?
If you're, then here are some lessons that you can learn from the success of Uber. And you can implement these in your business too.
[Get ready for a total value bomb!]
1. Value-based pricing - If you're a frequent Uber person, you've probably noticed a price gap during peak hours or in bad weather. This difference in pricing is called 'Surge pricing'. This pricing policy is used by Uber to ensure that riders who are in desperate need of a ride will get one. Read more about surge pricing here.
2. Engaging with users - Customers who are happy with their experience are the best brand ambassadors for a business. They aid in the spread of information. And, as any marketer can tell you, "word of mouth" is extremely important. Customers are more likely to believe word of mouth from family and friends than they are to believe advertisements.
3. Be an early adopter - Since it was the first on-demand taxi booking app of its kind, Uber had the benefit of becoming the first entrant. As a result, it was able to carve out a significant market share. So be an early adopter and try to launch your MVP as soon as possible.
4. Scalable and futuristic business model - Uber had a futuristic business model that helped them scale their platform to wider locations and related businesses. They built a platform that can be scalable as their business grows.
Isn't that fascinating?
This journey has inspired us to write a concise article about the lessons we can learn from Uber.
We have a special deal for you if you're motivated to start a company like Uber.
We've developed a product called Wooberly, which is a ready-to-use on-demand taxi booking app that you can use to start an online business similar to Uber.