PPT - Preparing your sharing economy_ From Local to Global (1)

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Presentation Description

Thinking of scaling your rental marketplace from local to global? This PPT has summed the important things you need to look after. For to read in-depth, read this blog: https://www.rentallscript.com/how-to-solve-chicken-egg-problem-in-marketplace/

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Presentation Transcript

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Preparing your Sharing Economy: From Local to Global

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How well are you prepared in scaling your platform Do you think it is the right time to make this decision This PPT pinpoints the things you need to take care of while scaling your sharing economy business. 2

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1. Invest in Building Trust Let’s start with that

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Build a trust A sharing economy startup is successful when it is trusted by the people to use the platform. 4

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Take steps such as: Verifying owners/sellers When a seller/owner sign in to your platform verify their identification address and other official documents before renting their property. Keeping the review system Reviews help users in identifying the authentic service and owners. Ask users to review or rate their experience. Building Help Centre Mishaps are bound to happen. Being there for them during dire situation strengthens the bond and build trust among users. 5

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2. Identifying your Target Customers Yeah

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Create a strategy Analyze the targeted audience before devising any strategy. Get the data from: ▰ Surveys ▰ Feedbacks from customers ▰ Competitor analysis ▰ Market research firms 7

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3. Financial Backup How much you have in your piggybank

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Presentation design ▰ Scaling a marketplace involves investing a considerable amount of money in marketing building the required product and hiring experienced people helping to scale the company. ▰ An economical way is by bootstrapping the financial resource until the company is gaining profits and brand is recognized. ▰ For instance Craig Newmark started Craigslist as an independent project not thinking as a great potential. Soon it became popular demanding to start a website. It was started in 1995 but funded in 2004 by eBay. 9

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4. Marketing Strategy Build a brand.

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Consider these concepts Advertisement Advertise your marketplace service through mediums such as television radio internet and social media. Allocate reasonable funds to advertise your service. Referral programs An effective way to market is by asking the currents users or the sellers to bring in potential customers in return for a prize or bonus offerings. Word of mouth An organic way to build an audience. People will share their experience with others. It is marketing done with no efforts but it takes considerable time. 11 Affiliate marketing Allow other companies to post and promote your marketplace in exchange for a monetary fee is the fastest way of publicizing. Cold emailing It allows explaining in detail about the marketplace service and how their participation can be a win-win situation through email.

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4. Team Building Teamwork

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Having a power-packed team.. Having a good team behind the product building leads to a result matching the company goals. To build a team it takes time for the newcomers to get used to the environment and the internal functioning of the company. Things such as helping to form the team were: ▰ Giving training before assigning any project. ▰ Analyse the personality of the employee and assign the appropriate job role. ▰ Keep team-interaction activities to enhance the bond. ▰ Reward them for their work. 13

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Leadership Building Besides building the team encouraging leadership responsibilities tasks and ideas impacts positively on the company’s growth. Leaders make sure the team goes in the right path. To develop leadership qualities in your organisation one must: ▰ Identify the potential employee who can be a great leader. ▰ Educate and train them by keeping conference and meeting helping them to get better. ▰ Communicate with them and explain the company’s vision. ▰ Provide opportunities to showcase leadership skills. ▰ Monitor and reward for their accomplishment. ▰ Delegating responsibilities to managers. 14

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Strategies to Expand your Business When a marketplace owner decides to scale their service the first task done is weighing the pros and cons of each strategy examining the present condition of the company. 15

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Expand your marketplace by bringing in new product or service Add a new service to the existing one. Do market research thoroughly before you consider this strategy. Study whether the customer will accept a new service idea and the profits the company might gain. 16

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Expand your service to other geographical areas Start by expanding your service to another city state or country. It increases the sales and profits of the business if executed and strategized effectively. Study the market competition of the geographical area and evaluate the profit gain and success rate. 17

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Expand your service to a larger audience Expand your service to the other audience. When you plan to introduce a new service or product to a new set of audience apart from the niche people make sure you design a service making them feel connected to your platform. 18

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The Bottom Line Scaling a marketplace is much harder than creating a marketplace. I hope this PPT prep you to have the attention on the required things when you are thinking of scaling up your marketplace. 19

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Thanks Any questions You can find me at: ▰ Email : supportradicalstart.com ▰ Skype: radicalstart ▰ Website: www.rentallscript.com 20

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