Turo CPO on Scaling a Car Rental Marketplace to over $1Billion in Revenue | Tom Wang
E236 | #TheProductPodcast
"Using the service itself, people talk about eating your own dog food. I think, of course, it can uncover problems, but it can also uncover the joys of your product."
In this edition of #TheProductPodcast newsletter, we dive into the world of peer-to-peer car rentals with Tom Wang, Chief Product Officer at Turo. With over a decade of experience at the company, Tom shares valuable insights on building a successful marketplace, fostering a healthy product culture, and revolutionizing the car rental industry.
There are many incredible lessons to learn from Tom. Here are a few of the top ones:
Embracing Customer Feedback
"We crave data, but we're not slaves to it."
Tom emphasizes the importance of balancing data-driven decisions with customer insights. He explains how Turo has implemented various mechanisms to gather and act on customer feedback, including direct communication channels with support teams and a dedicated "Voice of the Customer" Slack channel. This approach allows the company to stay connected with its users while avoiding the pitfall of being paralyzed by data overload. Tom's insight underscores the value of maintaining a flexible mindset and being open to adjusting product vision based on real-world customer experiences.
Fostering a Healthy Product Culture
"I think one of the most important things is to celebrate learnings more than just celebrating wins."
Tom discusses the importance of creating an environment where team members feel safe to share ideas and learnings, even when things don't work out as planned. He emphasizes the value of transparency and the willingness to challenge leadership with well-reasoned arguments. This approach not only builds psychological safety but also encourages innovation and continuous improvement within the product team. Tom's perspective highlights how a culture of open communication and trust can lead to better product outcomes and a more engaged team.
Evolving from Peer-to-Peer to a Robust Marketplace
"Now it's a lot more specialized and much larger. We have entire domains focused on different areas."
Tom shares how Turo has evolved from a simple peer-to-peer car rental platform to a sophisticated marketplace with specialized teams focusing on different aspects of the business. He explains how the company has developed tools and features to support hosts managing large fleets of vehicles, effectively creating a SaaS product within their marketplace. This evolution demonstrates Turo's ability to adapt to changing market needs and support the growth of their most successful users, turning car owners into entrepreneurs.
Balancing Marketplace Risks and Rewards
"One of the core services we provide is marketplace safety."
Tom discusses how Turo manages the inherent risks in their marketplace by offering flexible insurance options to hosts. He explains how this approach allows hosts to choose their level of risk tolerance while providing the necessary protection to keep them engaged on the platform. Tom's insights reveal how Turo has turned a potential weakness into a strength, using risk management as a key differentiator and value proposition for their users.
Creating a Superior User Experience
"We want to be extraordinarily reliable. Every small improvement we make in the experience matters."
Tom emphasizes Turo's commitment to creating a user experience that surpasses traditional car rental services. He discusses how the company focuses on reducing friction, increasing reliability, and offering unique selection and convenience. This approach has allowed Turo to position itself as more than just a transportation solution, but as a platform that creates emotional connections with its users. Tom's perspective highlights how attention to detail and continuous improvement in user experience can set a product apart in a competitive market.
🔑 Key takeaways
Balance data-driven decisions with qualitative customer insights to guide product development.
Foster a product culture that celebrates learnings and encourages open communication.
Adapt your product to support the growth and evolving needs of your most successful users.
Turn potential marketplace risks into value propositions through innovative solutions.
Focus on creating a superior user experience to differentiate your product in the market.
Embrace customer feedback to uncover both problems and joys in your product.
🎧 Check out the full episode here 🎧
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Credits:
Carlos Gonzalez de Villaumbrosia
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