Lenny's Podcast: Product | Growth | Career cover image

Lenny's Podcast: Product | Growth | Career

The hierarchy of engagement | Sarah Tavel (Benchmark, Greylock, Pinterest)

Dec 27, 2023
0
01:50:54
Snipd AI
Sarah Tavel, General Partner at Benchmark, discusses her Hierarchy of Engagement framework for growing a consumer startup and her Hierarchy of Marketplaces framework for building a marketplace startup. She highlights the importance of measuring cohorts, focusing on core actions, and dominating the market. Tavel provides examples of core user actions from Pinterest and YouTube, and emphasizes the value of starting in underestimated markets. Plus, a lightning round of questions and answers.
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Podcast summary created with Snipd AI

Quick takeaways

  • Start by focusing on a specific segment or niche when building a marketplace to optimize the user experience and create a strong foundation for growth and expansion.
  • Once you have achieved product-market fit within your focused market, reach the tipping point where your marketplace gains momentum, accelerates the flywheel, and increases happiness for both buyers and sellers.

Deep dives

The Hierarchy of Focus: Building a Marketplace

When building a marketplace, it is crucial to start from a focused approach rather than going after a large market. By narrowing your efforts and focusing on a specific segment or niche, you can create a minimum viable product that caters to the needs of a particular group of users. This laser-focused approach allows you to optimize the user experience and create a white-hot center of happy customers. By achieving product-market fit within this focused market, you lay the foundation for future growth and expansion.

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