to build aDISRUPTIVE10Questions To ask yourself

MARKETPLACE

What problem are you going to solve?

#1:

The biggest successes are not those who sell a better product, but ones that solve a customer problem permanently.

Identify product/service gaps in the market where customers are underserved or are not served at all.

Success story:Airbnb created a connect between random property owners and travelers. Made property owners into part time hoteliers and helped discerning travelers find affordable and cheap rentals quickly with the help of Internet.

#2. What value are you going to deliver?Here are the top 10 things that customers want out of online shopping:

#3:Give customers what they want.

Make it a point to prep your marketplace with ingredients accurate product pricing, shipping

costs, trust seals, search functionality, customer reviews and ratings, etc.

#4:Who are your Target Market?

SNACKABLE Your target market consists of customers

whose pain points resonates with your competitor attributes and your business cycle. Addressing their needs and preferences heads-on is the secret to increasing market share.

#5:Quantify your Total Addressable Market (TAM)

Total Addressable Market (TAM) represents the total possible customer population in a given geographical region or market region.

Eg: 900 households in an area out of 35,000 households with more $100,000 annual income.

#6:Why is TAM important?

TAM helps you estimate demand-supply ratio in a precise manner.

It helps size up the market possibility in definite terms, like:

● How many units can be sold

● How many online users will sign up

● How many app downloads can be expected, etc.

#7:

A marketplace backed by a mobile app in Android, iOS, Windows platforms is the best way forward to tap into the growing population of mobile customers.

How are you going to reach your lion share of customers?Cisco

estimates that 80% of the Internet

traffic originates

from mobile devices &

Google searches.

#8:How will you make money?What is your revenue model?

As an online marketplace, you can have multiple revenue models, including:

● Commission from sellers● Google AdWords advertising● Display advertising● Affiliate marketing

#9:What are the barriers to market entry?

Depending on the product you intend to sell or the service to offer there could be various barriers to market entry ranging from:

● Government permissions● Licenses and patent registration● Authority certifications● And so on

In a way, market entry barriers are great, since they ensure healthy competition.

Some questions to identify and weigh your customers are:

● Who are they? ● What do they do, how they do it? ● How well do customer like them? ● Can you exploit their weaknesses or outwit them with

your strengths?

If required, you can also engage a market research consultant to come up with a competition map.

#10:

Do you know your competitors?

Got an Idea. So, Why wait any longer?

SNACKABLE

Your target market consists of customers whose pain points resonates with your competitor attributes and your business cycle. Addressing their needs and preferences heads-on is the secret to increasing market share.

Let's Build your Dream Marketplace store.

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