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Are There Enough Business Networking Apps/Websites Already? Should You Build One?


According to Business of Apps (businessofapps.com), a site dedicated to the financial aspects of the app and website business: LinkedIn revenue increased by 43% to US$ 11.5 billion.

This is understandable if you consider the fact that the pandemic is fast winding down and the business world is starting to be very active again. Many people are networking again for business purposes.

Add to the fact that the pandemic has caused mass layoffs followed by the downturn in the economy which saw even more mass layoffs. Both unemployed and employed people are also seeing the benefits of networking to find jobs or seek better employment opportunities.

This is the reason why there are many alternatives to LinkedIn that are popping out. This doesn’t even include the earlier but much lesser known alternatives to LinkedIn like ryze Business Networking.



WHAT ARE SOME SOCIAL MEDIA ALTERNATIVES TO “LINKEDIN”?

In terms of business networking apps/websites, LinkedIn is the undisputed king. According to the site DATAREPORTAL, a business reports company: LinkedIn has at least 849.6 million members around the world as of July 2022.

However, we shouldn’t forget that: “general social media platforms” also exists which might even have a greater number of users. Of course, the reason why they have greater number of users is because they not only have business networkers as users but also all types of networkers:

1. Facebook: The undisputed king of all general social media platforms. According to industry statistics company Statista (statista.com): the platform boasts of roughly 2.96 billion monthly active users as of the third quarter of 2022.

2. Twitter: Although this influencer platform seems to be going on a downward trend these days after it has been acquired by , it still has 237.8 million monetizable active users as of the second quarter of 2022. Source: DEMANDSAGE (demandsage.com).

These are just two of the many general social media platforms that also has business networkers as users. So you might say to yourself: “With so many social media platforms both for general use and business, why do I even need to build or use another business networking platform?”



WHAT IS THE PROBLEM WITH GENERAL SOCIAL MEDIA PLATFORMS?

Although many business networkers use general social media platforms like Facebook to network, there are obvious disadvantages to this. For one, general social media platforms tend to combine a user’s business and other social activities together which can be very distracting.

For example a Facebook user might receive both messages from their business and social connections which could distract the user from their more business like activities like looking for company contacts.

This is also very apparent in Twitter which presents a mashup of data to its users from various business and non-business sources. For example, a user might receive sports related messages when they’re busy with business like activities.

Looking for business contacts could also prove to be problematic when one is using general social media platforms. This is because it is understood that when someone uses a business networking social media platform their intentions are clear: to connect on a business level.

Compare this to general social media platforms where the intent of the user is unclear unless specified. It could be friendship, romance, ministry, business and so on. This is the reason why LinkedIn is thriving despite the dominance of Facebook in the social media industry.



WHAT IS THE PROBLEM WITH LINKEDIN?

But not every business networker is satisfied with LinkedIn despite its dominance and given the fact that it gives you the opportunity to connect with up to 850 million other business networkers on a global basis.

For one, just like many social media platforms that are monetized, it requires you to pay subscription fees to unlock other or the full features of the platform. For example, if you don’t pay subscription fees there is a limit to the number of member searches that you could do.

LinkedIn charges a minimum subscription fee of US$ 29.99/month which gradually increases the more subscription benefits you want to unlock. Although the benefits of the subscription is worth it, the fact that one needs to pay for additional features is a drawback.

Also, LinkedIn can have a user banned because of their posts. This is what happened to Joel Wolh who cofounded a competing business networking social media platform called Bizfluence.

It’s not saying that this doesn’t happen to other social media platforms both general and social, but it does bring to light that LinkedIn has the power at any moment to close your account with them which results in the loss of your hard built business connections list.



WHO IS THE TYPICAL BUSINESS NETWORKER?

But let’s first analyze who is the typical business networker which would be your user/client if you ever build a business networking platform. One thing is for sure about them though, they’re clear about their intention to do business with other business networkers.

1. Job Seekers and Recruiters: Although there are already many job and recruitment websites/apps online, the fact remains that 85% of all jobs are filled via business networking. The source is Finances Online which is a site devoted to business.

2. Marketers And Sellers: Some are more discreet than others but there are a lot of business networkers who want to connect with other business networkers because they want to either sell them a product or service.

3. Startup Founders and Those Looking For Funding: Capital and Funding is always a big problem for many companies especially those who are just starting out. There are even funding companies who specifically look out for such startup business connections.

4. Investors And Those Also Looking For New Financial Opportunities: These are usually moneyed already business networkers who are looking for new companies to fund or partner with.



ARE THERE ENOUGH ONLINE BUSINESS NETWORKS ALREADY?

As has already been said, despite the dominance of Facebook, Twitter and other giant general social media platforms, LinkedIn still manages to successfully thrive. Also despite the dominance of LinkedIn, other business platforms continue to pop out.

This is all due to the mentality of the business networker: Most business networkers want to be in almost all the business networking platforms available. This is because they want to connect with as much other business networkers as possible.

For example, a business networker who is after employment would naturally apply to as much number of companies that they can apply for. This rings true to their business networking agenda: they want to apply for a job to as many other business networkers as possible.

Finding a business contact is not an easy feat to do. This is because the real business networkers tend to be choosy with the business contacts they connect to. This especially applies if you are trying to connect to a potential contact in a high management position.

Another factor to consider is “FOMO” or “Fear of Missing Out”. Business networkers are constantly asking themselves if by not joining a certain online business network they could be missing out on important business contacts.



WHAT IS A SPECIFIC EXAMPLE?

If you are interested in setting up a business networking website/app, I might be able to give you an idea of how much demand there is for such business networking platform. I have been trying to get funding for my startup and have been to multiple business networking platforms.

I have concluded that there is only a limited number of business platforms that directly match a business networker looking for funding to business networkers who want to invest in business networkers looking for funding.

This is understandable considering that it seems to be that every business networker has a business idea or a business that needs funding. Investors, Venture Capitalists, Angel Investors and the likes have become jaded to these sort of people.

An investor would be hard pressed to listen or read about another funding business pitch since they’ve heard hundreds if not thousands already. You could be the business network for such purposes.

You might have a feature in your business network platform that allows only quality and promising business networkers in need of funding. You can then match these networks to genuinely qualified investors most fit to invest or partner with them.



CONCLUSION

Jobseekers, Marketers and Sellers, People Looking For Funding, People Looking For Financial Opportunities are just some of the many people who are fast turning to business networking platforms to realize their financial goals.

These same people want to be in as many business networking platforms to maximize their chances of realizing their financial goals. Besides this, business networks aren’t even fully addressing all the networking needs of these people.

This could be your chance to setup your own business networking platform which directly caters to some of the more obvious needs of networkers like a direct match with investors. Plus, if you own the platform, you have full access to all the business networkers in your own platform.




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