What makes a successful marketplace startup?
Without a doubt, it's a marketplace business strategy. Thoroughly thought out. Detailed. Unbreakable.
When it comes to the start of a multi-vendor marketplace business, things become even tougher. You have to build the business model, value proposition, marketing strategy for all sides of your marketplace.
But here's the deal.
If you go through every stage that leads to the successful product development, you have nothing to worry about. Remember, if you leave out one or two items, one day or another the whole strategy may crumble.
How can you actually benefit from this article?
You will get an in-depth, step by step checklist on what to do before you start marketplace business. Simply check the point you have completed and move further. We have covered there everything from defining your marketplace vision to the development process.
Marketplace startup team
Before actually proceeding to the checklist itself, we want to emphasize the important factor, that influences the result of your “journey”.
It`s your team.
You need to have reliable and supportive people that work on the same mission with you and are responsible for a certain stage of your product development.
Let`s divide your team into 4 main sections
Here is what they are responsible for.
- Competitors review
- Requirements gathering
- Product vision and strategy
- Business value
- Product roadmap
- Communication between the team and stakeholders
- Technical strategy
- Product architecture
- Development methodology
- Engineering team management
- Define market
- Create value proposition
- Build keyword list
- Social media advertising
- Define sales territories
- Leads qualification
- Lead generation
We would like to embed the video from the founder of Hive - the company we cooperated tightly with. In this 2 minutes video, you will learn how to boost the productivity of your team.
Now, when you have a general understanding of the startup team, it's time to get a checklist on how to start an online marketplace business.
In this checklist you will learn
- How to generate business idea
- What to do during market analysis
- How to create customer portrait
- How to build value proposition
- What to do before product launch
- How to develop MVP
If you need a tailored advice concerning your marketplace development,we are always open to fruitful conversation:)