Craig Smith, CEO of ServiceMagic, just finished his keynote address the BIA/Kelsey Marketplaces 2010 conference. His business is definitely impacted by the rise of social media given the importance of word-of-mouth in service providers recommendations. ServiceMagic has embraced social features early on with merchant reviews but is now getting into Question & Answers and neighborhood group buying. He issued a call-to-arms to the industry saying that we (the industry) need to deliver more value. How? He suggests the following four points:
- Take risks
- Disrupt our current business models
- Invest in long term value creation
- Invest in deeper relationships with customers
He concluded by saying we would see more change in the industry in the next two years than in the last ten.