The service market plays a large role in the economy, Dubai Statistics Center identified services contributed a healthy portion of UAE’s GDP in the first quarter of 2020, before the pandemic hit us. Since then, the service market has faced challenges just like other industries, some were prepared, but others not so much…
Pockets of the tertiary industry have implemented radical game-changing developments in the past 3 years, some entities moved paperless for efficiency, accuracy, and environmental sustainability, whilst some FinTech and Telecoms forewent retail branches so no more standing in line, thank you Liv. by Emirates NBD and Virgin Mobile, what a result!
But, despite all the AI and automation advances, many niches face service-level challenges and stay stagnant, will they remain relevant and competitive post-crisis?
In part, outdated tools are the cause, many businesses remain in their comfort zone, using traditional processes, which now are ineffective, often require additional ‘workarounds’, consuming time and money, lacking real-time operations, and unable to handle multiple moving parts. Then you have the age-old “if it ain’t broke, don’t fix it” approach, which yes, maybe the system works, but could be drastically revolutionised to remain viable in this age.
Since the basic Excel CRMs days, cutting-edge tech has innovated the process tenfold, reducing time, improving UX, and consolidating tasks to meet end-to-end experiences. We are beyond the juncture where the traditional remains effective, nowadays competitive means progressive adaption.
One such severely affected service niches was photography. Whilst photography equipment constantly developed, the client sourcing method remains as it did 20 years ago, through word-of-mouth, recently supported somewhat by social media. Those lenses don’t come cheap, so finding quality clientele is critical for this market.
On the other end of the spectrum, Apple in the I.T. sector is storming ahead, reimagining the way technology is used, always staying ahead of the curve, and setting new benchmarks. This has been achieved through ingenuity and forward-thinking, creating a solution that customers want, through elaborate consumer insights.
Now, the service market consists of many functions and trades, so cannot conform to a definite benchmark, but regardless of your business goals, some points remain consistent for all service market niches to step up their game which includes:
- As fitness fanatics say, “Core is king”, and rightly so, a solid foundation stabilises a stronger frame, so if your existing CRM is not up to scratch, replace it!
- There is a plethora of automation tech available, capable of heavily reducing many manual tasks, use this efficiency to improve workflow and fulfil demands.
- Cloud-based platforms have revolutionised the accessibility of data, so incorporate this breakthrough with accurate, real-time functionality on smartphone devices.
- Exploit consumer insights, analytics work so make it count, period! Understand their real needs and values to fully deliver the quality service they want.
To sum it up
For the suffering service market segments, radical rejuvenation and industry ‘catch-up’ are fundamental for survival. The stragglers in question require the incorporation of readily available tech of CRM and cloud platforms to remain competitive, sustainable, and profitable, otherwise, risk becoming obsolete. Exploit the digital tools at your disposal, provide intelligent and evolving solutions.
Do you believe the future will steer into another direction? Perhaps something which already exists but nobody has considered yet? I will gladly discuss your insights on the topic, just reach out with your thoughts.
An article by Gautam Gajjar.