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How To Build A Two-Sided Marketplace - YouTube
Channel: Dan Martell
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- Building a two sided market
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is probably the hardest thing you can do.
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A few weeks ago I organized
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a market place founders dinner.
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Because I felt like there needs to be
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almost like an AA meeting type
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for those founders that have decided
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to build marketplaces.
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You know, like, and I
don't know if you know
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what a marketplace is but
like and Etsy or an Ebay
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or Clarity, my startup.
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It's where you build a platform
and you hope that people
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on the supply side and on the demand side
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come together to complete a transaction
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and get a lot of value from that.
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And the reason why it's so challenging
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is you've got both sides of
the market to figure out.
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When you build a normal technology company
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or you build any busines,
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you have a customer and you have a service
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and you deliver it.
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But with any marketplace
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you have that same concept times two.
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So, what I want to talk about
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is how do you do that effectively.
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I can only speak from my experience.
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I don't know if you've
checked out clarity,
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But clarity.fm where
marketplace for entrepreneurs
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to get advice from experts,
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real world experts with experience,
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over the phone.
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To grow their dreams
and businesses forward.
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And we've completed over 250,000 calls
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in the last 18 months.
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It's been growing 30
percent month over month.
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It's really taken on.
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And the challenge though
is in the beginning,
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is getting the fly wheel going, right.
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I mean everybody that's tried to start
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they always say like, in the
beginning how do you start?
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Here's my suggestions to you.
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Number one, focus on one use case, right.
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So, for us it was marketing as a topic
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but also within marketing SEO.
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So, if you're doing a
vacation rental site,
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like an airbnb, VRBO, or Homeaway,
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maybe you would start with treehouses.
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Now that sounds crazy.
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But you might even start
with treehouses in Europe
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or even within a specific city in Europe.
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But really focusing on
a very focused use case
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and even a product set, helps
you streamline the experience.
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Because if you're trying
to do too many things
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within a broader market
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and something's kind of taken off,
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it's really hard to
understand what is working.
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Once you know what's working,
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then you can add on or
stack on, as I like to say.
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Stack on is different tan gentle market
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so we started off with SEO in marketing
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and then we added other types of marketing
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like Facebook marketing, growth hacking,
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online marketing and content marketing.
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And then from that,
from a marketing bucket,
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we then tacked on business
development then sales.
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And we just kept expanding and expanding,
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whereas two years into it almost
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we have different, we have
four thousand categories
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and a bunch of different topics.
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That's the way I believe to start,
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by building a very focused use case,
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focused on doing one thing really well
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and making it niche.
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Sometimes people call it
uncomfortably narrow as a niche.
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So, try to think, am I
really uncomfortably narrow
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as how specific this
marketplace deliverable is.
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The other thing that I would say is
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focus on the demand side.
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You know, a lot of people
they think ok well,
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I want to do this kind of marketplace.
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I need a bunch of supply
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and supply is the people
delivering the service.
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If it's buyers and
sellers, it's the sellers.
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And I would argue that
it's better and easier
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if you focus on narrow
offering, to fake the supply
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or essentially pay the supply to be there.
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I mean Uber was famous for, you know
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when they started their black car service
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they didn't have ten thousand
black cars signed up day one.
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They went to a company and said,
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look, you've got twelve cars.
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How about I pay you to
just have them respond
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to these messages on this
iphone app that they gave them.
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And then that black car
service would just tally up
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all the drives and send them one invoice.
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And that was the beginning of Uber,
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now a multi-billion, I
think they just raised that,
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60 billion dollar valuation.
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Companies started with that same concept.
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So, fake the supply or restrict it
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to a very specific use
case, where you can control
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and deliver on that promise
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and focus on the demand.
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Focus on finding the ideal
customer that has that use case
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that need, for your marketplace.
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You know, those are the two big things.
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And then the third thing I'm gonna say is
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I believe the world has
gone from a 1.0 version
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of a marketplace,
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to a 2.0 to now what we're in a 3.0.
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And a 3.0, well, I'll start with a one.
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One was Ebay, one was Craigslist,
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where It was kind of a free for all.
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A 2.0 is more like a curated,
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very focused marketplace.
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with identity and privacy and trust.
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Which would be more like
an airbnb or an Etsy
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or kind of like where they're
leveraging social trust
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to build liquidity in the marketplace.
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The third kind is what we're seeing now
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where essentially they're
fixing the supply side
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of what you get.
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And that would be Homejoy
for home cleaning services,
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Uber and Lyft for delivering,
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where I guess the way to look
at, is they set the price.
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Whereas, in Taskgrab it
would be a 2.0 example.
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But a three is where you say
look, this is the offering.
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This is what we deliver on.
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We own that brand, that consistency.
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Those people might be contractors
to us on the supply side.
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But we will own the experience.
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We will be responsible for that
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and the price is fixed.
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So, there's this consistent ever going ...
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I mean another example will be Fiverr.
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When you go to Fiverr,
it's like the name says it.
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How much is it gonna cost?
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It's five bucks, whatever you want.
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So, FIverr is an example of a 3.0.
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If you haven't checked out
FIverr you gotta do it.
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I mean, you're gonna probably
spend the next three hours ...
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If you haven't been there,
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start watching some of the crazy videos.
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But, Fiverr is an example
of, here's an example ...
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A 2.0 version of Fiverr would be oDesk.
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But what they said is look, no,
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we want to reduce the
friction and build liquidity.
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And they said everything's five bucks.
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Everything's bought in this format.
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You know what you get.
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The person's offering
is exactly that thing.
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And when you take the first,
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all these strategies put together,
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it really helps you build a
marketplace with liquidity.
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One, focus on a very
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uncomfortably narrow niche offering.
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Two, focus on the demand
side versus the supply.
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And then third, figure out are
you a 2.0 or a 3.0 offering.
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And it's even easier sometimes to go three
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and maybe back to a 2.0.
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Anyways, those are my ideas
on how to build liquidity
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in a marketplace is challenge
that a lot of entrepreneurs
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and founders are facing right now.
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And I hope that brought value
to you, leave a comment below.
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If the number one take aways
you got from this video
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and I hope that you continue
to growth stack your success
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and you live a passionate life.
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Have an amazing day!
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