I went straight to user personas and that probably cost me the first few minutes.
Start by clarifying the goal and scope of the platform, then segment users (auction houses, sellers, bidders) and map their needs. Structure your answer around a product vision, key features for betting and auctions, monetization strategy, and success metrics, while prioritizing features based on impact and feasibility.
Pro tip: Emphasize trust and safety mechanisms like fraud detection and secure payments, as these are critical for a betting and auction platform. Also, consider network effects and how you'd bootstrap liquidity in a two-sided marketplace.
Ask clarifying questions to understand the platform's primary goal (e.g., increase auction house revenue, expand to online betting) and constraints (regulatory, technical). Define the target users and their pain points.
Identify key user groups: auction houses, sellers/consignors, bidders (casual and professional), and bettors. Map their needs, such as real-time bidding, secure payments, and transparent odds.
Propose a product vision that integrates auctions and betting. Outline core features: live auction streaming, real-time bidding, betting markets on auction outcomes, user profiles, notifications, and social features.
Define revenue streams: commission on auctions, transaction fees on bets, premium listings, subscription for auction houses, and advertising. Consider pricing strategies to balance user acquisition and profitability.
Define success metrics (e.g., GMV, number of active bidders, bet volume, take rate) and outline a roadmap for MVP, testing, and scaling. Discuss potential risks and mitigation.
AI-generated suggestions, not part of the candidate's original notes. May be inaccurate — verify before relying on them.