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Adam Miller has held key leadership roles at Uber, Postmates, Turo, and beyond, often with a title that looks something like “director of user acquisition”. Adam is known for his data-driven approach to marketing, his expertise in optimizing customer acquisition costs, and his ability to navigate the complexities of multi-sided marketplaces. Currently, he advises and invests in early-stage marketplace companies.
Some takeaways:
1. 💸 The Zero-Interest Hangover: LTV (Lifetime Value) calculations were a product of the zero-interest rate era. Today's reality? Focus on shorter payback periods and sustainable unit economics. The days of "10-year customer lifetime" projections are over, folks.
2. 🔋 Supply Side = Life Blood: While everyone obsesses over demand, Miller says supply management is the real MVP. Without it, you're just "a bunch of people looking for something they can't possibly buy." Start there, then worry about customers.
3. ⚖️ The Utilization Sweet Spot: Perfect marketplace utilization isn't 100% — it depends on your model. Commoditized services (like Uber) can push higher, while unique inventory platforms (like Airbnb) might thrive at 15-20%. The key? Match your utilization targets to your market type.
4. 🚀 Cold Start Strategy: Don't build supply from scratch. Find existing supply that's underutilized (think: black car services pre-Uber) and make it a no-brainer for them to join your platform. Zero friction + zero cost = early adoption.
5. 🤖 AI's Marketplace Impact: While AI will disrupt many advantages, it won't touch network effects. Translation: Build a strong network and you'll have an "unnatural advantage" in the AI era. Sorry, AI won't help someone build the next Uber overnight (though it might be able to code it).
6. 🎬 The New Video Playbook: Social video is getting shorter, but Miller warns against oversimplifying complex stories. His advice? Take the time needed to "make something big, simple" rather than forcing everything into a 15-second slot.
7. 🎯 Modern Marketplace Musts: Three non-negotiables:
Supply management (onboarding + retention)
Trust and safety (the foundation of everything)
Liquidity (right supply + right demand + right place = 🎯)
8. 📈 The V-Shaped Marketer: Forget being T-shaped. Start deep in one area, then expand into a V-shape by building multiple deep expertise areas over time. Call it the "sequential excellence" approach.
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Where to find Adam Miller:
LinkedIn: https://www.linkedin.com/in/adamjacobmiller/
X: https://x.com/thatadammiller
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In this episode, we cover:
00:00 Introduction to Marketplaces and Adam's Journey
02:15 The Evolution of LTV in Marketplaces
06:34 Key Metrics for Marketplace Success
08:44 Utilization Rates and Marketplace Dynamics
12:11 Building a Marketplace from Scratch
15:26 The Importance of Storytelling in New Categories
17:03 Common Threads Across Marketplace Industries
19:15 The Role of Marketing in Marketplace Growth
19:15 Marketplace Brand and Storytelling
23:42 Investing in Marketplaces: Key Considerations
25:58 Advice for Aspiring Growth Marketers
28:37 Testing Marketplace Ideas
30:30 Designing Effective Incentive Structures
33:15 AI's Role in Agentic Negotiation
33:15 Commodity Marketplaces vs Non-Fungible Marketplaces
35:11 Established Channel Expertise vs Emerging Experimentation
37:00 The T-Shaped Marketer
39:51 AI's impact on marketplaces
44:39 A day in the life of Adam Miller
50:12 The most common marketplace mistake
51:47 Lightning Round: Quickfire Questions
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Obligatory disclaimer: I've worked at YouTube and Google for about a decade in various marketing teams. Nothing I say in my personal spaces is necessarily endorsed by them.
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