Faire

Lenny's Podcast · Nov 11

Simplify To Win | Lenny & Friends Summit 2024

Faire cut 50 equal priorities to the top eight and simplified flows from sign up to checkout. Growth rate doubled while consumer spending fell and most global marketplaces slowed. Its marketing uses the customer story of a 24/7 trade show.

Tips

• Cut your priority list down to the few that make the product indispensable▶ 16:30At Faire, 50 priorities became the top 8, and the marketplace's growth rate doubled while most global marketplaces declined.
• Visit customers in person to learn what to simplify▶ 13:35A hospital nursing director said Faire let her run a gift shop in the labor and delivery ward, which became Vora's test: is it simple enough for Nancy to use in five minutes between deliveries?
• Use a shared real customer story to settle cross-functional disagreements▶ 14:11
• Organize priorities, teams and marketing around customer jobs to be done▶ 16:45Faire's growth rate doubled when consumer spending was down and most global marketplaces were declining.

Lenny's Podcast · Oct 9

Developing a growth model + marketplace growth strategy | Dan Hockenmaier

Dan leads strategy and analytics there. Faire tracks share of wallet as the share of a retailer's shelf that came from Faire, and it underwrites transactions and eats the loss if a retailer defaults.

Tips

• Track share of wallet and prefer depth over breadth▶ 32:30He would choose 10% more GMV from existing customers' wallets over 10% more customers.

Lenny's Podcast · Sep 19

Rethinking SEO in the age of AI | Eli Schwartz (SEO advisor, author)

Eli devised a top-down, market-size SEO forecast there while sizing a launch in a new country. The bottoms-up keyword method gave about 500 users for shoes in Japan, too small to fund.

Tips

• Forecast SEO top-down from market size instead of bottoms-up from keyword tools▶ 1:37:42Developed at Faire for a new country launch; keyword tools were off by around 10 times against Google Search Console, in both directions.

Lenny's Podcast · Dec 27

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

It lets a store invite its vendors for free, and those vendors then invite their own customers, creating a supply-led growth loop.