07 Oct 2021
Expert networks and lemons
My college Economics textbook described the lemon problem like this:
In the market for used cars, some cars are premium, while others are scrappy with hidden defects (called "lemons"). If buyers can't see which cars are premium and which are lemons, they won't pay more than an average price for any one car.
This benefits the sellers of lemons, while putting sellers of premium used cars at a disadvantage. In the long run, premium car sellers might leave the market altogether. With only the lemons left, the entire market breaks down.
Expert network lemons
The expert network industry suffers from a classic lemon problem. Expert networks don't know which clients are premium (those who communicate well and book expert calls) and which are lemons (ghosting, not booking calls). Consequently, the premium clients and the lemons get the same average service level. That is suboptimal.
Premium service for premium clients
The solution to the lemon problem is better information. The new EN Score ("ENS") provides this by showing past activity on the platform.
Your ENS goes up when you're active and do the calls you ask for. The expert networks see that you are a premium client and can therefore commit premium service to your project. It triggers one of my favorite concepts: a virtuous cycle. Clients get ever-better service.
This is a win-win, created by an efficient marketplace.
When life gives you lemons...
Did you get a poor ENS by accident? It can happen to everybody - and we'll help you. The ENS shows expert networks that you are committed to them, as they are committed to you.
Inviting peers to Inex One also shows your commitment to the networks and is a proxy for booking calls. Invite 3 new users to the platform, to get a 10% boost to your ENS.
See your ENS here.