Innovation in an on-demand economy

Bohemia digital business manager Alex Connell
By Bohemia digital business manager Alex Connell | 10 October 2017
Alex Connell

The on-demand economy is the economic activity that allows companies to immediately fulfil consumer demand via technology.
The most successful brands in this environment are embodiments of rapid technological innovation and changing consumer behaviour.

The questions often asked are whether this is merely a trend? Or will the growth slow? The categorical answer is no. This on demand business model has created and fulfilled a real time goods and services demand that consumers have responded to at equal pace and is therefore well and truly here to stay.

Instead, the question should be how can brands that aren’t digital natives built for this age start to innovate and keep pace in this futile environment?

Brands as services, technology as the facilitator

The first step is to imagine your brand as a service and think how technology can solve the consumer problem; marketing is no longer manipulation but utility. Instead of thinking advertising first, think what is the consumer problem I’m trying to solve and how can technology assist with that?

Collaborative culture

Establish a collaborative culture to rapid prototype and breakdown traditional organisational silos - organisations need to work harder, faster, be more responsive and flexible. Ultimately, they need to try, fail and learn.

Open up API’s

In this new economy, open API’s can act as brokers. Open API’s certainly aren’t just for the latest tech start-ups, they can enable your brand services to create new business and allow you to be seen on any platform large or emerging; tapping into additional revenue streams and growth opportunities.

UX design and consistent user experiences 

Consumers have more control than ever, over which ads, devices, apps, m-sites and digital experiences they’re exposed to, which means a higher barrier of entry in order for a brand’s digital experience to garner the desired effect. Effective ux design puts the user’s needs at the core while also considering the business objective and end result. it’s almost criminal not to have a ux strategy in 2017 given the average online consumer makes is exposed to 7-13 plus interactions before a purchase.

Partner early with platforms

Don’t wait for a platform to boast a billion users before you put your brand there. In the on demand economy, business growth can come from anywhere at any time so any presence is better than none at all.

Given we live in a time of rapid changes and accessibility your strategy should be determined by the marketplace but also influenced by what’s outside it. Successful brands such as Facebook, Amazon and Uber, all reframe their entire categories due to flexible business models and consumer-focused innovation at their core.

With the on demand economy showing no signs of slowing down, the brands that succeed will be the ones who adapt, embrace, test, and learn their way into the future.

By Bohemia digital business manager Alex Connell

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