Professionals want business social networks

Social networks have become a way of life. In doing so, they have completely changed the way people interact. It did not take too much time for the entrepreneurs to identify the opportunities that a network of professionals can provide. No wonder a major chunk of investors and entrepreneurs are considering the design and development of professional social network.  Creating something that can help millions of people in getting a job and millions of businesses in getting the job done is definitely something worth doing.

Professional social networks, while not exactly new, have still miles to go before they become as mainstream as other social networks like Facebook, Instagram, Pinterest. When it comes to professional social networks, the formula for user engagement has not been yet decoded. As the numbers shows, professional social networks do have a good user base, but is that user base satisfied with the network?

Linked-In leads the bandwagon currently, with around 500 million users. But there's a reason that the monthly active users percentage on Linked-In barely reaches double digits. While most people check Facebook to see what's new in their circle, Linked-In is primarily used as a job portal rather than a professional social network. There's a big opportunity for a new social network for professionals to bridge this gap.

Before we move forward, let’s ask the most obvious question-

Why do people use social networks?

/ 55% use social media to stay in touch with what their friends are doing
/ 41% want to stay up to date with media and current events
/ 41% are filling up spare time on them

This leaves room for social networks for professionals as a means to engage the first and third category of people. Business social networks unlike a job portal, should have incentives for the users and the business to visit it even when not looking for a job. It has to be a platform for global connectivity of professionals of the same field, able to share real-time information updates with other users, and not just a resume hosting service. It can and should act as a collaboration platform for users to design solutions for complex problems. Users should be able to get tips and feedback for their growth as a professional from more experienced users.

Examples of business social networks that nailed it

Several entrepreneurs have recognised the need for such networks to go beyond the obvious-skill listing.

/ Gust and AngelList provide a platform to connect startups with investors round the world. AngelList has taken it up a notch and allows for browsing of jobs at startups.
/ Data.com Connect promotes idea sharing among its users, who use it to get feedback on their idea and refine it further.
/ PerfectBusiness and StartupNation provide entrepreneurs, investors and business experts a way to connect with other entrepreneurs and promote them.
/ Opportunity gives its users a way to connect with other professionals who could bring leads, sales and clients to them.

As the examples suggest, currently, there is a clear divide among such networks, either they center around skill listing or entrepreneur collaboration. It's time to bridge the gap and provide a common platform for all. A network which people can use to share ideas and find investors for their projects, as well as to find a job or a candidate if you have a job to offer.

Lesson from the leader

Facebook was built with the idea of "taking the entire social experience of college and putting it online". As soon as they started in that direction, people jumped in and took Facebook well beyond just being a campus life feature. Facebook news feed is now the number one method millennials use to connect with their friends. A network which aims to bring in the entire professional world on the same platform will similarly find more uses than even the founders can envision.

Like Facebook, communities and business professional networks can help like-minded people connect with each other. It can help artists connect with producers, and like UrbanClap, be a place to find affordable services as and when needed. The scope, truly is endless.

Case study - Philmcollab

Philmcollab, envisioned by Patrick Arnold and designed and developed by Vinfotech, is a community that connects film producers with actors and other talented people. Some of its distinctive features -

/ Easy portfolio creation for both employers and artists
/ Easy talent hunting and networking
/ Democratic platform
/ Easy job search for actors and artists
/ Facility to host events like audition

Active user base matters

Most professional social networks generate a major chunk of their revenue from recruitment services. A more active user-base will definitely attract more services to it. The recruitment services can reach out to candidates easily and quickly, and the users can share job postings with their network thus making it a win-win situation for all.

Revenue generation by subscriptions

The second most popular and effective method of revenue generation for such networks is subscriptions. A social network that has more active professionals and more recruiters actively looking for candidates will get more subscriptions than one which is used only for seeking jobs. At the core, such a social network should be the one that a user visits to help him grow, and if the user thinks subscriptions will help him better, he will opt for them.

With a more active user-base, looking for data, information and products, such a social network can also help a business in doing better market research and effective use of the network can help reach them reach their target audience easily, thus reducing marketing costs. This means that such a network will be the ideal platform for advertisement for any business.

Affordable service

Connecting people with affordable services can be done on percentage sharing with the professionals, or a fixed period subscription charge, where a subscribed professional gets the first notification for the lead, thus bringing in more revenue.

Vinfotech, with our experience in social media design and development, and our in-depth knowledge of business social networks can help you create a winning application. With a history of customer oriented design, and known for their excellent command over development/testing and marketing, Vinfotech can help you not just in bringing your vision to reality, but also in growing your platform.