Tuesday, May 27, 2014

We finally did it! We annoyed 2 people!

For years and years and years everyone LOVED neighborrow. They loved the idea. They loved the idea of the idea. The never really used it the way we wanted them too. I have been vocal of the fact that I too still believe in the idea of the idea but that a supply side "platform for a pooled inventory of stuff" is not the solution and "waste" in general is a pity but it is not necessarily a "problem".

I am positive that generating an inventory of stuff, even a community for that matter, is not our biggest challenge. Getting people to ask for stuff, and believe that they will receive it is the challenge.

One solution outcome experiment I am running now has to do with replacing a security deposit with "Facebook vouching". It is not binding by the person vouching for you... but it is an interesting social experiment none the less.

While the face of the experiment is to make sure that the borrower returns the free item in two weeks or less, I am actually testing a few more important variables than if vouching will actually lead to better return rates (which, contrary to what they wrote in DataFox) are flawless, we have never had an issue.

  1. I believe that vouching will actually lead to more initial conversions - I think that by asking users to "invest" something into the free item, they will be both more likely to believe it is real, and feel less guilty about asking.
  2. I also believe that there is some freebie virality built in here... and while I hate to call it a growth hack, it will be nice if 1/25 people vouching actually become new borrowers themselves....
We will let you know how the experiment goes... In the mean time, I am sorry to the folks who think the old deposit system is good enough. We think it can be better. Better for them and better for us as a company. We hate to be polarizing just for the sake of being polarizing... but after years and years of everyone saying how awesome we are and not using it - I am confident that we may be on to something. 

    • AndRE-dacted-w  Away I go.
      Like · Reply · 12 mins
    • Jennifer Phelan Saved by Leslie-ann!
      Like · Reply · 1 · 21 mins
    • neighborrow.com since you have some carry over from the other thread - and since we are normally doing 25 for the drone... 14 more and it is yours! including Amanda Cohen - tell us more than "vouch" tell us why you know she is going to return it within the 2 weeks and without breaking it - she pays no deposit at all and you are not financially responsible if something does happen... we just want to see if this works
      Like · Reply · 1 · 1 hr
    • Leslie-Ann Kirijian Btw I leant Jenn my car to drive to newfoundland and back to Toronto. She returned the car. On time and in the same cognition she found it.
      Unlike · Reply · 2 · 32 mins
    • Leslie-Ann Kirijian Jennifer is the most responsible person I know. She has NEVER been late. EVER. She also never made an excuse. She is her word. She worked for me all through college and is still one my favourite people on this earth. You can't find a better person. VOUCH!!!!
      Unlike · Reply · 2 · 34 mins
    • neighborrow.com 4 down 11 to go:)
      Like · Reply · 18 mins
    • Andy Mahase I agree with Andrew. A security deposit and ID should be sufficient. As for Jennifer Phelan, I can trust her with my unsigned winning lottery ticket and know it will be safe until I'm ready to cash it in.
      Like · Reply · 47 mins
      • neighborrow.com you guys are funny... I should be able to stay at the Ritz every night for $1 - but the fine folks at that company have a policy. We have a policy - this is it:) No one is forcing her to get a drone for free and no one is forcing you to participate in our "misguided" crowdfunded insurance experiment. @jennifer - if you prefer to give us $1,000 for the rental and deposit / happy to listen to the crowd, just have a 3rd friend tell us how stupid our idea is...
      • Jennifer Phelan Andy you are also not helping!! 
      • neighborrow.com
    • Tammy Phelan vouch
      Like · Reply · 1 hr
    • Amanda Cohen vouch!