LinkedIn CEO Jeff Weiner just offered an amazing level of detail about LinkedIn’s business in an interview at the Citi Technology Conference.LinkedIn is really targeting enterprises. Weiner wants to grow revenue by getting more customers, instead of raising prices for existing customers, at least for his flagship Recruiter product, he said.
That’s a more than reasonable idea, given that LinkedIn gave itself a pretty good price hike over a year ago.
But the company is also expanding its breath in every other way possible, so it can roll out new products to the enterprise too (plus other new users, like students).
LinkedIn is trying to grab the lion’s share of a $27 billion market for recruiting tools. Here’s how Weiner said it is doing so far:
- Its flagship product, Recruiter, sells for $8,000/year per seat (per recruiter using it). That price was raised from rom $6,000 per seat and he’s not thinking of raising it again anytime soon (though he left the door open).
- LinkedIn currently has 12,000 enterprise customers.
- Over 2 million companies have posted company profiles on LinkedIn. Profiles are LinkedIn mini-sites that allow users to follow companies. (For example, here is Business Insider’s profile page.) Today LinkedIn announced changes that should make it easier for companies to use this feature.
- Some companies, like Citi and IBM, have over half a million followers of their company profiles on LinkedIn. (These might be employees, competitors, job seekers, or anyone else interested in the company.)
- Its biggest enterprise customers, Weiner says, “are spending on the order of millions of dollars” a year with LinkedIn. On the other end, small companies might spend $25 a month.
- LinkedIn now has 175 million members, worldwide and is seeing two new signups every second. There are over 600 million white-collar workers worldwide, so it still has a way to grow.
- LinkedIn has more than 1 million groups, ranging in size from two people to more than a quarter of a million.
- Over 75,000 developers are building applications for LinkedIn through its application programming interface (API), and they came on board within the last year.
- It now has sales offices in 25 cities around the world, in countries like Singapore, its Asia-Pacific hub; Brazil; and India. It has multiple offices in Europe, its biggest region beyond the U.S.
- It is running on 17 languages and will add more.
- Mobile is growing fast in terms of engagement, though not so much in direct revenues. Last year 10% of unique visitors came to the site from its mobile apps. This year its 23%. (Last LinkedIn rolled out a new iPhone app, too). But because LinkedIn makes money primarily from subscriptions, it doesn’t really matter how users access the service.
- Although 62% of its membership is international and growing faster than the U.S. yet, only about a third of the company’s revenue is coming from international sources. Ultimately he wants to see those numbers match better.
The biggest opportunity for growth, he says, is to get people more engaged in the site on a daily basis.
“People view the site more as a digital Rolodex or way to get a job,” Weiner says. “But its not just a way to find your dream job, but a way to be better at the job you are already in.”
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