Starting a marketplace is no easy task. From finding suppliers to establishing demand, you will be facing an uphill battle. Do you have a growth strategy in place? You can’t expect to just be successful overnight. Here are 4 questions you should ask yourself to help accelerate growth.
1. Who Are Your Ideal Customers?
This may sound like a no brainer but you’ll be surprised how many people do not fully understand who it is. Your product or service is not made to solve everyone’s problem and if it is, then good luck. The more targeted you are with your customers, the better chances you will have of success. Start with the small fish before going after the big fish. Get your feet wet first and help fine tune your processes. The smallest mistake with large enterprise clients can make or break their decisions.
Have you established buyer personas? It may be one or even multiple depending on your marketplace. Are you targeting specific industries or job titles? These simple questions can help you and your team narrow down who your ideal customers will be.
2. Are You Utilizing Your Strengths?
Many people have developed certain skills or gifts over the course of their career to get them where they are today. Whether you are an expert in tech or a very successful athlete. The one thing they both have in common is that they play to their strengths by working on getting better one day at a time and understanding it is a long journey. Now don’t forget about your weaknesses or you will quickly become exposed. This is also a big factor to consider during the growth stages as there will be plenty of people looking to take down or attack your marketplace.
Capitalizing on your strengths will help raise your marketplace to the next level and distinguish yourself from the competition. Even if you have to restructure your business plan, take the time to do it in order to put yourself in the best position possible to succeed. It will pay dividends later on.
3. Have You Been Investing?
Now you may be thinking, “I barely have the funds to run my own marketplace, why would I invest in someone else’s?” Well that is true, but that is something you should also look into once your marketplace is more established. Before you do that, you must first invest in your employees. They are the direct line to your customers, so keeping them happy will make your customers happy.
Start by hiring people-oriented employees who are motivated and inspired to help your clients succeed. Find those who genuinely take interest in your marketplace and be sure to be compensating them accordingly. Don’t lowball them with your job offers as they will feel underappreciated. Soon enough they will leave for more money and the turnover rate for your company will be very high. Not only will this cost your marketplace money but also will put a bad name on your business. Let’s avoid that by investing in your employees and keeping them happy.
4. What Are Your Competitors Doing?
There’s an old saying that goes, “keep your friends close but keep your enemies closer”. That couldn’t be more spot on as it is important to be aware and understand what your competitors are doing. Now you don’t have to watch their every move, but stay up to date with new releases, features, or even content they are publishing. This will help you give more insight to capitalize on the holes in your industry and target an audience they may be missing out on.
Look at their business approach to things. Are they doing something unique or just blending in with the rest? Don’t be that marketplace that just follows the crowd. Set yourself apart and establish thought leadership to be the go-to marketplace. The more credibility you are able to establish, the higher your possibilities are to land new clients.
At the end of the day, stick to your business strategy. Don’t try to be something your marketplace is not just to please a group of customers. Stay true to your marketplace and you’ll be surprised what kind of results you can achieve.
If you have any further questions, feel free to comment below or send us a tweet @NearMeCo!