New York-based Indeed, a pay-per-click job listing and search site, is one of the largest career sites on the web.Founded in 2004, Indeed has 360 employees. It boasts 60 million monthly unique visitors* and 1 billion job searches. It works with 25,000 partnering sites and it is profitable.
The 1 billion searches aren’t on Indeed.com alone. They’re spread over all of Indeed’s partnering sites. Indeed powers the career and job sections of publishers like Bloomberg.
Still, Indeed’s revenue and staff is doubling year over year. We asked CEO Paul Forster how it achieved its rapid growth and how it surpassed pre-existing competitor, Monster.
Forster says the key to explosive growth is creating a great user experience. Most of the growth has been organic although Indeed does some search marketing.
While word of mouth might be part of its growth story, Indeed has also launched a lot of new products and publisher partnerships to increase its reach.
Indeed has email products that push listings to users; it also syndicates sponsored jobs across the web. Sponsored jobs are how Indeed generates most of its revenue.
Its API and mobile application have also helped Indeed grow. While Forster wouldn’t say how much traffic or revenue is generated via the mobile app, he says it is “significant and growing.”
Indeed has been growing internationally too. About 50% of its traffic and 20% of its revenue are from outside the US. To fuel growth abroad, Indeed is opening a European headquarters in Dublin in the next few weeks.
Indeed has also grown beyond job search; it is now a job placement tool too. Last year it launched Indeed Apply, a one-click solution for job applicants who host resumes on Indeed. Now there are more than 2.5 million resumes in its database. Indeed is working on ways to monetise the growing resume file too.
In addition Indeed produces job trends reports as well as ratings and reviews for companies.
All in, Indeed has at least 10 products working simultaneously to help it dominate the online job market.
When asked about an IPO Forster replied, “An IPO is an option for us because Indeed has been growing so fast. It’s profitable so we’re an attractive candidate. It’s something we’re evaluating but we haven’t made any definitive decisions yet.”
Indeed is currently valued at ~ $500 million.
*According to Comscore, Indeed.com generates 17 million monthly uniques and 442 million page views from US traffic, up from 12 million uniques and 334 million page views in November 2010. By comparison, Monster.com generates about 19 million monthly uniques and 290 million page views; CareerBuilder has 24 million monthly uniques and 390 page views. The 60 million figure reflects Indeed’s gobal uniques. It is derived from the company’s internal Google Analytics and includes all of Indeed’s sites, such as indeed.com/jobtrends.
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