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MenuPlease suggest a cost-effective and Better solution to Build MVP for 2 sided OR Multisided Services Marketplace platform.
Please suggest a cost-effective and Better solution to Build MVP for 2 sided OR Multisided Services Marketplace platform.
Thanks for your time and support in Advance!
PS: I am working on Multisided Services Marketplace platform to connect Various Service providers and students.
Answers
Hi
The concept is more or less as I explained in my answer here (on Clarity): https://clarity.fm/questions/6423/how-do-you-do-market-research
After you schedule a call, you can send me the specific details of the venture (who are the service providers, what type of students, your business model, etc.) and then during the call I will explain to you, step by step, what is the most effective way to do your MVP.
p.s.: just to be sure, you first need to validate your idea - this is like a mini MVP or Proof of Concept (POC).
I've successfully helped over 300 entrepreneurs, startups and businesses, and I would be happy to help you. After scheduling a call, please send me some background information so that I can prepare in advance - thus giving you maximum value for your money. Take a look at the great reviews I’ve received: https://clarity.fm/assafben-david
Good luck
The way toward building a convincing marketplace business comprises of various stages that can't be overlooked:
1. Research, that incorporates plunging into rudiments of building a marketplace startup: isolating the sorts of marketplaces, your thought approval, picking the correct plan of action.
2. Arranging. Task director of the picked group encourages you to expand the detail report with all necessities, wireframes and estimated budget.
3. MVP marketplace advancement. In view of the task plan, engineers actualize the item's usefulness.
4. A marketing strategy creation is grounded in building organic market models.
5. Launch and performance tracking.
There are two ways of how you can build your marketplace website:
Using one of the previously existing marketplace stages; fabricate your own marketplace without any preparation.
If need to make an enthralling marketplace site with redid usefulness and special plan, you should concentrate on improvement without any preparation.
Highlights for MVP:
Client Account and Settings:
The advancement of the two-sided marketplace site requires the production of two sorts of site clients - dealer and purchaser. Every sort of client has significant highlights. For purchasers, there are such highlights as enlistment, route, search and channels, access to data about vendors, and so forth. For venders - highlights that let them deal with their private and open data, make new ideas of products and services.
Ongoing Chats:
In the event that purchasers have a few inquiries for venders while picking the item or administration, they ought to have the option to find solutions right away.
Installment Integration:
Usage of straightforward and trustful installment frameworks like PayPal or Stripe is extremely significant with regards to such a stage.
Audit and Ratings:
Purchasers ought to have the option to leave criticism about the item (service) and rate the merchant subsequent to buying it.
Things you can do in order to tip the scales of the two-sided marketplace in your favor:
1. Pick a Niche:
General themed two-sided marketplace centers are most likely no longer a choice. Upwork is as of now the market head in such manner and we previously clarified why it is more critical to be first than to be better!
2. Begin doing things that don't scale:
To start with, you'll most likely be simply the one tackling your client issues in a single manner or the other. At the point when you are interfacing two sets up yet non-associated existing frameworks or elements, odds are you should delve profoundly into tackling their issues yourself from the outset.
3. Fabricate a network:
A definitive objective of making a two-sided marketplace is to construct a plan of action that scales uncertainly as the intensity of the network empowers each side of the marketplace to self-sort out and develop with low client obtaining or maintenance costs.
4. Make content:
Making content empowers you to construct a connection with the crowd around a subject and that is urgent for a plan of action that depends on client action to be fruitful.
Content
By composing aides and guidance for your commercial center specialty you find a good pace intensity of substance for SEO purposes and manufacture the trust factor that is critical to the accomplishment of a two-sided marketplace.
Content is additionally an incredible method to manufacture connections, vital for when you are building your locale.
As I notice networks once more, remember that you have to enable your clients. Offering them an opportunity to compose for your blog can likewise profit their picture and you can utilize that as an apparatus to drive up commitment.
5. Save and don't surrender:
The two sides' marketplace, as a rule, develops at a moderate pace from the outset. Prior to scaling, you have to safeguard and steadily improve your item while hanging tight for a chance to hit the quickening agent when the system impact kicks in.
You can't construct a network and maintain the emphasis on your individuals on the off chance that you are continually turning. This is the primary concern I consider distinctive when constructing a marketplace instead of a lean startup. You can only with significant effort to hack a network and fabricate trust. You can't make up for development speed with cash.
Feel free to book a call, if you have any further questions.
Hello!
I recommend to look into third party solutions. Due to your marketplace niche you can choose one of existing CMS (content management system). For MVP please look to wordpress CMS (wordpress.org). You can easily roll-out it in default design in 1 day and you can split the audience on register page. For different group of customers you can enable different functionality. I've launched several marketplace MVP on wordpress and then when the hypothesis confirm hired dev.team and develop my one platform.
Related Questions
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Broad niche or Targeted niche which way to go?
I always suggest going "uncomfortably narrow" initially so that you can really dial in the user experience and build liquidity first. Going broad will be tougher as there's too much noise to signal. Also, it's best to fake the supply side initially of you can to improve the buyers side first, then figure out supply & quality afterwards if customers are buying and you've proven out a demand strategy that will work.DM
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What is the best method for presenting minimum viable products to potential customers?
