Have you heard of Lysted.com? Me neither, until now. The Toronto start up’s initial site is Fbbin.com (short for free bargain bin) and it launched last year. The free online classifieds sounds a lot like Craiglist or Kijiji, however the founders say they have a twist. In an article that appeared in today’s Globe and Mail, Dov Markowich– a former IT consultant and one of the brains behind Lysted says the company will offer a “powerful Facebook app and content on mobile devices” to be different. Markovich says he got the idea for the company after trying to sell a Nintendo game on Facebook–to no avail! He thought it’d be great to build something that would help others get exposure about the products they were trying to sell, but market it through the power of Facebook.
So how would it work? Well, I guess you could post an ad on Lysted, which would also post an ad on Facebook and send an immediate update to your mobile about the exact same post all at the same time (not sure). Or at least users could have that option? I guess if you’re desperately in the market for something and have an alert system set up this functionality would be appealing. To date, the site has about 5,000 users (mostly in the Toronto area) and Lysted hopes that will double soon, so their revenue generation model will take off. What is that model? Charging corporate users to post ads and market to their desired audience. The company plans to do viral marketing through Facebook, bloggers and Twitter.
Would you change your current classifieds posting and searching behaviour to Lysted? For me, I’d like to reduce the reliance of everything on Facebook. I’m not hating on Facebook, I’m just saying…It’d be interesting to see a company do something original without Facebook being involved. Any expert thoughts on Lysted, their strategy and revenue generation model?