Three Ways to Make Your Next Marketing Campaign Successful for Your Double-Sided Market
Starting. Operating. Surviving. Undeniably, these three words are the challenges double-sided market enterprise owners consistently face.
Winning customers while creating a balance in supply and demand in a double-sided marketplace is an involved practice. The good news is that there are ways to beat this complexity. Once such way is to tailor marketing campaigns that resonate well with your suppliers - as well as customers.
In this article, we’ll highlight three marketing tactics you can successfully incorporate into your next marketing campaign. These include face-to-face marketing practices; targeting one side at a time; and leveraging the power of social media.
Does the thought of having face-to-face meetings with your potential customers sound too overwhelming? Perhaps, you might call it quite impractical for a double-sided marketplace. However, the truth is that this marketing tactic has already been successfully performed.
An ideal example is that of SitterCity.com, a company that helps create a connection between parents and babysitters. In the early days of her enterprise, Genevieve Theirs, the Founder of SitterCity.com used to distribute fliers of the service. While doing so, she interacted with numerous parents. Though these were casual, face-to-face meetings, the strategy helped her take real-time feedback from parents that was even harder to get from complicated market surveys. She was able to get the “insights” by meeting her target audience personally.
Face-to-face meetings didn’t only help her shape her services according to the parents’ and babysitters’ preferences, they also helped her spread the word about her company. That’s what we call bull’s eye!
The lesson here is to try as much as possible to get out from the cozy office environment and meet face-to-face with customers. The result will be worth the effort it took to make it all come together.
Target One Side at a Time
Uber initially launched its services locally in San Francisco before expanding internationally. There was a reason for that: Travis Kalanick, the Founder of Uber, had an already-existing social network in San Francisco – this meant the initial demand was there already. Besides this, he knew various tech publishers and bloggers who helped him spread about the business within the entire region. This was Travis’ first success story.
Travis was motivated to tap into the market by strengthening the already-existed initial demand and getting help from his contacts in San Francisco. Once he managed to increase brand awareness in San Francisco, other regions became his next target.
Focus on expanding your supplier base within a single region. When the one-side-at-a-time approach has been implemented, the next step is to attract the customers.
Leverage social media
Social media is the common denominator in double-sided marketplaces and customer-focused businesses. As a double-sided market enterprise owner, leveraging social media can help you achieve an edge over your competitors. That’s what Airbnb believed in. Instead of selecting user-generated photos to showcase its apartments to its potential customers, the company posted beautiful, high-quality photos on its social media page.
The company succeeded. By receiving tons of comments and queries from its prospects, Airbnb realized that leveraging social media is a strategy it should consider to achieve a higher level of brand awareness as well as customer acquisition and retention.
Despite the odds, plenty of double-sided marketplaces have tried non-traditional advertising strategies and the results are worth sharing. Since they’re the existing examples, all you need to do is act optimistically while focusing on the marketing tactic that is most relevant to your business and success will also be yours.