Expanding a Marketplace Business

After launching your marketplace business you’ll start work on expanding it.

For the supply side, you want to increase the engagement with the suppliers. 

Instead of being one source of many to your suppliers, you want to become their primary source.

You can do so by setting up technical connections with the suppliers making it more difficult for others to gain access.

You can increase support to turn your suppliers from users into advocates promoting your brand. 

For the demand side, you want to expand the number of buyers.

This could be done by adding more buyers from other geographies or finding new types of buyers in the same geographic area. 

This could also be done by expanding the products offered to the buyers so you have the best or most selection.

Finally, you can expand your marketplace to a larger geographic area such as Europe or Asia connecting both buyers and sellers.

This could eventually lead to a global marketplace. 

Expanding your business will require a new set of tactics from those used in launching the marketplace.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.