Whoa, start by reading the Lean book again; you're questions suggest you are making a classical mistake made by too many entrepreneurs who live and breath Lean Startup. An MVP is not the least you can show someone to evaluate whether or not building it is a good idea; an MVP is, by it's very definition, the Minimum Viable Product - not less than that. What is the minimum viable version of a professional collaboration network in which users create a professional profile visible to others? A website on which users can register, have a profile, and in some way collaborate with others: via QA, chat, content, etc. No? A minimum viable product is used not to validate if something is a good idea but that you can make it work; that you can acquire users through the means you think viable, you can monetize the business, and that you can learn from the users' experience and optimize that experience by improving the MVP. Now, that doesn't mean you just go build your MVP. I get the point of your question, but we should distinguish where you're at in the business and if you're ready for an MVP or you need to have more conversations with potential users. Worth noting, MOST entrepreneurs are ready to go right to an MVP. It's a bit of a misleading convention to think that entrepreneurs don't have a clue about the industry in which they work and what customers want; that is to say, you shouldn't be an entrepreneur trying to create this professional collaboration network if you don't know the market, have done some homework, talked to peers and friends, have some experience, etc. and already know that people DO want such a thing. Presuming you've done that, what would you present to potential users BEFORE actually building the MVP? For what do you need nothing more than some slides? It's not a trick question, you should show potential users slides and validate that what you intend to build is the best it can be. I call it "coffee shop testing" - build a slide of the homepage and the main screen used by registered users; sit in a coffee shop, and buy coffee for anyone who will give you 15 minutes. Show them the two slides and listen; don't explain, ONLY ask.... - For what is this a website? - Would you sign up for it? Why? - Would you tell your friends? Why? - What would you pay for it? Don't explain ANYTHING. If you have to explain something, verbally, you aren't ready to build your MVP - potential customers don't get it. Keep working with that slide alone until you get enough people who say they will sign up and know, roughly, what people will pay. THEN build your MVP and introduce it first to friends, family, peers, etc. to get your earliest adopters. At some point you're going to explore investors. There is no "ready" as the reaction from investors will entirely depend on who you're talking to, why, how much you need, etc. If you want to talk to investors with only the slides as you need capital to build the MVP, your investors are going to be banks, grants, crowdfunding, incubators, and MAYBE angels (banks are investors?! of course they are, don't think that startups only get money from people with cash to give you for equity). Know that it's VERY hard to raise money at this stage; why would I invest in your idea when all you've done is validate that people probably want it - you haven't built anything. A bank will give you a loan to do that, not many investors will take the risk. Still, know not that your MVP is "ready" but that at THAT stage, you have certain sources of capital with which you could have a conversation. When you build the MVP, those choices change. Now that you have something, don't talk to a bank, but a grant might still be viable. Certainly: angels, crowdfunding, accelerators, and maybe even VCs become interested. The extent to which they are depends on the traction you have relative to THEIR expectations - VCs are likely to want some significant adoption or revenue whereas Angels should be excited for your early adoption and validation and interested in helping you scale.PO
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How important is it for a marketplace startup to drive enough demand (customers) for your supply (sellers) to make a full time living off of it?
It's very important. (first, read this article by Josh Breinlinger - http://acrowdedspace.com/post/47647912203/a-critical-but-ignored-metric-for-marketplaces) The way you achieve success in a marketplace is by driving liquidity for both your supply & demand. Demand-side Liquidity = When users come to your marketplace, they can achieve their goals. Supply-side Liquidity = When supply comes to your marketplace they can achieve their goals... which are almost always to make money. If you're making a large amount of your supply-side users a full-time income, then you're helping them achieve liquidity. Now it's not so black and white and it doesn't always have to be a "full-time income." It depends what their goals are. E.g., 1) At Airbnb, renters aren't looking to quit their day jobs and become landlords full-time... they're just look to earn a substantial amount of income to offset their rent, mortgage, etc. So in this case, I would probably goal on # of renters that earn >$500 / month... and (in the first 1-5 years) try to grow this number by 10-20% MoM... and maybe by just 5% once you're in the mid-high tens of millions in yearly revenue. 2) At Kickstarter, the goal of the supply-side is to get their project successfully funded. They don't care if the project creator is "full-time"... they just want to make sure they meet their funding goal. This is why they talk about their 44% project success rate all the time - http://www.kickstarter.com/help/stats 3) At Udemy, our instructors want a substantial amount of their income to be driven from their Udemy course earnings... so we look at how many instructors are earning >$2k / month.DT
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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
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When creating a marketplace, does it make more sense to focus on stimulating demand first or supply?
Focus on the more difficult side of the marketplace. For instance, if you think it'll be easier to get suppliers, then focus first on getting buyers - always be working on your toughest problem (aka your biggest risk). You'll find some great blogging on Marketplace and Platform topics here http://platformed.info (read the ebook too!)CM
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