As we all know that ” Linked in ” corporation is one of the leading networking website which functions on describing user created profiles with their work experience, education and training, skills, and a personal photo so that users can find jobs, people and business opportunities recommended by someone in one’s contact network. Users can save jobs that they would like to apply for. Users also have the ability to follow different companies.
In the above para we discussed about the working of linked in corporation with user provided data but we can understand it’s business marketing strategies and it’s growth from initial stage in a clear manner when we see linked in as a business model.
Linked in was found on may 5, 2003 at mountain view, California, US by Reid Hoffman. Initially the company started getting it’s financing through the help of venture capitalist company and later it struggled to get investors in IPO but at the year of 2011 LinkedIn priced its IPO at $45 per share giving the company valuation of $4.5 billion but at the year of 2016 Microsoft announced the valuation of LinkedIn for $196 per share which in all cash transaction valued as $26.2 billion and acquired the company.
CHALLENGES THAT ARE ACCEPTED BY LINKEDIN :
As a networking site the first and foremost challenge faced by LinkedIn is data encryption of user along with the data encryption LinkedIn should also concentrate on following terms:
PRIORITISING LINKEDIN GROUPS: LinkedIn contains many community groups with managers to share/discuss ideas for improving their work/business. So, they have to arrange the groups with out arising any type of ambiguity.
CONSTANTLY CHANGING THE WAY OF ADVERTISING : We get too many irrelevant ads when we use LinkedIn. Sometimes, getting non-sink advertisements also creates a negative impact on the site. So, that it should constantly change the patterns of presenting adds with new algorithms to avoid negative footprints on site.
ARTICULATING THE DORMANT PROFILES: LinkedIn says it’s growing, but there are many inactive accounts that should be removed after a reasonable period of time by keeping the active users accounts effectively and let inactive users go by the wayside.
MAKING LINKEDIN FROM “HAVE TO” TO “WANT TO” FOR BUSINESS PROFESSIONALS: Many people are on LinkedIn because they feel that they “have to” be there for expanding their network but very few professionals LOVE logging in to their LinkedIn. So, to attract more people on internet then LinkedIn must use competitive content on it’s pulse.
MARKETING STRATEGIES APPLIED BY LINKEDIN:
LinkedIn used Traditional marketing strategy at its initial stage of growth. LinkedIn approached it’s users through branding it’s company with chocolates. Similarly, LinkedIn adopted several marketing strategies on internet for improving it’s sustainability.
Most of the business organisations put a great deal of effort into creating the perfect website, and invest a significant portion of the marketing budget on curating the ultimate customer experience. So for that purpose LinkedIn has created virtual circle of influence by combining LinkedIn marketing and remarketing on your website. In order to attract efficient business professionals LinkedIn promoted paid marketing system which can afford a wide variety of ad formats and business targeting opportunities.
LinkedIn provides sponsored content, sponsored messaging, Text adds and Dynamic adds which are considered as native ads that will appear in the viewer’s LinkedIn feed and it tends to be customer centric with helping it’s customers on getting control over their business marketing.
One of the main reason for it’s sustainable marketing growth is, LinkedIn seamlessly fills in the fields and provides you with information it already knows about your prospect. The up side of this capability is that it reduces the user’s submission time, and also diminishes their friction to signing up for whatever you are offering to the opposite person .It also target the customised accounts for the profile that is provided by user and also allows you to run account based marketing campaigns, powered by LinkedIn data.
Finally, LinkedIn is particularly well-suited for personal branding and which actively manages one’s image and unique value to position oneself for career opportunities. LinkedIn has evolved from being a mere platform for job searchers into a social network which allows users a chance to create a personal brand. LinkedIn’s constant adoption and application of new technologies and new strategies in market has improved it’s standards and sustainability in the competitive corporate field.