3 Things To Do Before You Launch Your Marketplace

Are you in the midst of planning your marketplace idea or about to launch? No matter what step you’re in, props to you! We have a few tips for you to create a strong foundation for your blossoming business to sprout upon.

1. Create Your Customer Persona

This tip has hopefully become a broken record for you. Doing the proper research and information seeking can not be stressed enough when it comes to starting a business. The truth is, you don’t fully know or understand your customers. For example, if you’re opening an online footwear marketplace you believe that most customers will be young professional women between the ages of 24 and 40. What you could be missing is the opportunity to tap into the college ages that have spending power and highly influenced by social influencers or the spike in athletic shoe popularity.

All of this information is hidden within your target. Conduct the research and funnel down the characteristics you look for most in your ideal customer. You can create different profiles with varying ages, jobs, locations, and interests. Give them a name and real life situations to make a more concrete idea of who you want. Form two or three, in the beginning, to get you started so it’s not too overwhelming.

2. What’s The Problem?

If you want to start a business you have to answer a problem the public has. Airbnb, for example, wanted to bring in a new concept of home sharing to the public compared to the expensive hotels in many major cities. Your problem doesn’t have to be bringing in world peace but as long as it appeals to a large enough audience and is valid, you’re off to a good start.

If you found your problem and solution, look at your competition. Find ways you differ from them and highlight that. What makes your marketplace a better choice compared to the others that may offer similar products or services? Work on your strengths and once you’ve found your groove, keep looking for ways to improve your craft, it’s a continuous cycle of growth, stay hungry!

3. Find Traffic Sources

Alright, you’ve got your target persona(s) and you’ve discovered the solution to your consumer’s product. The next step is to find sources of traffic or where your customers frequently visit.

These locations may be online or in person and figuring this out goes back to the research you’ve done in our first tip. Create ads and videos that attract your consumers. If they like how-to videos or infographics, make some! You can also partner with other similar companies that have overlapping consumers. The possibilities are endless, check out this article to see how to increase your customer base.

BONUS TIP! For more ways to attract customers, you can start a blog. Being a thought leader makes your business seem reliable and knowledgeable about your field. Check out this article to find out more about the benefits of content marketing. Good luck!

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