I recently came across a link that was shared to me via the LinkedIn "Network Activity" feed- sound much like news feed? The link directed me to Advertising Age's online article, "Why LinkedIn Is the Social Network That Will Never Die." I'll want to share some exerts from the article as well as my feedback and response. Hopefully someone will agree with me.
Ok- so it's growing. This is a good thing. However, where is the information about how many users login day-to-day and/or utilize LinkedIn to its potential. My guess would be somewhere in the ballpark of less than 1,000,000.
Company pages were a great add for LinkedIn, although I'd like to assert that LinkedIn should have been first to implement this feature- given its very purpose for existence. Slow or now, it still launched the company sites. However...
"Another feature recently launched is "Company Pages," extremely similar to Facebook Pages. Companies have jumped on the feature like a starving hyena on the fresh carcass of an elephant. Just in one week, more than 40,000 companies signed up, since now marketers can use the page to promote new products and ...yes, engage with their customers. Kodak said the feature is relatively new for it, but hopes to expand on its capabilities. "We have been able to add more information about us and our products/services," said Brian Nizinsky, online marketing manager at Kodak. "This gives our audience more ways to interact with us and that should only increase as the LinkedIn user base starts using those features more.""
- Missing administrative functions? How come I can change my company's operating status to "Out of Business" in three clicks all because I'm listed as an employee?
- Shouldn't someone have to register this company using a company approved email address? Ie, @kodak.com. I'd be more inclined to suggest the LinkedIn should impose even more strick measures to ensure that company pages are authentic.
- Free jobs tabs in groups, but only available to company pages with (costly) upgrade? Shame! Our jobs are the bread and butter for your very existence, LinkedIn.
- Features, features, features. Facebook allows company pages to add links, discussions, discussion groups, images, video, and more for free. You don't even want to know what LinkedIn is charging for similar features.
"Revenue comes from three sources -- advertising, premium subscriptions and corporate recruiting. Mr. Weiner said the streams are fairly even. Even though as recently as 2009 -- when the company was raising its last round of funding -- Mr. Weiner was comfortable saying to various publications that LinkedIn's revenue was close to $100 million per year, he is no longer providing revenue numbers. To some, this could only mean one thing: an IPO."
Ok. Understandable. LinkedIn has to make money to exist. It's simple economics-but what concerns me is how far LinkedIn has gone to impose higher fees and subscriptions in a short period of time, but the fees imposed on end users who actually want to use the site to its potential. It almost seems that the revenue source (users/employers) are being targeted at a rate that is unsustainable- the increases plus new fees are not keeping pace with implementation of new features. Talent sourcing is becoming increasingly difficult as well- what am I going to do with someone's first name anyway?
At the end of the day, LinkedIn is still one of the most valuable tools around for both the employer and end user/job seeker. However, I hope that it doesn't oversell itself too soon. LinkedIn is purposely restricting how much information we're allowed to share with one another for the purpose of revenue generation- so in that sense that article is dead on when it states that LinkedIn is not a social media platform (anymore).
(AdvertisingAge "Why LinkedIn Is the Social Network That Will Never Die"