HBR.ORG – Aug 5 – The speed of change is one of the things I love about this industry. Companies need to innovate constantly – with technology, pricing, product features, and business models – to stay ahead of competitors and continue to grow. I ran Chemistry.com from 2006 to 2008. It was my first general management job, and I loved building the team. We grew the site quickly. As Chemistry.com expanded, the company's flagship Match.com seemed to be plateauing. So in 2008 management asked me to move over to Match.com and try to reenergize that brand. Two important shifts were under way that hurt Match.com. First, OkCupid and Plenty of Fish, had pioneered a new ad-supported business model. The second shift involved algorithms. By 2008 companies were getting more sophisticated about analyzing and understanding users' preferences and behavior. In 2009 Match made its first big acquisition, in the form of a company called People Media, that had a variety of smaller sites aimed at specific demographics. Facebook and Twitter were bringing more people onto social media, which sparked more interest in online dating, especially from older people. The biggest technology shift came after 2008. That's when Apple introduced the App Store. Within a few years that completely changed the face of our industry – a change sparked largely by Tinder. Last year Tinder's revenue topped $800M, demonstrating that many people are willing to pay for features. Right now we're working on several new strategies that we expect will drive our next phase of growth.
by Mandy Ginsberg
See full article at Harvard Business Review
