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Guides - Marketing Secrets w/ Russell Brunson
Yes please! In , we launched a dating marketplace — Tickle Matchmaking, which eventually became LoveHappens. The more people we had there, the better off other users were.
In , we launched Tickle Social Network — coincidentally the same day MySpace launched — and it grew to 30 million users. These people created content for each other on a daily basis. The more people, the more content, the more valuable for all the members. In we launched Grapevine, an advertising marketplace for advertisers to buy ads on user generated content sites like ours, Hi5, Bebo, etc.
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The more ad units we had, the more valuable to the advertisers. The more advertisers we had, the more valuable Grapevine was to the publishers. Each of these businesses had a network effect, and they each felt better to run than our initial business. Unfortunately, perhaps due to lack of skill, or perhaps due to running five different businesses inside the company and thus being spread too thin, each of these products fell short of dominating their markets.
We took it. Monster is a two-sided labor marketplace. Employers on one side, employees on the other.
The company was founded in In every element of the business other than the sales team, this was a poorly run company. Poor product, poor customer service, poor strategic decision making, and from what we could tell, a lack of insight into what was about to happen to them because of LinkedIn and others. We tried to get them to let us build a LinkedIn competitor when LinkedIn had less than 1. What stood out was that none of this mismanagement mattered.
The Viral Epiphany paperback
They had a network effect in place. Like Craigslist, the only feature that mattered was that everyone was there. The buyers found efficiencies in using them and so did the sellers. Both sides of the marketplace kept coming, and Monster kept making money.