Maybe you’re a hair stylist, a dog groomer, or a massage therapist.
Or perhaps you’re a cosmetologist, an independent CPA or a seamstress.
Whichever sector your service service-based business is in, you know your business is different. It operates differently from the restaurant down the street, or the tech companies online.
And that’s because it’s part of the Relational Economy.
What is the Relational Economy?
The Relational Economy is a huge portion of the economy that is made up of local, service-based businesses.
It’s the biggest portion of the market, and it rests solely on relationships.
And when we say that the Relational Economy is huge, we’re not joking. 50% of the economy is made up of the Relational Economy.
The Product Economy consists of merchants, retailers, and wholesalers. These are the businesses that sell products to consumers or businesses. It corners about 25% of the market.
The Information Economy consists of information-based businesses, like technology and software. It also takes about 25% of the market.
How is the Relational Economy Different?
Relationships are important, no matter what your business is, but in the Relational Economy, the relationship between the service provider and the consumer is the business.
The businesses that exist within the Relational Economy have relationships with consumers that are more intimate, more personal, and more social.
Those relationships are the cornerstone of the Relational Economy.
The transactions that happen within the Relational Economy happen with frequency. For example, you get a haircut ever 6-8 weeks. You visit your dog’s groomer regularly.
You typically visit the same service provider over and over again.
The transactions that exist in the Relational Economy all go back to the first point – relationships.
The Relational Economy rests on appointments, so within the Relational Economy, the business’ calendar is their inventory.
Where the other economies sell products or information, businesses within the Relational Economy sell their time through appointments.
The Relational Economy: The Most Underserved Economy
The Relational Economy consists of service-based businesses at a local level, which makes up a huge part of the market yet is completely underserved.
Businesses in the Relational Economy outnumber the other economies, yet they are the most underserved when it comes to accessing the tools that they need to grow their business, to make their businesses more profitable, and most importantly, to make their relationships with the consumers better.
That’s why Schedulicity was started.
Schedulicity helps businesses in the Relational Economy manage those relationships and their inventory: their calendars. It’s the platform upon which this crucial relationship rests. We provide the service provider with powerful tools to better manage their calendar, which is the heartbeat of their business. We allow them to communicate in a way that they were never able to communicate before.
The Relational Economy is 50% of the market, but 100% of the consumers, so while Schedulicity not only helps businesses communicate with consumers, it also helps consumers interact with businesses in the Relational Economy.
In just a few square blocks in any given city, there are hundreds of local, service-based businesses.
The Relational Economy is a large, important corner of the economy. It differs from the other economies and, perhaps because of this, is completely underserved.
And that’s exactly what we’re trying to change here at RelatE.
Learn more about the Relational Economy in a first hand interview with Schedulicity executive chairman and founder, Jerry Nettuno.