C: Clarify the Scenario
What are the goals of this feature?
Objective: Build a stronger sense of community, create a new value proposition on facebook.
Key Results: Usage of the new feature, Activation, Engagement, Retention.
I: Identify the customers
Large Businesses (Lowe’s, Home Depot)
R: Report the needs of the customers
Individuals’ motivation to lend goods: $
Individuals’ demotivation to lend goods: damage, usage, liability, lost items, theft
Business’ motivation to lend goods: $ and brand awareness, customer acquisition
Business’ demotivation to lend goods: damage, usage, liability, lost items, theft
C: Cut through prioritization
Retention is the top most important aspect for this feature’s success. Mainly because the biggest de-motivator for lending objects is the possibility of loss, theft, damage of the said item. Especially if it is lending across people where an individuals do not have personal connections with. Having a contingency for both the lender and the lendee would ensure a safe and trusted exchange to both parties.
The lendee wants to borrow something for a short while at a significantly lower cost for something. It may be that they do not have the financial leeway to purchase the item outright, or they need it for a single or non-frequent use that doesn’t warrant an outright purchase. There are two promises that should be kept to the lendee. The borrowed time, borrowed cost, and the state of the borrowed item.
The lent item should not be available to another customer or the user until the timeline expires.
The cost of the lending should be a static cost that is agreed on from the beginning.
The full state of the borrowed item should be inspected and approved before the time begins.
The lender needs to be kept these promises: They will receive the lent item before or at the expiration time. The condition of the object will be kept as it was initially given. Any loss/ theft/ stolen items will be reimbursed without any issues.
1. The Lendee will pay a late penalty if the item is not returned on time
2. The Lendee will be liable for the full cost of the item if it is damaged/lost/or stolen
3. The Lendee should not be able to pull out from a purchase by having a hold placed on their financial account.
Facebook should also have guidelines to remind the users that irreplaceable items/sentimental items should not be let out to people, and that full respect of another person’s belongings should be adhered to. In order to remove human subjectivity of the process, Facebook could have a imagine pic/recognition system to compare and match the item’s condition before lending and after lending to make the judgement of its use.
In order to ensure that the finance is secured for both parties, (no bounced checks, or ignoring the invoice), there should be a hold placed on the lendee’s account for the item that is automatically returned unless a damage claim is generated.
(2) Monetization systems can work the following ways
Individuals – free
Businesses – premium
Or individuals – free until a certain threshold of lending fee, which is then charged a premium
Business – set premium for a bigger threshold, and past that a lower premium
Or individuals and businesses would pay for premium features on their posting (like more photos).
Among these I would choose (2) for a greater diversification of revenue streams
Engagement can happen through comment/review/shares/chats/discussions.
A users’ main purpose of this page is to either get something rented out ASAP or rent something ASAP
Lendee would look for: Search -> Find Item-> Look at Lender Review -> Look at Post- > See Availability->Request borrowing-->Contact (messenger/email/phone)
And Lender would look for Receive Request, Receive info about lender + review, approve request, contact
Review/shares/chats/discussions would be an important aspect of the exchange as it informs the users to make the safest decision on whether to lend or borrow to an unknown individual.
Assistance with price points by market
Reminder to return or receive
Set platform to lend and borrow
Geographical Locale, price, time, mode of delivery
Evaluate the tradeoffs:
# of market reach ßà reducing risk and liability through people filtration
It is a big barrier to entry as a lendee if direct connection to my bank account and liabilities are placed on me. However, it is also a big barrier of entry for lenders if they are not guaranteed a proper usage and return of their lent items. The protocols listed above are basic steps that are taken for borrowing anything through a business, and the stringency between individuals should be as meticulous as it is for businesses. Removing subjectivity as much as possible from the feature itself and relying on a consistent ML based before/after use matching system would ensure more impartiality in the communication between both. Although these criterias will reduce the market reach, it will help garner a healthy lending/lender community and establish a sense of trust.
Summarize the Results:
For this feature, majority of the priority should focus on Retention and Monetization. Once the retention and monetization system has stabilized and built a sense of trust, awareness and acquisition should follow without too many barrier motivated by the needs of users in the community. My next phase would actually be to focus on engagement to ensure that proper communication is happening between the lenders and lendees to ensure that people don’t feel as if the feature is a dead zone.
Metrics of Success:
Objective: Increase engagement within Facebook and create a value-adding feature to the platform.
Average count of repeat lenders in a month
Average count of repeat lendees in a month
Average # of claims for damages/lost/theift in a month
Average # of claims for item not matching description in a month
Average distribution of business-affiliated lending vs individual-affiliated lending in a month
Average clickthrough of ads in the platform in a month
Average time between lender and lendee conversations in a month
Average time between lender and lendee engagement to object unavailability in a week
Average time to first response in a month
Average # of posts added in a month
Average # of posts deleted in a month
# of new posts added in a day
# of first time lendees in a day
# of first time lenders in a day
# of users who visited the page in a day