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When in doubt about what comes next, we check what words are being spewed from the the tophat.
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bharding
May 7, 2009
Fast Growth vs. Smart Growth
Here at Bonanzle Headquarters, we spend a lot of time thinking about what Bonanzle will look like 6-12 months down the road (and beyond). Many of our "old timers" have been able to enjoy the oft-recounted tales of our snappy growth to date, having now built to almost one million unique monthly visitors and two million items less than a year after our launch. This growth has been fast (and exciting!), but in considering the longer-term vision for Bonanzle, the key question is always: what next?
When in doubt about what comes next, we check what words are being spewed from the the tophat.
There are many possibilities. Do we try to build inventory to get a bigger Google footprint and increase traffic through increased item volume? Do we start an advertising campaign to buy ads that will draw more users in? Do we find more places to syndicate Bonanzle's inventory, so we're driving traffic from an ever-increasing number of sources?
All of these approaches would spur traffic growth that could take us well beyond one million monthly visitors. In the case of buying ads, it is growth that could come quite quickly.
But for at least the next month or two, our "growth plan" turns out to be "none of the above." I thought it might make for an interesting blog to explain why.
The growth that a site gets from an advertising campaign or more syndication sources is like the energy that a fire gets from lighter fluid: it's fast, and it's certain, but when the fluid runs out, your fire is going to be the same size it was before you added it, unless you built a solid base of kindling to catch fire.
In our case, Bonanzle's "kindling" is the end-to-end buying experience on our site. When it is smooth, effective, and memorably fantastic, whatever extra fuel (= traffic) we add to the site is converted into fire (= sales) efficiently. Letting traffic growth slow while we refine a smooth and enjoyable buying process is what we call "smart growth:" the type that doesn't dissolve three months after it's generated.
Look over our changelist for the last two months, and you can see our focus has shifted away from driving traffic (as we previously were through increased item syndication and media attention) and toward creating a great end-to-end buying experience:
* Item traits for improved item search and browsing
* Item trait suggestions (implemented tonight) to help build a unique trait ecosystem that further separates Bonanzle from other buying choices, and drives home why we are the best marketplace to find everything but the ordinary
* Remove 2 of 3 steps from checkout process for first time buyers (they can jump directly from the cart to Paypal or Google Checkout when using "Buy now")
* Efforts spent getting the Instant Messaging connection to work more reliably, so buyers can find sellers that are online
* Related search suggestions, and auto-completion of search terms
None of these initiatives are going to make a direct impact on our traffic in the short term, but this is the kindling that ensures that when buyers do hear about Bonanzle through Google or word of mouth, they'll have an experience that they remember, and an experience that makes them eager to return.
After we can see that our buyers are consistently having purely satisfying buying experiences, that is when we begin to convert our smart growth into meaningful growth, by simply adding more fuel to the fire.
As of early May, we've still got a couple more tricks to pull out of the tophat before we return to intentionally driving traffic Bonanzle-ward. Between the great suggestions we're constantly receiving, and our own ideas, I think we could realistically expect to spend May and June polishing and perfecting the Bonanzle buying experience. Are we overly obsessive about creating the perfect user experience? Quite possibly. But we like to think it is a good, healthy obsession. Especially since you don't have to pay for the therapist.
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52 responses to Fast Growth vs. Smart Growth
Bill …I see this as a very big and possitive step towards the end goal of every seller ….and that is making sales by giving a good buyer experence!
The easier it is for a shopper to come here,find what they want and pay for it is truly a great way to increase the buzz of just how good a site Bonanzle is….and THAT will drive more customers here.
You must have been a Boy Scout …for this is some really good “kindling” to set the fire of sales going!
Sounds like a great plan to me. In the meantime we can do our part to increase inventory so when the fire is stoked we are ready and waiting with a wide selection of goods for those new buyers! Looks like I have a new target timeframe for getting all my bulk uploads done.
Looks like a good plan. Growing too fast while trying to tweek the most important part of the site… could be disappointing. A litte less fast and steady upgrades for a great buyer experience with foresight is the best way to go.
