How do you convince millions of users to join your online marketplace? Andre Haddad, founder and CEO at Turo, talks about how he solved the chicken-and-egg problem with starting a marketplace.
In Today’s Episode, We’ll Dive Into:
What is a marketplace business model and how do you build a liquid marketplace? With a background as Senior Vice President, Product at eBay then CEO of Shopping.com, Andre Haddad, the Founder and CEO of Turo, shares how to build the next eBay or Amazon.
How is Turo disrupting the car rental industry? Overall, the idea behind Turo is simple. To help car owners make money off their cars by connecting millions through a liquid marketplace. Learn about Turo’s three distinct advantages over rental car companies.
How do you solve the chicken and egg problem in starting a marketplace? Turo has over 300,000 listings and 10 millions users. But this didn’t happen overnight. So Andre tells the story of building Turo from the ground up with no precedent, no market, no cars, and no users.
What KPIs/metrics matter most to a marketplace business? Andre details key components of a marketplace and discusses how the Turo team is constantly looking for ways to gauge and improve performance on both the supply- and demand-side of the platform.
What are the consistent patterns across successful marketplaces? Andre believes that it should be easy for people to experience a product or service. But the way a marketplace looks in the early days isn’t the same as the way it looks as it grows. Andre walk us through how to balance user friction and supply quality in an evolving marketplace.