How can we attract more users?
I have been working on this project for a few months with a few other people. We had a signup page initially and ran ads on instagram and facebook to see if there would be traction. We got about ~150 sign ups, and started building the product.
We went live 2 months ago and restarted spending on ads. For the first month, growth was good, but since then it's plateaued and the amount we have to spend on ads to attract a new user has become really high.
Do you have any suggestions on how we could attract users? (Changes to the site, changes to how we market the product or anything else we could do?)
This seems like a marketplace where having a geographic concentration is almost a requirement. Did you focus on particular cities with the ads? Maybe you can list a few items, or groups of items on local classifieds marketplace (for example, in Ireland, it's a site called DoneDeal), or even FB marketplace under the right category?
We have targeted the ads to be shown in London specifically, but we hadn't thought of advertising in local classified marketplaces/fb marketplace. Thank you @rchodava, we'll try that! :D
How many people did offer their tools on the platform?
How many tools are rendet out per day/week/months?
What about if you change the concept of not only renting out tools, but all kind of stuff like mowing machine etc.
I would invest in the content because it can give you free traffic:
People in UK have high standard, and they can afford to buy a new tool even if they would use it once in a few years.
It is just an idea, but you might consider to test another markets like Russia. Yandex ads are much cheaper and market could have huge potential for your idea. Just localize the content before that. It's just an idea you could put on the test.