Michael Farb, CEO of Boatsetter.
Throughout my career building marketplace businesses, I’ve often faced the unique challenge of changing long-held perceptions in industries traditionally viewed as exclusive or niche. Whether in transportation, hospitality or leisure, these outdated perceptions often limit growth, keeping otherwise great experiences just out of reach for many potential customers. These are not just marketing challenges; they’re structural hurdles that require intentional, strategic shifts across operations, partnerships and communication. Tackling them head-on is often what separates stagnant platforms from those that truly scale.
In my experience, successfully leading a marketplace means addressing and overcoming these entrenched industry perceptions head-on. Companies like Airbnb provide excellent examples of how to navigate complex industry barriers, such as regulatory hurdles, insurance concerns or quality assurance, and in doing so, open up their services to a broader, more diverse audience. I believe they and similar companies like Turo have shown that by simplifying access and reducing friction, even industries once perceived as “closed off” can be transformed into vibrant ecosystems with wide appeal.
Strategies For Marketplace Leaders
At my company, Boatsetter, we faced a similar situation: Boating has long been seen as an activity reserved for boat owners or those with exclusive access, often perceived as costly or complicated. The assumption that boating is “not for me” was one of the most critical hurdles we had to overcome in order to scale. It was about shifting mindset, in addition to being about visibility.
To make boating accessible to more people, we had to directly tackle significant barriers like insurance and safety compliance to not only simplify these complexities but also build trust among new audiences. For instance, we developed proprietary insurance frameworks and prioritized coast guard-compliant safety protocols that gave first-time renters confidence. Addressing these pain points transparently allowed us to transform how consumers viewed boating with the goal of turning skepticism into genuine enthusiasm.
My advice to marketplace leaders facing similar challenges is twofold: First, invest in customer-centric infrastructure to address your industry’s most challenging friction points. Whether you’re dealing with insurance, regulations or consumer education, proactively building solutions demonstrates your commitment to accessibility. Sometimes that means going beyond the product itself, offering tutorials, creating content that demystifies the experience or providing live support to walk people through their first transaction.
Second, prioritize clear, ongoing communication with your audience. Transparency around how your platform works, and how it addresses their specific concerns, can help build credibility and trust—essential elements for lasting growth. And don’t just communicate when everything is working perfectly. Owning the learning process, acknowledging early hiccups and showing how you’re improving can humanize the brand and reinforce your long-term commitment to the customer.
Conclusion
Ultimately, shifting deeply held industry perceptions is challenging but incredibly rewarding. By thoughtfully addressing barriers and emphasizing education and transparency, marketplace leaders can not only drive substantial growth but also redefine their industries to become more inclusive, accessible and beneficial for everyone involved. In doing so, they don’t just disrupt an industry; they expand what’s possible for an entirely new generation of consumers.
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