Try to generate a new idea for anything that you think can be marketed. For instance, an idea can crop up for a new watch design or for making a much smoother peanut butter. Make it certain that your idea translates into either a real product, process, or innovative design. If you can imagine an exquisite watch face, you are most likely to draw up its design on paper and decide upon the materials to be used. Likewise, for making a smoother and consistent peanut butter you have to jot down the steps involved in the procedure and the ingredients required. A great marketplace idea also evolves from product research or process which includes a study of manufacturing cost along with market research. These are essential to arrive at the profitability of selling a product and to present it to the purchaser or potential licensee.
Here we compile some of the buzzing ideas that help to produce marketplace ideas.
Solve A Genuine Problem
Not finding solutions for a genuine problem is among the general reasons for a marketplace to fail. You need to make sure that your marketplace is not prey to such a trap.
Marketplaces are especially complex as you require to resolve problems from the side of the consumer as well as the provider. It may be possible that solving one major problem may prove insufficient and you may require to solve two problems.
Though money is not often the best yardstick to measure, a proper way can be to gauge the dimension of the problems about money. The amount you are ready to pay if someone resolves the problem on your behalf. This is the reason behind the success of marketplaces with the sharing economy that handles high-value products. Sharing any asset is an innovative idea for a marketplace. Your marketplace must deal with a pain point or needs that do not come out in the open. In every marketplace business finding solutions directed towards both the groups -the sellers and the buyers becomes necessary.
Experimenting With The Idea
After you decide the issue to be resolved and the approach to be pursued, it is essential to experiment with the idea. Most of the ideas sound terrific when discussed among a few people but ultimately the success of a marketplace depends on whether the market welcomes the idea.
Your first move should be to conduct market research. Make use of the internet to carry out a detailed market analysis finished with competitor analysis. Collect substantive details about the present industry trends. Attempt to find out whether similar ideas got implemented previously and the challenges faced. This makes it comparatively easier to analyze if such challenges can be subdued.
Following this, you need to discuss the concept with numerous people more so with those who align with the customer demographics for your forum. Many startups are unable to make a resourceful and profitable platform as the consumers are unwilling to make payments for the full price offered by the marketplace services. Thereby, it becomes necessary to create a revenue model after the culmination of the research.
Selecting The Proper Platform
Once you conceive an idea, it is essential to select the proper platform to raise your marketplace. You need to go for a marketplace solution that is scalable, interactive, and convenient to integrate with various processes such as a delivery management procedure, profiles, listings, or payment gateways. Choosing an apt platform promotes and expands your business.
Interesting Marketing Ideas To Use
You can choose your favorite captivating marketing ideas from the marketplace:
The eCommerce marketplace has emerged as a fast-growing platform. A most typical example is Amazon, but there are also big league marketplaces such as Etsy which indicates a rising prospect for this industry.
Vacation rentals like Airbnb are one of the leading marketplace businesses. As accommodation and commutation are things that everyone will be willing to make payments for. At Airbnb, thing extends beyond vacation rentals to include boat transportation and renting venues like spaces for events.
Consulting, web designing, and freelancing are the new industry stars. Out of three in American, one is a freelancer and half of the society is estimated to shift into the business economy within a few years. Along with that, companies are at an advantage from flexible contracts. This is the reason behind the sharp rise of talent marketplaces like Toptal and Upwork.
Are you aware that 74% of Americans prefer experiences in place of products? The ideal way to offer them such an experience is through a marketplace.
Airbnb promotes its marketplace for offering travel experiences. Experiences involve particular travel and sports experiences as well as gifts and musical feels, and so on.
Some marketplaces extend beyond business to customer relations. A B2B marketplace provides an exclusive facility or product for B2B transactions. These can comprise specialized services, tools, or equipment associated with a specific kind of business. The Chinese marketplace Alibaba is among the notable B2B marketplaces present.
A huge market for marketplaces is offered by housekeeping. Marketplaces such as TaskRabbit are offering diverse kinds of home services. Various housekeeping ideas for the marketplace include pet care, insecticide spraying, and cleaning, as well as childcare for the elderly.
Ultimately, your marketplace idea can cater to a niche marketplace that addresses a specific kind of customer. Like for instance, it can include a wedding or travel marketplaces.
Choosing Between Wide Or Limited Marketplace
Every entrepreneur encounters a situation where they have to choose between initiating a vertical or horizontal marketplace. A diversified horizontal marketplace such as Yelp or Craigslists accumulates a diverse range of categories. In a horizontal marketplace, the products are developed in a way to meet the demands of more than a single industry. A vertical marketplace such as Airbnb focuses on resolving one problem at a time that is searching for temporary accommodation.
If your marketplace deals with sharing every kind of tool all across the world, a viewer searching for a jackhammer in France may not offer positive results as there is no availability of jackhammers in France. If you pinpoint on sharing jackhammers within Detroit, there is a higher possibility of your customer getting what they are searching for.
For an entrepreneur, it is often suggested to go for a vertical platform as they focus on a single thing and can develop their platform primarily around one problem that is faced by their users and hence provide an amazing experience. A broader focus is effective as an early-stage plan to discover your niche, but after it has been identified, concentrating on a single product or facility vertical is an ideal way to move ahead for a large number of marketplaces. It is beneficial to think about the initial launch of your big company. Amazon began by solely selling books. Airbnb began by providing lodging to designers who were participating in an exclusive conference in San Francisco.
Converse With Your Potential Audience
If you have consumers under your purview, find out where they invest their time and be there to ask them questions (for instance particular neighborhoods or coffee outlets, sporting activities, concerts, or conventions). If you land up in a coffee outlet, print an emblem for your laptock back with the saying: “Your feedback over my offer for a free espresso”.
You are aiming at B2C businesses, reach them out as a consumer and pose before them certain questions. Try to purchase something if it is sold for retail. If your target is a B2B business.
Send them an email or attend conferences in which they participate. Attempt to fix an informational conversation based on the assumption that you are working towards improving their industry and require their expertise and valuable advice. Generally, people prefer when others seek their expertise.
Check Out For Fragmented Markets
Marketplaces are amazing at assimilating products or services under one roof and making it easy to access and search by their customers. They flourish in locations where lots of small players operate and offer their services in place of leading, centralized providers.
Thumbtack has picked the local market for professional services from music teachers to plumbers. Etsy assisted people to sell their custom-created crafts. Marketplaces like Upwork and Fiverr offer digital services to freelancers. Such types of service givers have been in existence for many years but did not get access to a central aggregator which was made possible with the advent of marketplaces.
From the perspective of a customer, the marketplace acts as a single stop and lets you find the providers from similar services and compares them effectively. From the standpoint of the provider, the marketplace provides them with more customers. Both groups have their issues resolved and serve and everyone wins.
Go For A Presentation Package
Think of a presentation package for your product or system. You want to keep everything properly packaged and presented with a professional look before offering it to a purchaser or licensee. The package should have a simple format that is convenient to read, researched thoroughly, and should contain the prototype.
You have to think about how you will raise revenue from the product or process. May either sell the rights to intellectual property or present the company with a license to utilize it. You can either manufacture the product yourself and sell it to a firm to market, or even sell the patent to them on the product and the procedure to manufacture it to let the company develop the product on its own.
Brainstorm your marketplace ideas and create lists of likely customer types, pricing models, or businesses. Analyze the opportunities you get when these lists overlap and discuss your ace ideas with genuine potential users or suppliers. After all, your marketplace ideas have to pick up trending ideas or areas, transform your hobby into business avenues. Do not forget that implementing your marketplace idea is the toughest part of your journey.