3rd meeting. How to prevent mistakes when building a timber marketplace
The third master class recently took place, featuring the participation of Pinja, WoodFlow, WoodScanner, Deeplai, Otmetka, and Polter. The keynote speaker, Michael Wisefski, focused on the key challenges involved in launching and operating a timber trading platform. He emphasized the crucial role of the Chief Technology Officer (CTO) in developing a product that caters to the market and can be efficiently managed and served.
According to Wischefsky, possessing project management skills and ensuring financial control are essential for mitigating risks and achieving success. It is important for the sales team to have a solid technical understanding. Every project should have a well-defined marketing strategy and specific objectives. While verbal agreements hold some value, it is advisable to document agreements on paper for clarity and accountability.
Conducting thorough research on customer needs and actively seeking feedback from customers can significantly enhance efficiency without reinventing the wheel. This approach empowers founders to avoid mistakes and take efficient shortcuts. Alex introduced the notion that measuring what truly matters is another crucial aspect. It all begins with identifying the appropriate unit of measure for the economy. This includes understanding metrics such as cost per click, conversion rates to subscriptions or purchases, and ultimately, the cost per acquisition.
A high customer lifetime value (LTV) and extended customer lifetime demonstrate the sustainability of a project. Maintaining a healthy LTV/CAC (Customer Acquisition Cost) ratio is typically industry and business model-dependent, but a ratio greater than 3 is generally considered favorable. Lastly, allocating a monthly marketing budget is vital as it serves as the lifeblood of a project. Investments in marketing are necessary to achieve desired outcomes and drive growth.