DAY 3
The third day of the offsite we spend our team sessions thinking how we go big. This offsite we learned the difference between a marketplace and a retailer, plus we brainstormed how to become more of a marketplace. Discussing products that drive revenue and margins, but don't require physical inventory.
Team Session #5 - Business Types
What Is A Marketplace
+ sells something it doesn't have to worry about inventory for
+ buyers vs sellers
+ create demand with buyers and demand with sellers
+ cash cycle is called the float between customers paying and paying vendors
What Is A Retailer
+ buy goods and resell them
+ have to turn inventory quickly
+ sell every part of their business as a form of advertising
+ create buyer demand
+ need scale for more leverage with vendors
+ cash cycle is about how fast you can turn inventory
Team Session #6 - Marketplace Ideas
We dove into a market place, what drives, them, and why they are valuable. The teams spent time working on ideas for how we could introduce marketplace style offerings. This is a list of those ideas...
+ sell used photography gear
+ airbnb for guides to post activities and sell experiences
+ photographer marketplace to sell services or prints
+ content as a service
+ place to launch new products instead of kickstarter
+ reviews on our site from the community
+ tools so brands an add themselves to the marketplace
+ tools for sellers with content, metrics, etc
+ inventory tools
+ data on how your listing is doing
+ clearer moment marketplace story
+ reliability of quality with used gear
+ paywall for content
+ marketplace for photo editors
+ digital goods
+ drop shipping offers
Team Session #7 - Getting To $100M
The last exercise of the day we brainstormed how you get to $100M. We discussed how there is a cycle from an idea to growing it to moving on to the next one. We're always looking for more new S-Curves we can create. If we can add up several S-curves it makes a much larger business.
+ Ideas = the bottom of the curve with a team that can understand the customer's needs and make the initial versions.
+ Growth = the middle of the curve where we take an idea where we drive demand.
+ Flattening = each new product line has an end of life cycle where it's demand slows.
