How marketplaces win: Liquidity, growth levers, quality, and more | Benjamin Lauzier (Lyft, Thumbtack, Reforge)

Benjamin Lauzier has been building and scaling marketplaces for almost 15 years. He was the VP of product and growth at Thumbtack, where he rebuilt the product team and Thumbtack’s growth levers, re-architected their revenue model, and helped double the company’s growth within three years. Prior to Thumbtack, Ben was at Lyft for six years, where he led the supply side of the product organization to a point where 1% of U.S. workers were driving for Lyft every month. Currently, he advises marketplace teams and founders, teaches a Reforge course on marketplace growth, and has recently launched a health tech company called Nurra, which connects users with care advocates to navigate the health-care system. In our conversation, we cover:• What defines a marketplace business• Strategies for growing supply and demand in the early stages• How to measure liquidity and other marketplace health metrics• How to evaluate if a marketplace model is right for your idea• Lessons from Lyft, Thumbtack, and other successful marketplaces• The differences between product management in the U.S. and Europe—Brought to you by:• Eppo—Run reliable, impactful experiments• Paragon—Ship every SaaS integration your customers want• Vanta—Automate compliance. Simplify security—Find the transcript and show notes at: https://www.lennysnewsletter.com/p/how-marketplaces-win-benjamin-lauzier—Where to find Benjamin Lauzier:• LinkedIn: https://www.linkedin.com/in/benjaminlauzier/• Ben’s Reforge course: https://www.reforge.com/courses/marketplace-growth/details—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• X: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—In this episode, we cover:(00:00) Ben’s background(02:24) Defining a marketplace(07:52) Challenges in building a marketplace(13:28) Methods for growing supply(15:57) Understanding marketplace liquidity(21:36) Identifying product-market fit in marketplaces(24:10) Evaluating marketplace business models(27:20) Common pitfalls and failures in marketplaces(36:23) Managed marketplaces and quality control(42:26) Lyft’s rental car initiative(46:35) Mentorship and ambassador programs(51:21) Driver recruitment strategies(54:12) Lyft vs. Uber: a strategic analysis(59:24) Cultural differences in tech: Europe vs. U.S.(01:10:30) Building a health advocacy platform(01:16:52) Lightning round and final thoughts—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email [email protected].—Lenny may be an investor in the companies discussed. Get full access to Lenny's Newsletter at www.lennysnewsletter.com/subscribe