Ride-share apps are a fast-growing technology in the sharing economy, and for good reason. Apps like Lyft, Sidecar, Uber, and Go-Jek have made it easier than ever for consumers to provide rides on-demand, and drivers and passengers can make money both ways.
But it’s also true that the best way to make money is not always to use the best, most popular, or fastest ways to deliver and make payments. The best way to make money is sometimes not even the most popular or fastest way at all. It’s surprising how often this works.
How It Works
Because the system is completely open for anyone to use, it is not fair to the driver’s pocketbook or their reputation. It does, however, take advantage of the problem of ridesharing being completely open to anyone who has a car, a cell phone, and an Internet connection.
Think about it: “smart” phones (which have become completely ubiquitous in today’s society) became possible due to the introduction of new car technology and smartphones. While these devices were originally intended for use only by the rich and famous, they have transformed the world of transportation as we know it. Now anyone with a car and a high-speed Internet connection can offer reliable, safe, and affordable transportation for everyone else.
With amazing modern business models, a multitude of people has joined the rideshare scene. Because there are so many people offering these services, it means many drivers are competing for each ride. That competition, plus the fact that all of the people offering rides offer extra benefits such as extra money or other incentives, has also led to the creation of some truly outrageous deals.
A ride-share app, for example, can offer an unlimited amount of time (at an hourly rate) to the customer. At the same time, drivers may also offer a variety of other incentives including cash, credits, or rewards. These incentives, sometimes in the form of regular trips, coupons, or tickets can make it possible for customers to travel much farther than if they had used a traditional taxi service.
Of course, these kinds of offers do put drivers and customers in conflict. To get more trips, drivers are going to need to make more money, but the main incentive for the customer isn’t the actual ride itself. The incentive is the lower cost of the service.
The Best Approach
So, in these ride-share apps, what is the best way to make money? Should they offer a far more expensive service?
If you can think about it, the best way to make money with a ride-share app is to offer something that no one else is offering. Instead of offering a high-priced service, or an “amazing deal”, offer something completely free and as well as what the customers are paying for.
Sure, you can create the same type of service and charge the same amount, but to offer something completely free is unique and would drive up your income over time. It’s the same for everything in life, even making a lot of money.
What if you could offer highly-coveted cars at rock bottom prices and provide the same quality and reliability that you would get from luxury vehicles or high-end consumer goods? You’d probably be a lot more successful than the guy offering you those cars for the price of two pizzas at McDonald’s.
There are plenty of apps like these out there and many more that you can take advantage of, but don’t take advantage of these. Even the best ride-share apps to make money is taking advantage of the real opportunity that is out there and still offering quality services at amazing prices.