Dan Hockenmaier: observation

Transcript context

…Awesome. And it's interesting that onboarding comes up a lot on these conversations, just the power of onboarding and how much effect that has down the road. To your point, people often want to increase retention by focusing on people about to turn and this is a great reminder that your biggest lever is early on when they're just experiencing for the first time. So yeah, the flip side is absolutely true, right? Working on early user experience is highly impactful. You often see product teams say we should work on resurrection because we have this huge pool of users that is churned out. If we get just 1% of those people back, it's going to be such a big lift. The problem is that pool of users is the group of people who has tried the product and decided they don't want to use it and so it's very hard to convince them otherwise. It's usually much higher leverage to focus on new users and, as a result, typically you want to wait to spin up resurrection efforts until you've exhausted some of these earlier funnel efforts. So I want to transition a bit to talking about marketplaces. I honestly can't think of anyone that's worked on more marketplace companies than you. Maybe Jeff Jordan at a16z who's invested in Airbnb and worked at eBay and OpenTable and these companies. But I feel you have so much insight into how to grow and run a marketplace and so I'm really excited to dig in to stuff here. My first question, just why are you excited about marketplaces? What gets you continuously interested in working on marketplaces and why are they such interesting and good businesses?…

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