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LinkedIn presentation
- 1. LinkedIn“From the day we launched, LinkedIn has been about helping professionals build and maintain trusted relationships online.”- Reid Hoffmann, founding CEOGROUP 3
- 2. Online Networking CommunitiesSocial Network: (SNS) An online community that allows users to construct a profile, create a personal network, search, invite and communicate with other users.Privacy Controls
- 4. Basic vs. Premium MembershipSocial Networking ExplainedProfessional Network: (PNS) A variation on the SNS model that was built around business rather than personal relationships.Differed in content, communication style, and nature
- 5. Member profiles, classified ads, message boardsCompany Overview“LinkedIn will be the leader in business networking. It’s a productivity tool, used for professional people search, reference check, recruiting, finding experts and getting expert advice, and workgroup collaboration.” – Dan NyeCompany Vision based on 3 assertions1) The Web 2.0 PNS would remain highly differentiated from the SNS, as seen with Web 1.02) Maintain a hold on professional users for positive and negative reasons3) Corporations will support LinkedIn’s PNS model
- 6. History2002: LinkedIn began in Reid Hoffman’s living room2003: Officially founded May 5, 2003 (Cinco de LinkedIn) The 5 founders invited 350 of their closest contacts to join Ends the year with 81,000 members and 14 employees2004: Ends the year with 1.6 million members and 33 employees; International members represent about half of all members2005: LinkedIn launches its first premium service, subscription service and ends the year with 4 million members
- 7. History2006: Members can be kept up to do date through added newsfeed Ends the year with 8 million members2007: Launches LinkedIn Answers, Intelligent Application Platform, news product, profile pictures and corporate blog Dan Nye made CEO Customer Service Location opens Membership surpasses 15 million2008: Recruiter product launches and creates buzz in HR depts Mobile phone app launches LinkedIn partners with CNBC and The New York Times Ends with 33 million members
- 8. Competitors
- 9. CompetitorsSNSOrkut High usage numbers in Asian and Latin American markets
- 13. CompetitorsMySpace World's leading SNS with 117 million users worldwide as ofmid 2008 12% of all time spent by users on the Internet
- 16. Tie between The Wall Street Journal and MySpace couldpose threat Facebook More than 350 million users today (young professionals)
- 19. Strong presence in Germany, Austria, and Switzerland
- 20. Differed by giving open access to other members
- 21. Perceived as only modest threat because of its limited market share and lack of U.S. presenceMonsterWorld's largest job search engine
- 22. Subscription fees per month led to tension between core businesses
- 23. Did not serve professionals not actively searchingCompetitorsSpecialized Professional NetworksVertical-specific populations
- 24. Minimal threat due to different scope
- 25. Markets could be served through applications inside LinkedIn platform MicrosoftTownSquare enterprise social networking
- 26. Document editing and personnel updates
- 27. Similar to Facebook pageStrategyFounded to make professionals more effectiveProductivity
- 28. Strongly differentiated from SNS
- 29. Target "passive" candidates Revenue StreamsAdvertising
- 30. Subscriptions
- 31. Job Postings
- 33. Primary Research-Serve institutions through connectionsStrategyInternational ExpansionDifficult to overcome cultural barriersClosed Platform ("Walled Garden")No link between other networking sites, networking activity controlled
- 34. Presents dilemma as users seek expanded featuresAdd some SNS features to pre-emt efforts by Facebook to enter PNS marketWSJ to LinkedIn as Facebook is to USA TodayPorters Five Forces Rivalry Between Competitors
- 35. Threat of Substitutes
- 36. Threat of New Entrants
- 37. Bargaining Power of Buyers- Bargaining Power of Suppliers
- 38. Industry Rivalry Competition in the industry is moderate to high -Have to not only compete with other PNS, but also SNS -Majority of new users come from invitations from existing users -MySpace, Orkut, Plaxo, Facebook, XING -If LinkedIn opens up its platform, it would increase competition -There is not much product differentiation -Industry concentration is low
- 39. Threat of Substitutes Threat of Substitutes is moderateMonster Used primarily for people searching for jobs, not networkingMicrosoft Had look and feel of a Facebook pageSpecialized Professional Networks: CIOZone, MedicalMingle, etc. In the future we believe the threat of substitutes and industry rivalry will increase as large companies venture into this industry
