The company has no competitors and never had, despite the fact that the founders used many existing solutions. But how did they manage to introduce their product like that?
The idea of the project belongs to Reid Hoffman, who already had a troubled experience in the development of social networks and was a member of the directors board of Pay Pal.
The social network was launched before Facebook, back in 2003. Reid was able to overcome the conservative views of Americans and cross out the slogan: one career — one company.
Thanks to LinkedIn, recruiters could find in-demand specialists much faster while applicants could easily contacts former colleagues to provide recommendations and receive the desired job offers.
Just a month after the launch, over 4,5 thousand users registered on the social network! Over the next few years, LinkedIn could boast of an annual increase of 2-3 million accounts! As of 2008, the number of signed up people was 20 million.
By 2005, LinkedIn had three sources of revenue. Payments came for accessing a paid resume database, using an account with advanced premium features, and placing traditional ads.
Success Key 🔑
It is difficult to judge the reasons that brought the company success. Most likely, several factors influenced the popularity of the service at once: timely exit, introduction of changes depending on the needs of the target audience, and competent monetization.
It is noteworthy that the developers have never set themselves the goal of earning millions of dollars in an instant, but professionally approached the development and improvement of their product.