Identify Your Best Opportunities to Excel at Your Go to Market Strategy
Imagine a world without parking fees, car payments, and oil changes. A world where hassle-free rides are at your fingertips. Would you subscribe? Recently, we’ve been propelled into the future with Uber’s autonomous car debut in Pittsburgh. In the same week, Lyft co-founder and president, John Zimmer, released his manifesto projecting the end of car ownership by 2025. This is not the first time Uber and Lyft evolved business models and product offerings through the same platforms, nor will it be the last. With the adoption of new technologies, the way these organizations compete will change. Emerging technologies, adjacent market developments, and shifting competitor movements create opportunities for differentiation and growth. The difference between market leadership and market loss could hinge on a single innovation. Recent developments with Uber and Lyft highlight the importance of identifying optimal opportunities for innovation, leveraging existing technologies and assets available in the market.
While Uber was established three-years before Lyft, the organizations’ business models advance in unison with similar driver promotions, prices, and surge charges. The organizations differ significantly only in size and brand reputation. Alignment of innovations illustrates recognition of current and emerging trends based on each other’s movement and marketplace activity. Understanding trends and a drive to change consumer behavior may prove vital to maintaining market control.
But what made these companies successful in the first place? The fulfillment of an unmet need with increased efficiency at low cost to the consumer. The creation of the sharing economy. However, the future according to Zimmer creates a divergence in the traditional sharing economy with the introduction of a corporate fleet. Drivers and car owners are gradually removed from the equation and replaced by cars owned by Lyft. This new development will impact consumer behavior in its attempt to change the way consumers think about and engage with transportation. Both Uber and Lyft are developing through autonomous car technologies; where will these organizations lead the market? Could investment in different technologies and platforms allow one company to surpass the other? Or will new players pose a threat to market leaders once self-driving and other technology becomes readily available? How will the competitive landscape shift and how can these organizations continue to create market disruptions rather than be disrupted by them? Faced with growing cross-industry competitors and shifting market challenges, an organization may strengthen its positioning through diligent market monitoring.