- 40. Threat of New Entrants Threat of New Entrants is Moderate/High – YASNS -SNS’s have economies of scope over LinkedIn -Switching costs decrease the threat of new entrants -Introducing versions in different languages decreases the threat of new entrants from other countries -Microsoft bought a portion of Facebook, which increases possibility of Facebook emerging into the PNS industry -MySpace and Wall Street Journal are now owned by the same person
- 41. Bargaining Power of Buyers Bargaining Power of Buyers is Moderate/Low -LinkedIn is the largest PNS in the world -Buyer group is not concentrated -High concentration in PNS industry -Advertising that blends with core identity -Not many switching costs( We did not analyze the bargaining power of suppliers because it is not relevant to a website)
- 42. SWOT Analysis: StrengthsSufficient investments to fund its projects
- 43. LinkedIn as a premier, trusted professional networking site
- 47. Premium Accounts
- 48. Advertisements
- 49. Job Postings
- 50. Ability to watch expansion trends in different regions
- 51. Broad scope of professionals
- 52. Not limited to just doctors, just lawyers
- 53. SWOT Analysis: Strengths30% user generated50% self-promoting
- 54. SWOT Analysis: WeaknessesLimited access to all members
- 55. Platform openness creates cultural divide
- 56. Asia and formal introductions
- 57. Unique Visitors of LinkedIn among social networking sites is very low
- 58. 2% of facebook users, use LinkedIn
- 59. 40% of LinkedIn users, use facebook
- 60. Low Time Spent per Session per User
- 62. facebook: 55+ minutes/daySWOT Analysis: OpportunitiesMoving beyond the “walled garden”
- 63. Leveraging social applications on other sites
- 64. Ability to capture the Asian market
- 65. Desire for social media to enhance the professional experience
- 67. photo album sharing from trainings and conferences
- 68. Young professionals attitude towards "referral marketing"
- 70. Clean interface with the potential to bridge the gap between something very social yet professional
- 71. Expectations of young professionals
- 72. less boundaries between work and social life
- 73. XING’s access to Asia
- 74. Alienating both companies and individuals, by targeting both
- 75. SWOT Analysis
- 76. SWOT Analysis: OffensiveWhen STRENGTH meets OPPORTUNITY
- 77. Strength: User Generated Advertisements
- 78. Opportunity: Positive young professional attitude towards "refferal marketing"Referral Marketing: LinkedIn already uses user-generated ads, and can capitalize on their effectiveness as more and more young professionals come from the facebook generation.
- 79. SWOT Analysis: DefensiveWhen WEAKNESS meets OPPORTUNITY
- 80. Weakness: Platform openness creates cultural divide
- 81. Opportunity: Ability to capture the Asian marketMust keep a close eye on competition: XING. And turn weaknesses into strengths. Adapt to the needs of the Asian market.
- 82. SWOT Analysis: AdjustWhen STRENGTH meets THREAT
- 83. Strength: Ability to watch global expansion trends internally
- 84. Threat: XING and other PNSs targeting the Asian marketUse this strength to track the rate of Asian expansionon LinkedIn and make adjustments to compete head on.
- 87. Global Expansion
- 88. Timing of DecisionsWhere does LinkedIn fit?
- 89. Open or Closed PlatformCurrent proprietary system closed to members
- 90. “Walled Garden”
- 92. No “customer service problem” today
- 93. Ex: Facebook
- 94. Option to open platform to users/developers
- 96. Prior industries
- 97. Ex: Google
- 98. Middle Ground
- 101. RecommendationUtilize real option to delay decision
- 102. Lack of urgency
- 103. Dependency
- 104. Technology advances
- 109. Uncertainty
- 110. Customer service strength Adding Social AspectsMaintain focus on strictly professional
- 111. Demographics
- 112. Income, age, career
- 113. Add social networking features
- 114. Fading social / professional distinctions
- 118. Maintain identity and loyalty to target market
- 120. Slowly incorporate social features
- 121. Subtle yet useful
- 123. WSJ of online networkingGlobal ExpansionDoubling of non-U.S. membership in 2007
- 124. Strong base
- 125. English language
- 126. U.S. Market
- 127. June 2008 - 150 countries
- 128. Western World/India vs. Asian market
- 129. Plan to introduce other language versions late 2008RecommendationStrive forward globally
- 130. Millions of professional worldwide
- 133. Asian market
- 134. Business practice differences yield issues
- 135. Discreet / private
- 136. Emerging economies
- 137. Approach tentatively yet opportunistic
- 139. Foreign and domesticTimingGlobal financial crisis
- 140. High unemployment
- 141. Recovery?
- 142. Growth of college graduates and professionals
- 143. First mover vs. second mover
- 144. Actions of Google, FB
- 145. Flexible AND focused Recent News2009: LinkedIn launches the Grad Guide, to help graduating students in today’s economy Celebrates 6th birthday with 600 cupcakes and 40 million members Jeff Weiner named as new CEO Closed platform opened up to developers at large Around 50 million members to date