The goal of Facebook is "to give people the ability to build community and bring the world closer together". I would think that the objective of this feature would be geared towards Engagement and Retention.
What does saving money mean to people?
In a person's life-time there are several big moments when saving money a big issue
1. Students that are going to college
2. Living Expenses
2. People saving up for a life event
3. People saving for a family
4. Price-sensitive people who like to save money in general.
To target the most general use-case, I will focus on #4. Price-sensitive people who like to save money in general. These people will most likely seek ways to save money through
Shopping best deals price comparison
Seasonal sale advantage
Among all of these options that are related to money, the ones that align most with the notion of “saving money” as well as take advantage of the community that Facebook has would be taking advantage of group discounts.
Group discounts, or saving by splitting costs with one or more people can apply to a lot of things. It can apply to
Taking separate cars per individual can be expensive, especially if the travel distance is long or the travel time is high. Sharing rides is a good approach, but with Uber and Lyft, the pivot has to be different. Since Facebook allows connections with people you were comfortable enough to become facebook friends with, carpooling together for a consistent trip would save money and time for both parties.
Services like nail salons, massages, pedicures can be bargained for a group.
Activities like escape room, six flags, or amusement parks allow group discounts
4. Providing a way to split costs through shared housing is one way to cut expenses
What is the most common scenario, and what is the market for each?
1. Rides for set commutes (School, work, large market)
2. Housing (Renters)
3. Activities (People with leisure time)
4. Services (People with leisure time)
We should prioritize based on the market segment size as well as options from requiring the least amount of involvement with the other party & essential to more interaction with the other party & the least essential. Going back up, we see that Housing and Commute rides are consistent variable costs that are almost unavoidable with the biggest potential market segment. Therefore, even though these two services have a higher bar for interaction and involvement, the motivation to make it work would be higher, therefore should be targeted first.
For Phase 1 assuming we are going for either the commute or the housing options, there are 6 points I would vet.
1. Value for the customer
2. Value for the business
3. Cost for the customer
4. Cost for the business
5. Risk for the customer
6. Risk to the business
If the objective was to increase engagement and retention on facebook by introducing this new feature I would look at a couple success metrics
Objective: % increase/decrease of the average time a user spends on Facebook
Feature Usage/Number of new connection made through the future/Average chats and interactions/average engagement time in the feature.