Very good – same message I was trying to express to sellers concerning their booths. Be prepared for the buyer to buy otherwise your wasting your efforts in getting them to your booths. While Bill polishes off Bonanzle it would be a super time for sellers to make sure their booths & listings are polished too.
IMHO, very wise growth plan. Take a bow!
Does the continued improvement to the buying experience include adding amazon simple pay as a payment option?
Also, some indication that the seller ships international – like we talked about
preferably I can set to yes or no depending on the listing, because some items I can’t ship international (fragrances & nail polish). Well you can work out the details you are the super smart person 
Sounds like a wise game plan. I know we’re in very capable hands.
Thank you Bill, I hope improvements to the shipping calculator is part of the short-range plan.
Love the way you have implemented item trait SUGGESTIONS, I was worried that additional traits/item specifics were going to be introduced in the same hap-hazard messy format as on eBay. I should have known better!
In my younger days was lucky enough to spend some time on a small farm, on a small mountain, in TN. Going back to nature has a whole new meaning when you’re actually doing it. Wintertime, the fire was the focal point of our lives. You put your kindling down and there’s an art to it cause it’s got to get some logs going – this ain’t no campfire, its the your home heating system.
You guys obviously are very intelligent and that’s good, but what really reassures me about this site being the place to be is that you’ve got good taste, vision and most important of all, common sense. It’s a necessity of success so many don’t have.
BTW – It takes awhile to get a good fire going, you got to watch it like a hawk and coddle it like a baby, BUT once you get a good fire going, you can walk away from it. As long as you check it regularly and keep it fed, you can do other things – normal life stuff. Thought you might need a light at the end of the tunnel? kinda’ lol?
Nice to see y’all are getting your ducks in a row,
before sending them off to swim in deeper,faster, waters.
Improving the “buyer experience” is great,as long as
along the way, the “seller experience” improves too.
Glad to see y’all haven’t forgotten the ranch hands,that work so very hard at keeping the Bonanzle ranch growing.
Also, look for a generous offering of BOP (Booth Optimization Project) articles during May and June. Hopefully, good advice from Bonanzlers on how to present their Booth in the best possible light, increase their presence in the Internet’s search engine, and view some solutions to common problems. See what’s already on the BOP
I always look forward to your updates Bill. I have to agree with your concept and hope everyone is using this time to get ready for the big push that will eventually come once the excitement starts to spread.
Thank you for always working to improve the Bonanzle Experience for all of your members…and keeping us informed of what is yet to come- even if it is only a teaser line here and there. Just helps to build the excitement!
I am happy to hear you will be concentrating on improving the buyer experience for a while. Bonanzle has quite a few small small problems which are distracting from the buyer experience.
Not only is your plan excellent for Bonanzle but as a former therapist you have a plan that could transfer to marriage in a heartbeat. I can never thank you enough for a wonderful place to work, laugh, play, make friends and money.
I’m always so glad that adjustments remain in the best interest of all. Informative and transparent in the pursuit of excellence. Thank-you!
We have faith in you Bill!
I believe that this has always been your vision Bill…and am so happy that you are sticking with it and continuing to forge forward towards a more rewarding selling (and buying) experience. Thank you for caring and sharing and just being you! Looking forward to a continued positive relationship!
Never had a doubt in my mind that you had a plan up your sleeve. Good things come to those who wait and listen. Thanks again for your constant endeavors to make and keep Bonanzle the place I’m proud to call home. Ditto everything Pieper said.
Zig
Slow and steady wins the race!
Thanks, Bill!
Creating an even better buyer experience will go far to adding to the enormous success already evident here.
Fired up!
Reen~
OurDresserToYours
Hi Bill
i will have a few things to add here
(1) i think that your company makes or will make in the future a profit from sellers not from buyers ,traffic will be from buyers ,profits from sellers so keep the focus on both
(2)you offer many items in the booths to look up " reviews on amazon"while Amazon has little reviews on many products ,but for they have on almost anything many sellers which in the end it will take a way a big part of the business from Bonanzle ,they came to Bonanzle with good intention’s but the sale might end on Amazon ,remember many costumers are trying to run away from Amazon to try out a Different experience don’t just please send them back there, the lose might overweight the gains in a very big way
all the best and good luck and a very bright future
Great blog.
