Marketplaces Growth Strategies to break through the critical mass funk Jaime Ng Marketer | Growth Accelerator | Entrepreneur
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Marketplaces Growth Strategies to break through the critical mass funk
Jaime Ng Marketer | Growth Accelerator | Entrepreneur
Marketer | Growth Accelerator | Entrepreneur
With over 17 years experience across B2B and B2C businesses in US and Singapore.
Currently as Head of Marketing in RedMart, I am responsible for all marketing activities including customer acquisition across all online and offline channels, retention strategy, branding, partnership and marketing communications.
As a venture investor and active mentor of other startup founders, working as Entrepreneur in Residence in US-based weeoi Ventures, I also work regularly with founders in early-stage team building, business structure for growth and acceleration.
Who Am I
@jaime_ng https://sg.linkedin.com/in/jaimeng
Marketplaces Growth Strategies
Understanding which stage of growth you are in Strategies for seeding stage (Toddler, finding your footing) Strategies for growth stage (Teenage, ready to flourish) Statetgies for scale stage (Adulthood, plan to dominate)
Understanding which stage of growth are you in?
SEED GROWTH SCALE
< $100k - $2M GMV per year >$2m - <$12m GMV per year >$12m GMV per year
1 markets 1-3 markets 1-10 markets
New entrant status One of the market leaders Top 3 market leaders
No process, little data insights Some process, definitely data insights
Clear process, strong data insights
CAC cost not determined CAC cost determined CAC cost reducing
Other factors that are important to consider includes: - Size of market (ie. Potential) - Share of market (vs other players) - Nature of Marketplace (ie. What products are being sold; P2P, B2C or B2B) - Scalability
Marketplace takes time
PATIENCE
Marketplaces Growth Strategies
Understanding which stage of growth you are in Strategies for seeding stage (Toddler, finding your footing) Strategies for growth stage (Teenage, ready to flourish) Statetgies for scale stage (Adulthood, plan to dominate)
Seeding Stage
Pure Hustle Ø Everything is manual
Ø You are your own customer and perhaps seller
Ø Acquire customers quickly (Integration, Cross promotions)
Ø Keep improving the customer and seller experience
Ø Drive WOM adoption through social media integration
Ø Continue to evaluate and re-evaluate your strategy using data
Marketplaces Growth Strategies
Understanding which stage of growth you are in Strategies for seeding stage (Toddler, finding your footing) Strategies for growth stage (Teenage, ready to flourish) Statetgies for scale stage (Adulthood, plan to dominate)
Growth Stage
Double down on the hotspots Ø Identify what your winning formula is and double down on it (even if efforts are still
manual)
Ø Consider complimentary services focusing on growth (ie. Referral, Mobile strategy)
Ø Prevent leakage
Ø Keep improving the customer and seller experience
Ø Continue to evaluate and re-evaluate your strategy using data
Marketplaces Growth Strategies
Understanding which stage of growth you are in Strategies for seeding stage (Toddler, finding your footing) Strategies for growth stage (Teenage, ready to flourish) Strategies for scale stage (Adulthood, plan to dominate)
Scale Stage
Building an ecosystem Ø Develop an ecosystem within your domain
Ø Foster and emphasize on trust and safety
Ø Support your power sellers
Ø Keep customer mindshare first and foremost
Always be tracking KPI
Growth
Ø # of suppliers Ø Supplier growth rate Ø # of listings Ø Listings Growth Rate Ø Average Listing Price Ø GMV Ø NMV Ø CAC
Engagement
Ø Cohort Analysis Ø GMV retention Ø Concentration (ie. Range, Category etc) Ø NPS
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