[S1E12] And The Pop-Up Sale
Caroline and Max's pilot light go out on their oven, making baking difficult. Caroline brings out some of her jewelry stash to choose one ring, pawn it off and raise money for a cheap but new one. After failing to get a fair price at a pawn shop, and an attempted return gone wrong, the duo set up a pop sale in a shopping mall bathroom. They get customers, but when some of the bathroom users turn out to be people from Caroline's past, she panics and leaves Max. Max is hurt and doubts Caroline's longevity and commitment to their partnership. Her icy silence is only alleviated when Caroline sells all of her rings, and surprises Max with her dream oven.
[S1E12] And the Pop-Up Sale
Michael: [00:23:17] And then, you know, another kind of based upon is all really simple, which I think was part of the beauty of it. On like a Friday, you'd then go take all those notes and summarize it and send it to you client and say, "Hey, this is all the marketing I've done. These are the people I've spoken with, this is who I know is interested in it, this is the feedback I'm getting." And it's then these all like, overview reports for all the deals you are trying to sell. Every Friday. And I figured, you know, let's make that a click of the mouse. So, not only do you know real time who's looking at your property, but you can also supply them with information and a lot of the document signing and the process of like, signing a confidentiality agreement and exchanging documents to get the buyer to know more about the property, who that buyer was, all the notes you had, literally, all the marketing you've done, you literally had a button at the end and it spits out that report for you to send over to your seller or client so they know exactly how defective, you know, the sale is going.
Sjoerd: [00:29:47] And this brings me to another interesting insight this season, subscription marketplace. We haven't seen a lot of that this season necessarily, but Ryan makes a really good case, especially if you a boot strapping your marketplace or you don't have any venture capital behind you, if you know you are offering enough value and it won't be hurting your marketplace, in fact you could go for membership or subscription model early on. There's a couple of benefits, first of all it creates predictable revenue, like Ryan says, but also the concept of having skin in the game might actually really, really improve the quality of your supply but also some other marketplaces added a subscription layer later on, like for example, CREXi, initially they offered their tools for free but once they felt that it was providing enough value they started charging separately for the use of the tool. And then let's move on to the final insight, which is maybe unpleasant to hear for anyone about starting a marketplace but getting the supply onboard early on is probably manual unscalable work. So, like Sophie already mentioned, a lot of the people think, you know, you launch the marketplace and things just automatically start running. I think I can safely say that that was the case for absolutely zero of the people that I interviewed. Almost all of the marketplaces that we talked to did some kind of formal direct sales. Jacob Wedderburn-Day, the founder of Stasher which is the platform for finding temporary storage for your luggage told us about how they got supply onboard early on.
Jacob: [00:31:21] We've got better methods now, but the, uh, early days, and to be fair it does work, was this, you know, we'd pick an area and we'd just walk around we'd see like, see a promising looking business or hotel and we'd go in and we'd either have the meeting there and then or we'd try and set up a meeting, you know, if management wasn't around. It was actually- it was amazing sales practice, I still feel like it's the kind of training... Every time we hired someone new at Stasher we'd make them do at least like one day of just kind of like foot sales like that [crosstalk 00:31:49] that's good business training and for us, I think especially l- l- looking early days when we only had a handful of posts on the platform, it was quite important to have that kind of in-person sales experience of understanding, you know, what it is they liked, what it is they didn't like, what we pitched that made them excited, what we pitched that made them nervous [laughs] and try and strike that balance in the way... Because that ultimately feeds back and helps you form the product as well. 041b061a72