I think focusing on ironing out wrinkles is the best thing right now which it seems to be from what I get out of this your focus.
I would LOVE to see an option on the sellers side to mark item as paid as a buyer can mark on their end manually paid. I have run into a few double sold items now. But If I could just have that option to mark manually paid on my side as a seller and I know the customer I know they paid or are paying I would LOVE to be able to mark manually paid so it does not resell to another person. It causes confusion.
The double sometimes triple times of things selling while people are in process of paying is something that needs immediate attention, sellers also being able to mark manually paid could help this a lot.
I LOVE Bonanzle. I love the faith and work you all put into your site for all of us to be able to use. I would be homeless without you guys. Sounds drastic but it is true, we depend on online sales! THANK YOU
Thank you for using a common sense approach to growing Bonanzle. It’s like the old fable of the tortoise and the hare…slow and steady wins the race.
We’re still predicting that Bonanzle will be a super big, super successful site quickly.
Also, thank you for keeping everyone posted on what is happening and when it is happening.
Great game plan.
Very encouraging, building a house upon sand never works. A solid foundation will ensure success. This makes me have even more faith to read this. Nice
Thanks for keeping a steady hand on the ship’s wheel!! Sometimes us crew hands get a little anxious!! We remember the good ole’ days at the other place, and so anxiously await them here, often remembering that neither happened, or will happen over night.
We all appreciate your hard work and diligence in keeping us all in the loop!
How can you tell the place is hoppin’? Why…
Bill reaches 100 feedback! A sure sign that growth is snowballing! Congrats on 50,000- and bill congrats on your 100th!
BTW it relieves me no end to see the guy in charge undergoing & experiencing the same things as the people in the trenches.
Owner, builder, AND user… remember the old commercial for hair club president?
Keep it up!
Everyone else has said what I was thinking-there is one heck of an experienced backbone powering Bonanzle, by paying attention to our experiences and combining the best of the best ideas we shall all succeed!! The GCO process was not as frightful as I thought and my first transaction was quite simple to achieve-That is a PLUS!!
A vision is born and keeping on track is the best way to fulfilling that vision. Your discipline to stay on track is very evident in each step you take. The pleasure as a Bonanzle seller is the way you share that vision each step of the way. Thank you for the respect you show the sellers here. Makes for a very special place to do business.
Well thought through, Bill.
The kindling, so the functional fine-tuning sounds like the way to go. It will lower the access barriers to the site and also increase the stickiness.
I believe we all want the first time buyers to stay glued to this site with superglue.
Note: Consider doing something about teh Add To Cart button with OBO. The meaning of the terms OBO and Add To Cart should immediately be made clear (or replaced with Make An Offer or similar) to first time buyers. Now most of them do not understand that ‘Add To Cart’ it means ‘Make An Offer’ and they just do a Buy Now.
Peter
You hooked me! I searched for ebay alternative, searched here for my favorite tableware, found a very rare piece at a great price, and I’ve been shopping ever since. This fire’s nice and cozy.
Bill! Another excellant Blog explaining to us Bonanzles’ “unique” way of doing business. Most of all, I am thrilled that Bonanzle continues to strive to keep us up to date on the future of the site and what is happening right now.
Thank you for being you. Other sites don’t find what you are doing necessary to build a site, you do, and I truly appreciate what you and the Boyz (and Girlz) are doing and HOW you are doing it. Keep up the great work! (or play)
Cheyenne General Store
Keep up the good work Bill.
Would like to see some improvement to item search. Still getting a lot of non relevant stuff showing up in search.
Thanks, John
Kudos to you Bill & Mark for building the road before you increase the engine’s accelleration. I know from experience it is still a bit (a little bit) hard to get customer’s to transition from ebay. But, I do know the slow and steady approach that you are taking is best in the long run. We’ll get there. It’s a matter of time. It’s nice to know that we will be ready!!!
Outstanding and timely post. It is EXACTLY what I wanted to hear. Take time to perfect what you have, then resume your move forward.
Thank you!!
