If creating and running an eCommerce website comes with many obstacles, then running a marketplace has twice the obstacles.
Building a marketplace is like building two e-stores simultaneously: one for the supply (businesses) and the other for the demand (customers). At the same time, you need to be careful to keep the balance between the two. Not only that, but supply needs B2B marketing and demand needs B2C marketing.
Airbnb, Uber, Etsy, Zocdoc… each one of these now-successful startups operates in a very different industry. Also, they have different kinds of supplies. For example. Uber is a homogenous marketplace, meaning that all rides offer a similar experience. But this is not the case for Airbnb, as one house/apartment can be quite different from the other (differences in size, location, price, amenities, etc).
And then there is the frequency of interaction: Users can visit Etsy every day just to take a look at some new jewels, but they will visit Zocdoc only when it’s necessary. Each of these platforms handles its frequency differently.
No matter the differences, however, all marketplaces face many of the same challenges. One of the biggest of these challenges is that you need to be building your funnel simultaneously on both sides. The funnel of demand needs to be aligned with the funnel of the supply channel. Otherwise, suppliers and users will not bother with your marketplace.
Every funnel is different but here’s what building a funnel on both sides looks like:
This is also where we come in. Trying to give the right answers to the right questions:
