Lenny's Podcast: Product | Growth | Career

How marketplaces win: Liquidity, growth levers, quality, and more | Benjamin Lauzier (Lyft, Thumbtack, Reforge)

177 snips
Sep 29, 2024
In this discussion with Benjamin Lauzier, an experienced product and growth leader from Lyft and Thumbtack, listeners gain insights into the intricacies of building successful marketplaces. He shares strategies for balancing supply and demand during the early growth stages and emphasizes the importance of measuring liquidity to ensure ongoing engagement. Lauzier also contrasts the dynamics of product management in the U.S. versus Europe, illustrating lessons from notable platforms. Plus, he introduces his new health tech venture, Nura, which aids users in navigating health care.
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ADVICE

Prioritize the Hardest Side

  • Focus on growing the hardest side of your marketplace first, often the supply side.
  • Find a hack to jumpstart the other side temporarily, like Thumbtack leveraging Craigslist.
ANECDOTE

Thumbtack's Craigslist Hack

  • Thumbtack initially focused on demand generation for home services.
  • They used Craigslist to find professionals for customer projects, ensuring a supply.
INSIGHT

Liquidity is Key

  • Marketplace liquidity, efficient matching of buyers and sellers, is key to winning.
  • It creates an engagement loop: more supply means more choice and better service, driving retention.
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