I for one commend your approach, one of my very first potential buyers was very disgruntled with the search and checkout process, she was an invite from the bay, needless to say she was so upset she did not buy, since then there have been so many improvements the buying process is almost Dummy Proof. The Famous saying " Build and they will come", fits. The easier to navigate the site the smoother the process to buy, the more word of mouth from buyers will build bonanzle. Bonanzle is a selling site unto its own, none other can compare. I plan on being here for the long haul, and support everything the entire bonanzle staff are doing, Thank You all, Shari
What they said!
I’m in no rush to have new features, or bells and whistles added. When what we have works well, is time enough to start anything new.
I hope part of improving the buyer experience will be to take a look at category spamming in the vintage & antiques categories. Buyers get very frustrated and overwhelmed when they’re browsing for a OOAK vintage item and get inundated by new and repro goods. I specialize in vintage clothing, and right now am hesitant to encourage other vintage lovers to check out the vintage categories. There’s a lot there that doesn’t belong.
Thank you for posting this information. It is much appreciated.
Stepping back to look at the big picture 6 to 12 months down the road is always a good idea!
Since joining Bonanzle in August of last year, I’ve seen so many improvements that I’ve lost track. I’m thrilled that you are now addressing the issues with the checkout process. Having helped many new members through their first purchase has been daunting at times so it warms my “little seller heart” to see improvements to the buying experience! Category search improvements would great too!
Keep up the good work, it is appreciated!
Your slow but steady approach to site building feel like the right way to do it……
I think that most of us are here for the long haul and there is lots to be said for loyalty…….
Keeping us all in the loop builds trust and loyalty…It is assuring to know that our concerns are heard and acted upon……
Bonanzle is not the biggest site but it is the best….
I say BRAVO!!!!
Best sandbox in the playground.
Excited that the company REALIZES the sellers are just as important as the Revenue…
Thanks for the ENTIRE COMMUNITY experience in a WISE business environment!
I also will take this time to make sure my listings are in good order and make it easy for customers to understand what I am selling…I have done a lot of revising since I joined Bonanzle on Jan. 1, 2009…I am happy to see you are on the same page as I am, or should I say I am on the same page as you are….Good Luck to all of us…
I have a lot of Hope.. Judy
Is search going to be improved? My husband wanted to get me a postage scale for Mother’s day. He put the word postage scale in search and we got everything from scale models of trains to kitchen scales. It’s a little frustrating.
Love Bonanzle keep the improvements coming constanly it is a sign of greatness
Aww, gee, you guys are so damn swell. Thanks for all the support and loyalty as we clean up our act and get this here site whipped into some real nice shape.
@fatseal: I see your point. I’ve changed item search to default to searching only title. With almost 2m items, I don’t think we really need the crutch of searching descriptions the way we used to. This keeps the results far more relevant for “postage scale” (and the related search “postal scale”)
BTW, is anybody going to notice that giving away a “free bunny with every purchase” is coming out of our tophat??
Thanks for continuing to make Bonanzle the BEST place to sell!
I have faith that Bonanzle is moving towards critical mass. With that in mind I am working on increasing my inventory and increasing its’ photogenic qualities. I am working Twitter to expand awareness of Bonanzle. Keep up the good work and stay focused on your bottom line!
THE TIME IS NOWWWW! BILL, STRIKE WHILE THE IRON IS HOT!
ebay angst equals seller exodus. Sellers need buyers. We have plenty of firewood. We need some lighter fluid, Bill… A nice big green ad in Martha Stewart Living? Oprah perhaps? Better HOmes and Gardens? The iron is hot, bill – STRIKE!
The problem is with no buyers there is NO growth the sellers on here are buying from each other to try to drive traffic to their booths. you are making the few dollars on the sales but there is virtually no traffic here. in my booth since I started I have had 4 sales with the same merchandise on the “other expensive site” more than 250 in the same time frame. People understand this is a new site and are willing to be patient, but can only put in their time and effort for so long before looking for other places to sell the bottom line is the sales , yes it is a nice place to be but if there are no sales we might as well go into a chat room. now is the time, I know I am fed up with the other site and would love to close my store there but I can’t cut off the hand that feeds me.
How about getting paying advertising in hear in order to get the help that you would need????
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