Listen On:

Throughout the entire history of business, marketers have always been concerned with promoting their product or service to buyers. But then a new business model arose: Marketplace-based businesses like Uber and Airbnb not only market to buyers, but to sellers as well. How does this new dynamic change the job of a marketer? To find out, we talked to Kevin Frisch (LinkedIn), CMO of Wag!, a marketplace for dog-walking services.

On this episode of Marketing Trends, Kevin talks about best practices for marketplace marketing, his best tips for a first-time CMO, his favorite campaigns he has ever been a part of, and much more.

5 Key Takeaways:
- For marketplace marketing, it takes time and experience to learn when to apply what tools to grow the marketplace. This includes promotions, acquisitions, and incentives on either side of the marketplace.
- Many companies that you don't think of as marketplace companies have a lot marketplace dynamics, and marketers can learn a lot by thinking of them in that way.
- Market education is a crucial part of developing a marketplace. Education content develops a relationship with potential customers and eases them into the market.
- "In the many, many analyses I've done, getting something wrong with a customer and then fixing it makes them more loyal than if you'd never gotten it wrong in the first place." - Kevin Frisch
- "Companies I've seen where they have the brand team here and the performance marketing team here, they end up just being so disconnected, and so having them sort of unified fairly closely I think is really, really important." - Kevin Frisch

Bio:
Kevin Frisch is the CMO of Wag!, an on-demand dog-walking platform. Kevin joined Wag! from Uber where he served as head of performance marketing and CRM for North America and was responsible for acquisition, engagement, and retention of drivers, couriers, riders, and eaters. Kevin has also served as the CMO of GSN Games and Snapfish, a division of HP.

Notes & Quotes:
Kevin's Background - (1:00)
- Kevin started in consulting, and eventually ended up doing finance for marketing departments. He then decided he would rather just do the marketing himself.
- Kevin loves the complexity of marketplace businesses, and so was intrigued by Wag!. He also loved the idea of doing something meaningful that makes people (and dogs) happy.
- People use Wag! both when they need to, and sometimes just when they would like to.

Marketplace Marketing - (8:30)

- Wag! is a different kind of marketplace because the dog-walkers really enjoy doing it. Their work isn't purely motivated by making money (though of course they make money as well).
- For marketplace marketing, it takes time and experience to learn when to apply what tools to grow the marketplace. This includes promotions, acquisitions, and incentives on either side of the marketplace.
- Something Kevin learned from Uber was the importance of brand.
- The way Wag! treats their dog-walkers is an important part of their brand.
- Market education is also a crucial part of developing a marketplace. Education content develops a relationship with potential customers and eases them into the market.

Lessons from Snapfish & GSN Games - (20:30)
- Snapfish rode the wave of digital printing. People didn't have great devices to look at photos on when Snapfish was started.
- Kevin still encourages people to make prints. Digital photos have a way of getting lost, but prints last.
- One big initiative Kevin was in charge of was lowering the price from 12 cents per print to 9 cents per print. The single-digit effect made people much more likely to buy.
- At GSN Games, 0.1% of their users drove more than 80% of their revenue. An experiment that increased user's starting dollar value increased revenue significantly.
- "In the many, many analyses I've done, getting something wrong with a customer and then fixing it makes them more loyal than if you'd never gotten it wrong in the first place." - Kevin Frisch
- "Companies I've seen where they have the brand team here and the performance marketing team there, they end up just being so disconnected, and so having them unified fairly closely I think is really, really important." - Kevin Frisch
- "A lot of companies that you don't think of as marketplace companies actually have a lot of those same dynamics, but the marketers don't always think of them that way." - Kevin Frisch

Pardot Lightning Round - (45:20)
- Favorite vacation spot: Hawaii
- Favorite breed of dog: A breed that doesn't bark a lot
- Favorite recent book or podcast: Freakonomics Podcast
- Worst advice: Put your head down and do your job.

Marketing Trends is brought to you by our friends at Salesforce Pardot, B2B marketing automation on the world’s #1 CRM. Are you ready to take your B2B marketing to new heights? With Pardot, marketers can find and nurture leads, close more deals, and maximize ROI. Learn more by heading to www.pardot.com/podcast.

Share This Episode:

Share on facebook
Share on twitter
Share on linkedin

Subscribe to Marketing Trends

The Marketing Trends podcast delivers the trends, strategies, and interviews you need to stay ahead.​

Stay ahead of the game.

Marketing Trends delivers the trends, strategies, and interviews you need to stay ahead.

Copyright 2018 © The Mission