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Theory Two:
Community Coupling
As unlikely as we are to join linkedin, we can see the
benefits. As a small example, there are nearly 20,000 Sarbanes-Oxley (SOX) experts in the 3.3 Million plus membership pool. Although the new service levels have a number of harsh constraints for recruiters (no address lists, reputation management about mail senders), people willing to work within the structure should fare well. Linked in, as always, has the challenge of matching revenue opportunity and user experience. In other
words, they can sell fishing licenses but must not allow overfishing. We think linkedin has found the right set of market mechanisms for building and maintaining a network pool. It's a feat that can (and should) be repeated in many of the places where a candidate pool is required or desired. The model is simple and repeatable. You join, we fund ourselves by providing
services to you and people who are interested in you.. For this model, simply hired's content is a feature delivered to keep the basic users happy. Revenue comes from access to the users not a billable service. This makes sense to us as a strategy for vertical search: Couple it to a community. Don't forget to check out the Recruiting Blogs.on BERT Palo Alto, CA - [EMBARGOED UNTIL: August 8, 2005] - LinkedIn Corporation
today announced the release of its fourth premium service, LinkedIn Business
Accounts. Since its launch in May 2003, more than 3.3 million professionals
have joined the LinkedIn Network. Users search the LinkedIn Network an average of four million times per
month. Popular searches include finding business partners, former
colleagues, and hiring managers. However, LinkedIn's most active searchers
are recruiters, investment professionals, management consultants, analysts,
and market researchers. For recruiters, finding the right candidate can mean
tens of thousands of dollars in placement fees. For hedge fund managers or
venture capitalists, finding and gathering insights from the right
due-diligence sources can make or break investment decisions. LinkedIn's new premium service provides more powerful search tools to these
professionals, addressing their need to find the right job candidates and
experts quickly and efficiently. Users who upgrade to a Business account
gain access to more powerful search tools. By upgrading, recruiters and
researchers can find job candidates and experts not just from their
networks, but also from the complete LinkedIn Network of 3.3 million
registered professionals. Many users will now search a space 10 times larger
and will be 10 times more likely to find the right person. LinkedIn also now provides a new communication mechanism called InMailTM to
Business account holders. While contacting a user through introductions is
likely to yield the highest response rate, InMail provides the fastest
replies and gives Business account holders the option to send confidential
information directly to users, without exposing it to intermediaries
providing an introduction. And InMail is the only way to reach LinkedIn
users more than three degrees away. No contact information is ever shared
with anyone on LinkedIn without a user's explicit consent, and the profiles
of users shown in the LinkedIn Network results are kept anonymous, so users
are protected from unwanted phone calls or emails. When users receive an InMail, they can review the sender's full profile
including the InMail Feedback rating, which indicates how well the sender
generally targets his or her proposals. If the recipient decides to pursue
an opportunity received through InMail, the sender receives the recipient's
name and contact information, and the sender's InMail Feedback rating gets
updated to reflect the successful contact. LinkedIn Personal accounts are and always will remain free, including the
ability to create and update a professional profile, to search one's
network, and to contact other LinkedIn users through introductions. In
addition to the new capabilities provided to Business account holders,
today's release also provides significant enhancements to LinkedIn users
with free Personal accounts, such as improved communications management,
streamlined introductions and better tools for locating people they already
know. LinkedIn's CEO Reid Hoffman said, "It took us 15 months to reach one million
users, six months to reach two million and just four more months to reach
three million users. Premium services for power searchers, such as
recruiters and researchers, have been part of our business plan from the
beginning. This fall, in addition to providing more productivity features
for users of our premium services, we intend to intend to make significant
enhancements to the free capabilities available to everyone who relies on
LinkedIn to manage their professional relationships." Business account holders receive a seven-day response guarantee on InMails,
priority service from LinkedIn's customer service staff, and the ability to
get introduced to more professionals in their networks. To ensure Business
account holders are selective in whom they contact, they can only contact 3
or 10 users through InMail per month, depending on whether they have a
Business or Business Plus account. Pricing is $15 per month for Business
accounts and $50 per month for Business Plus accounts. Timothy Farrelly, president of Coit Staffing, has placed many candidates
using LinkedIn and looks forward to being among the first LinkedIn users to
upgrade to a Business account. He added, "LinkedIn has become the place
where top recruiters look for passive candidates. The quality of
professionals who have joined the network and published their professional
profile makes LinkedIn the most productive place to find and reach
candidates for senior-level positions. The new search and contact options
make it a no-brainer to upgrade virtually my entire staff to LinkedIn
Business accounts." The new Business account option is expected to broaden LinkedIn's appeal
beyond existing LinkedIn power searchers. With the new capabilities
available to Business account holders, professionals such as recruiters and
researchers can realize business value immediately, not just after
connecting with their existing contacts on LinkedIn. At the same time,
InMail provides users with a brokered communications channel through which
they can be contacted for interesting business or career opportunities in a
private and controlled manner. In March, LinkedIn launched LinkedIn Jobs, the company's first premium
service. LinkedIn Jobs allows recruiters and hiring managers to ask fellow
employees and other trusted contacts for referrals and to conduct reference
checks. Since then, the company has released two additional premium
services, LinkedIn Services and LinkedIn for Groups. Over the next six months, the company expects the new Business accounts to
provide a significant additional revenue stream that will help LinkedIn
reach its target of becoming a profitable business in the first quarter of
2006. About LinkedIn
LinkedIn is the world's largest and most effective business network. On
LinkedIn, more than 3.3 million professionals find jobs, people, and service
providers through their existing network of business relationships. LinkedIn
offers four premium services. Hiring managers posting jobs on LinkedIn Jobs
(<https://www.linkedin.com/jobs>) receive candidates recommended by fellow
employees or other trusted contacts. More than 200,000 service providers
listed in the LinkedIn Services business-to-business directory
(<https://www.linkedin.com/services>) have an opportunity to be at the top
of the search results when contacts of their former clients search for
recommended service providers. More than 800 membership organizations use
LinkedIn for Groups (<https://www.linkedin.com/groups>) to strengthen
connections between members and develop greater loyalty to the organization.
LinkedIn Business Accounts (<https://www.linkedin.com/business>) enable
recruiters and researches to find people beyond their networks and get in
touch with job candidates and experts more quickly and efficiently. # # #
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