What goals and success metrics would you set for buy & sell groups?

Certainly, I'll address the question about setting goals and success metrics for buy & sell groups from the perspective of a seasoned VP of Product. I'll structure my response to demonstrate deep product thinking, leadership, and growth strategies within the given timeframe.

Introduction

The challenge at hand is to establish appropriate goals and success metrics for buy & sell groups. This task is crucial for driving growth and measuring the effectiveness of these groups within our platform. I'll outline a comprehensive approach to tackle this challenge, covering user segmentation, key performance indicators, and growth strategies.

Step 1

Clarifying Questions (3 minutes)

• Based on the growth challenge described, I'm assuming we're dealing with an established marketplace platform. Is that correct?

Why it matters: This helps frame our growth strategies within existing resources and user base. Expected answer: Yes, it's for an established marketplace. Impact on approach: We'd leverage existing user data and focus on optimizing current processes.

• Are we looking at both short-term and long-term goals for these buy & sell groups?

Why it matters: This affects the balance of our metrics between immediate impact and sustainable growth. Expected answer: Yes, we need a mix of short-term and long-term goals. Impact on approach: We'd create a tiered system of metrics with different time horizons.

• Do we have any specific growth targets or benchmarks from competitors in mind?

Why it matters: This helps set realistic and competitive goals. Expected answer: We aim to increase group activity by 30% year-over-year. Impact on approach: We'd tailor our strategies to meet or exceed this benchmark.

• Are there any particular pain points or areas of underperformance in the current buy & sell groups?

Why it matters: This allows us to focus on improving specific aspects of the user experience. Expected answer: User engagement drops off after the first transaction. Impact on approach: We'd prioritize retention and repeat usage in our metrics and strategies.