5 Tips for Marketplaces from Founder of Locumate

Founded a marketplace and you're feeling lost? Kavita Nadan, the co-founder of Locumate shares 5 tips that helped her penetrate the market.

When you discover a mind-boggling idea that could revolutionize the market, you need the right people, systems, and strategies to materialize your idea into reality. That was how Kavita Nadan developed a unique business model; a marketplace that connects pharmacies and locums without the need of a middle man.

Kavita Nadan has been in the pharmaceutical industry for over 20 years. She started as a pharmacy assistant, went for a degree, and co-founded Locumate with her husband, Surge. 

In this podcast, Kavita Nadan shared incredible tips that helped her scale her marketplace, which you will find priceless in your journey as an entrepreneur and founder.

1. Building Your Network

Having a billion-dollar idea is not enough, as you will need key figures in your industry to help you penetrate the market. You make this happen by building positive relationships with some important people in your industry.

With their influence and network, they get the word out, which in return gets you the traction your marketplace needs. Building Locumate made Kavita approach lots of independent owners and group owners. 

They received her idea with joy and tears because the business model was nonexistent. A model that can solve the problem locums and pharmacists face in the industry was a game-changer.

2. Social Media Marketing / Email

Building your network as a marketplace owner isn’t all there is. In this age of social media, your market is online. Kavita Nadan never hesitated to share how she used social media marketing to scale her idea, like LinkedIn and Facebook, coupled with tons of email marketing too. 

These strategies paid off, as there has been an outpour of locums joining the platform. A mistake you should never make in this digital era is neglecting social media marketing as that is the Holy Grail of marketing.

3. Back Yourself

If you believe in your idea, Kavita advises that you back yourself up no matter the odds. Think about it; your idea might cause you to dump your day job. The potential income loss might disrupt your lifestyle, and that could be the price of seeing your idea come to life. If you don’t believe in your idea, no one will.

4. Define Your Values

Another tip that will ensure you remain in the marketplace is your values, and setting them early will make the most difference. Once you have defined your values, everything you do will always align with the company values.

This approach will change how you make decisions, and it was one of the things that Kavita Nadan leveraged when she founded Locumate. When you work with defined values, you will always take a step back to determine if your proposed decision aligns. By sticking to your values, you build a reputable brand that your target market wants to work with.

5. Find Mentors

The fact is that you can never know it all, and Kavita Nadan advises having key people who can act as mentors. Trying to do it all by yourself rarely works, and the burnout that follows is better left unsaid. 

With mentors who understand what you’re creating, you save a lot of time, headache, and effort from trial and error. Aside from having experienced mentors, it is also vital to hire the right people or skill set for the job. Working with like-minds will help you achieve your targets sooner than you imagined.

However, a lot goes into hiring and paying your workers, as well as paying your platform users. To ensure instant salary payouts with all taxes, insurances, and pensions covered, schedule a 15-minute call with one of our team to learn more about our solution and live demo.

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