Loading...
Answers
MenuHow can I determine my ideal customer for a services marketplace similar to airtasker, thumbtack ,and so on.
I hired some developers and the product is almost ready. The target market is a developing country where there are no products like this.
Answers
Identifying user personas is critical to your agenda.
I originally come from South Africa, where the best "tech" startups are fundamentally copies of successful businesses in the USA or EU.
The advantage, of course, is that they can copy many of the aspects of the original market leader: UX, UI, user acquisition strategies, growth tactics, business models etc. They also have a great use-case for raising capital and a potential exit to a local player, PE firm or the original company they copied when the company expands to their shores.
So the key piece of advice: research who their ideal customer is. Read all the articles interviewing the team and watch videos where they discuss these issues. Want to be really sneaky? Get someone to interview them for you. Stalk them on social.
There are a variety of other tools you could be using to analyze their followers on different social media channels to discover who the ideal persona is as well. EG: Sprout Social.
Another thing to do: join their boards and see if you can get some business for yourself to see if you can get a handle on what the interactions are like.
Since I've successfully launched a marketplace and if I were to do it all over again, I would take a very methodical approach. My recommendation is the following:
1. Create an Opportunity Assessment. In other words, get your thoughts on paper about the opportunity. Start high-level doing secondary research. Determine your Total Available Market (TAM), your Serviceable Available Market (SAM) and your Service Obtainable Market (SOM). Make some assertions about pain points. Create customer personas.
2. Get out of the building. Talk to 10 prospects about their pain points and validate your assumptions about your customer persona.
3. Build a non-scalable MVP. Building a platform is a lot of work, money and effort. Before you go off to the races, see if you can service 10 customers manually.
4. Service those clients and account for your lessons learned. What did you learn in that process? Were you able to determine where the friction in your marketplace is (supply or demand side)? If you were to build a platform, what kind of prototype would you need to build? What features do your customers need to see?
5. Rinse and repeat with 20 additional customers.
6. Rinse and repeat with an additional 20 customers (total of 50).
If you go this route, I can guarantee you, you'll come out really know your customer and how your product/service needs to be developed. I hope this was helpful.
Related Questions
-
What is a better title for a startup head....Founder or CEO? Are there any pros/cons to certain titles?
The previous answers given here are great, but I've copied a trick from legendary investor Monish Pabrai that I've used in previous startups that seems to work wonders -- especially if your company does direct B2B sales. Many Founders/ CEOs are hung up on having the Founder/ CEO/ President title. As others have mentioned, those titles have become somewhat devalued in today's world -- especially if you are in a sales meeting with a large organization. Many purchasing agents at large organizations are bombarded by Founders/ CEOs/ Presidents visiting them all day. This conveys the image that a) your company is relatively small (the CEO of GM never personally sells you a car) and b) you are probably the most knowledgeable person in the organization about your product, but once you land the account the client company will mostly be dealing with newly hired second level staff. Monish recommends that Founder/ CEOs hand out a business card that has the title "Head of Sales" or "VP of Sales". By working in the Head of Sales role, and by your ability to speak knowledgeably about the product, you will convey the message that a) every person in the organization is very knowledgeable about the ins and outs of the product (even the sales guys) and b) you will personally be available to answer the client's questions over the long run. I've used this effectively many times myself.VR
-
Holding funds in a 2-sided marketplace?
Check out https://www.balancedpayments.com/ They are made for marketplaces. Airbnb CEO among others invested in them and they have some of the best pricing/payout fees. Also some good info on http://www.collaborativeconsumption.com/2013/10/08/online-marketplaces-are-hard/ One of Balanced Payments co-founders is writing this blog series on marketplaces.MA
-
Is there any typical questions for customers' pain points discovery or it's impossible to standardise?
I have built several multi-million dollar businesses using (2) very simple questions: "What makes you say that...." and "Tell me more...." No matter what someone says to you, you just keep asking one (or both) of the questions. If you do it 4 or 5 times in a row you'll learn everything you ever wanted to know.DW
-
I finally found my billion-dollar startup idea. Now what?
The idea is a very small fraction of what it takes to earn the first million. Certainly billion. What actually matters is your ability to *execute*. Entrepreneurship means "having the talent of translating opportunities into money". Or, as Alexis Ohanian of Reddit said, "entrepreneur is just French for 'has ideas, does them'." As much as it may seem that transitioning off your 9-to-5 is the biggest hurdle, it's not. If you can't "get out of the gate" then you're also not ready to deal with the real challenges of business, like "competition that has 1,000x your funding" or "suppliers that jerk you around" or "customers who steal your intellectual property". It's easy to have a "billion dollar idea". I'd like to mine gold off of asteroids; I'm sure that would be worth billions. I'd also like to invest in Arctic real estate that will become coastal vacation property after fifty more years of warming. And, of course, to make a new social network that everyone loves. But saying these things is very very different from accomplishing them. Prove your concept by first taking a small step, such as making the first dollar. (Maybe try Noah Kagan's course at http://www.appsumo.com/how-make-your-first-dollar-open/). If you can't figure out a way to "make it go" without a giant investment, then you're kidding yourself about your ability to execute the business. If you *can* figure out a way to get a toehold, then by all means do it now! Happy to advise further, feel free to contact me for a call.AS
-
Business partner I want to bring on will invest more money than me, but will be less involved in operations, how do I split the company?
Cash money should be treated separately than sweat equity. There are practical reasons for this namely that sweat equity should always be granted in conjunction with a vesting agreement (standard in tech is 4 year but in other sectors, 3 is often the standard) but that cash money should not be subjected to vesting. Typically, if you're at the idea stage, the valuation of the actual cash going in (again for software) is anywhere between $300,000 and $1m (pre-money). If you're operating in any other type of industry, valuations would be much lower at the earliest stage. The best way to calculate sweat equity (in my experience) is to use this calculator as a guide: http://foundrs.com/. If you message me privately (via Clarity) with some more info on what the business is, I can tell you whether I would be helpful to you in a call.TW
the startups.com platform
Copyright © 2025 Startups.com. All rights reserved.