Scaling a Car Rental Marketplace to over $1Billion in Revenue | Tom Wang, Chief Product Officer at Turo | E236

Sep 18, 2024

Tom Wang, the Chief Product Officer at Turo, shares insights from his journey in scaling Turo into a billion-dollar peer-to-peer car-sharing marketplace. He discusses the significance of creating emotional connections with customers through unique vehicle offerings. Tom emphasizes the role of AI in driving product innovation and how vital high-quality hosts are for marketplace success. Additionally, he highlights the importance of customer feedback in refining product strategies and developing a culture of collaboration within the product team.

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INSIGHT

Reality Check

Hosts surprised Tom Wang by delivering cars over 50 miles, contrary to his assumptions.
Staying close to customers reveals ground truths about user behavior.

ADVICE

Choosing CEOs

Carefully choose your CEO, prioritizing those who value customer feedback over ego.
Customer insights should outweigh CEO opinions for effective product decisions.

ANECDOTE

Flamed Turo

Tom Wang rented a flamed Turo for a San Diego road trip with his sons.
His younger son cried upon returning it, claiming "my car," highlighting Turo's unique emotional connection with customers.

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In this episode of The Product Podcast, we chat with Tom Wang, Chief Product Officer at Turo, the world’s largest peer-to-peer car-sharing marketplace.

Tom shares his journey of scaling Turo from a small team to a leading car-sharing platform that allows entrepreneurs to monetize their idle cars while providing customers with a unique and convenient rental experience. He opens up about his experience in building a high-quality marketplace, the evolution of Turo’s product team, and the importance of staying close to customers to drive innovation.

In this episode, Tom dives into how Turo uses AI to prototype customer-focused solutions, why creating a high-quality marketplace is crucial for long-term success, and the lessons he has learned from Turo's entrepreneurial hosts. He also touches on how Turo’s unique selection of vehicles creates emotional connections with customers and how staying customer-centric drives product development at every stage.

CONTENT
(00:00) 🚗 Turo’s Journey: Scaling a Peer-to-Peer Car-Sharing Marketplace
(01:52) 🚀 From RelayRides to Turo: The Evolution of the Product Team
(04:49) 🌟 The Importance of High-Quality Hosts in Marketplace Success
(07:41) 📈 Building a Data-Informed, Customer-Driven Culture
(13:22) 🛠️ Enhancing Host and Guest Experiences Through Product Innovations
(18:06) 💼 Positioning Turo in a Competitive Market
(23:56) 🤖 How Turo is Using AI to Solve Real Customer Problems
(32:07) 🚙 Looking to the Future: What’s Next for Turo

KEY TAKEAWAYS👇:
1. Customer-Centric Product Development: Tom emphasizes the power of listening to customer feedback—both hosts and guests—ensuring the product meets real-world needs while uncovering new opportunities for innovation.
2. Balancing Data and Insights: While Turo values data, Tom believes that customer interactions and real-world use cases are key to driving product development. It's about blending data with human insights.
3. Leveraging AI for Innovation: Turo uses AI prototypes to solve specific customer problems, ensuring technology aligns with practical, real-world use rather than creating novelty features without value.

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Credits:
Host: Carlos Gonzalez de Villaumbrosia
Guest: Tom Wang