CMX hosted a panel on building marketplace communities with Lyft, Udemy and SF Etsy. Below are the five tips that CMX contributing writer Katie Kalafus (@KKalafus) thinks you need to know. 

1. Collect Data

"Once you have this data, identify your “killer metric to success.”

2. Foster Collaboration

"If we wanted people to invest in Udemy, we had to invest in them,” Eliza Davidson of Udemy said. "This goes for any community."

3. Empower the Community

As David Rust from Lyft explains, “While you might be scared to give a community responsibility, it can actually be a rewarding experience for both parties if the process is in place to support this."

4. Promote Your Community Offline Through Events

"When Udemy saw that their instructors were meeting offline, they decided to launch Udemy local meetups, which are hosted by local instructors and supported by Udemy."

5. Communication is Key

"You have to think of the seller side of your marketplace as a partner in the business – especially when it comes to changes in policy or products. When companies are transparent and collect feedback before and after implementation of new features, the community feels more influential and empowered."

We agree with all these tips. Building community is definitely an online and offline process and it takes time. Make sure you start building your community even before your marketplace goes live. Use social media, email, and events to start mobilizing potential brand ambassadors for your business.  

Read the complete CMX article here plus watch the recording