Launching a marketplace comes with figuring out how to do many new things. From designing a logo to choosing social media platforms and finding suppliers. A marketplace uses suppliers in a different way. Marketplaces need to find suppliers that are willing to commit their time and expertise into the channel you provide for them.
How would you go about doing that? Well, we have six different ways to build for your marketplace. We’re revamping our core articles to help blossoming entrepreneurs like yourself!
1. Understand Your Customers.
Your “supplies” will essentially be the people that are working as the provider of the goods or services your marketplace is built upon. In this case before you even begin looking for these suppliers, you’ll want to find out what your target audience wants.
For example you want to start a marketplace for renting and selling furniture. Define the scope of your marketplace. Do you want to be high end, for businesses/homes, how deliveries will work out, etc… Your end customers are the key to understanding who to contact first. After the research is completed, you will be able to find industry and thought leaders to whom can be your first adopters.
2. Invest Time In Finding Suppliers.
The world is your oyster when it comes to finding the suppliers you want. Some helpful tips as to where to begin looking may just be in your pool of competitors. Contact some of the people you think may be interested in working with your marketplace as well.
Another option would be to use good old Google and other business directories. This may be helpful if you are targeting a very niche market. Social media platforms are we great way to find talent as well. With Facebook groups and viewing similar pages or accounts, once you find one, you will find many more.
3. Sell The Exclusivity.
Of course you’re proud of the brand you’ve built and the reputation you intend to have. Sell that to your potential suppliers! You will have hand selected the individuals that you deem fitting to be a part of your business and brand. It’s a great opportunity for both parties to benefit from this partnership. Be confident in what you do and how you can help the suppliers. These first adopters of your marketplace will be the ones to share their experiences and spread the word within their community. Maintain a good relationship with these people and your business will soar.
4. Promote Your Brand Early.
Even though your marketplace has not launched yet, it’s a good idea to promote your brand early. Go on Facebook, Instagram, Snapchat, whichever platforms you’ve chosen and create buzz about your company. Nothing gets people more excited than the launch of a company that seems to cater to their needs. Once your campaign begins you’ll hopefully have people contacting you to work with your business.
5. Differentiate Your Marketplace.
No idea is completely original anymore so it’s safe to assume that there will be competitors swimming in your industry. If you’ve gotten to the point of launching your marketplace, you better know what differentiates you from the other players. If you have easier payment gateways, better support, or excellent coding you’ll be able to attract more suppliers. Think of what your suppliers need and prioritize when working with a marketplace.
6. Content Is Key.
This form of marketing should not go untouched, especially when it comes to all things digital. This is another way to show that you know what you’re talking about and validate your expertise in your industry. Customers and suppliers want to know that they are getting accurate information from credible sources and creating content will provide that concrete evidence. Blogs, videos, or infographics are a great way to convey the knowledge and advice you want to share.
These modernized tips are a great way to build a supplier portfolio for your marketplace. Tap into each of these and you’ll be off to a great start building your business. Good luck!