Inside Etsy’s product, growth, and marketplace evolution | Tim Holley (VP of Product)

Brought to you by Productroadmap.ai—AI to connect your roadmaps to revenue | Eppo—Run reliable, impactful experiments | OneSchema—Import CSV data 10x faster—Tim Holley is VP of Product at Etsy where he leads the Etsy buyer experience. With a tenure spanning more than a decade, Tim has seen the company through many transitions (both in culture, in leadership, and in growth), and his team’s product changes have had a significant impact on buyer retention, conversion, and global expansion. In this episode, we discuss:• Lessons from navigating corporate culture shifts• How Etsy capitalized on the explosive growth of e-commerce during the pandemic• Marketplace learnings: when to focus on supply vs. demand, optimizing conversion, and more• How Etsy solves the “graduation problem”• Tips for hiring product managers—Find the full transcript at: https://www.lennysnewsletter.com/p/inside-etsys-product-growth-and-marketplace—Where to find Tim Holley:• LinkedIn: https://www.linkedin.com/in/timholley/—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• Twitter/X: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—In this episode, we cover:(00:00) Tim’s background(04:23) Tim’s time away at SoulCycle and what led him back to Etsy(06:34) Lessons from the 2017 culture shift at Etsy(12:15) Etsy’s guiding principles (13:32) How Etsy adapted to increased demand during the early days of mask mandates(16:38) What Tim learned about managing stress with his team during the pandemic(18:46) Lessons from building a thriving marketplace(21:47) Prioritization at Etsy(24:37) Supply constraint vs. demand constraint (28:43) Conversion wins(33:27) Experimentation at Etsy(37:58) Acquisition and top-of-funnel tactics(39:44) The seller referral program(40:33) Etsy’s habit loop framework(44:11) How they set themselves apart from other marketplaces(51:23) Retaining sellers (53:23) The defunct Etsy studio(55:18) Running the product team(57:20) Who the decision maker is (1:01:20) What Tim looks for when hiring PMs (1:03:03) A reflection exercise Tim does with his teams(1:05:08) Lightning round—Referenced:• Etsy: https://www.etsy.com/• SoulCycle: https://www.soul-cycle.com/• Inside the Revolution at Etsy: https://www.nytimes.com/2017/11/25/business/etsy-josh-silverman.html• Ronny Kohavi on Lenny’s Podcast: https://www.lennyspodcast.com/the-ultimate-guide-to-ab-testing-ronny-kohavi-airbnb-microsoft-amazon/• How to Kickstart and Scale a Marketplace Business – Part 3: https://www.lennysnewsletter.com/p/how-to-kickstart-and-scale-a-marketplace-911• Team of Teams: New Rules of Engagement for a Complex World: https://www.amazon.com/Team-Teams-Rules-Engagement-Complex/dp/1591847486• Let My People Go Surfing: The Education of a Reluctant Businessman: https://www.amazon.com/Let-People-Surfing-Education-Businessman-Including/dp/0143109677• The Power Broker: Robert Moses and the Fall of New York: https://www.amazon.com/Power-Broker-Robert-Moses-Fall/dp/0394720245• Yellowstone on Paramount+: https://www.paramountnetwork.com/shows/yellowstone• Nara Baby app: https://naraorganics.com/nara-baby-tracker• Huckleberry app: https://huckleberrycare.com/—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