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Tag: relationship marketing

  • Monetising Love and Relationships – Business Model of Tinder

    Socialising and building relationships are innate characteristics of human beings and during the pandemic things have not been that easy in this regard. Dating apps have been a very important part of developing relationships and during the pandemic, they proved to be more helpful than ever.

    According to various studies dating apps are one of the fastest-growing social start-ups in the world. It is forecasted that they will grow globally to reach $10,378 by 2025 from $6951 in 2019. This means that the growth is at a CAGR of 4.98%. The extensive use of dating apps especially in the US can be perceived from the stunning statistics which reveals that more than 54% of Americans have their relationship started through online dating apps or sites.

    Among a plethora of dating app Tinder is the one that is leading the way for building new relationships.  

    About Tinder
    The Uniqueness of the Idea
    Revenue Streams of Tinder
    Sponsored Profiles
    Boost – To Improve Your Chances
    FAQ

    About Tinder

    Tinder is an app that lets you connect with people you haven’t met before. It shows you the profiles of people near you or people that share the same interest as you in Tinder. It is mainly a location-based dating app.

    Tinder was also the first one in the industry to introduce the feature of swiping left and right to indicate dislike or like respectively. If both the people end up swiping right, it becomes a match that will let you chat and later meet the person if they feel so.

    Tinder has been successful in stepping up its business since its launch in 2012. Today it has multiple revenue streams which not only keep the business afloat but also let it thrive.

    The Uniqueness of the Idea

    The very idea that Tinder proposed during its launch in 2012 was a novel one. Unlike the commonly heard ideas where two people who knew each other are connected through an app or a site, in Tinder strangers whom they have never met are connected through this platform.

    They were able to address the issues of social and physical barriers that come in the way of forming new relationships or friendships. They carefully brought together people based on their commonalities. This unique selling proposition of Tinder enabled them to be a very known platform to such an extent that today the idea of a dating app is equated with the name Tinder.

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    Revenue Streams of Tinder

    Tinder launched its fully free application in 2013 and later changed its mode of operation in 2015 by shifting to a premium business model. From there Tinder started to branch out its features under different plans that suit the requirements of the users. All these plans added to Tinder’s revenue.

    Freemium Model

    Although this model was largely free it charged the users for using certain features like location change, unlimited swipes etc. Later they added these features into their new plan named Tinder Plus wherein they divided the whole thing into two different things. The first one was Tinder Plus which was revenue-generating and followed by Tinder Basic which primarily focused on network development.

    Tinder plus

    Tinder plus was a very attractive plan for its users which gave them everything that they wanted in a dating app. Some of the special features that were added to tinder plus were

    • Unlimited swipes
    • Multiple Superlikes per day
    • Facility to undo the last swipe
    • Single boost per month

    In order to give further advantage to the tinder plus users, they limited the number of right swipes to the free and basic app users for a period of 12 hours. Tinder Plus is priced at around Rs.650 per month. It also depends on the age of the user.

    Tinder Gold

    As mentioned earlier Tinder took a huge step to put this dating app at a whole new level by further giving an extension to Tinder Plus and naming it as Tinder Gold.

    Apart from all the features that Tinder Plus users get, Tinder Gold also has an additional ‘Likes You’ feature which helps you know the number of likes you have got and know the people who have liked you. This feature also lets you check the profile of people who already liked you which is in fact time-saving.

    Tinder Gold
    Tinder Gold

    They have also added small features like the golden heart logo which indicates that the person you are viewing has liked your profile. Tinder Gold also comes at a price.

    In India, it is valued at Rs.3000 per year. You may even get discounts of up to 50% at different locations. In the US depending on the age of the user Tinder Gold is priced between $14.99 to $82.99.

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    As the popularity of the dating app grew, many corporate found it as a very innovative and engaging way to market their products in the form of profiles through Tinder. Soon they started partnering with Tinder so as to have their profiles featured. Here, if the user swipes right on the profiles that are sponsored it lets them chat with them. This chatting feature is usually facilitated through the use of chatbots. This has become a very profitable revenue stream as far as Tinder was concerned because of the twin benefits it has both to the startup as well as for the company. The users find such forms of advertisement is less intriguing too.

    Boost – To Improve Your Chances

    It is a recent addition to Tinder which has significantly attracted new users. With a Boost the probability of a profile reaching more people increases by more than ten times. It makes the boosted profile one of the topmost in the area for 30 minutes. It not only increases the chances of more views but also assures thrice more matches. The standalone price of one boost is around $1.99 to 3.99 $

    Tinder Boost
    Tinder Boost

    Conclusion

    Through its unique engagement with the users and the authenticity of the activities happening within the platform, Tinder has become the favourite choice among people between the age of 18 and 29 with more than 14% of this age group using the same in the USA. It is indeed a dreamy number for its competitors. Its free and paid models have become popular amongst its users due to their ease of use and credibility.

    The human mind’s tendency to always search for love and forge new relationships and friendships have a large incentive to the growth of as a whole. Considering the changing attitude towards dating, building relationships and live-in relationships; it can be expected that Tinder will continue to grow in an upward trajectory in the future as well.

    The importance of finding opportunities and monetising the common things in a different way is the most important thing that we need to learn from the way Tinder functions.

    FAQ

    What is the annual revenue of Tinder?

    The annual revenue of Tinder was 1.4 billion U.S. dollars in 2020.

    Who is the CEO of tinder?

    Jim Lanzone is the current CEO of Tinder.

    When was Tinder founded?

    Tinder was founded in 2012.

  • Everything You Need To Know About Holistic Marketing

    Marketing is a very diverse field. So it is difficult to tell the best marketing approach. Some people will prefer viral marketing, while some will go with brand marketing, others may go by channel marketing, some by celebrity marketing, and yet others will swear by content marketing.

    At the same time, the marketing environment has undergone a lot of changes. With the rise of the internet and issues such as hyper-competition, globalization, and social responsibility, traditional marketing approaches are no longer effective. In light of these changes in the marketing environment and in the way we do business today, the best and most effective marketing approach is to approach it from a holistic perspective. Let’s understand the holistic marketing concept.

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    Concept of Holistic Marketing

    Holistic marketing is a business marketing philosophy that considers business and all its parts as one single entity and gives a shared purpose to every activity and person related to that business. This is a marketing tool through which each and every department and person is working towards ensuring the success of one certain goal at that particular time. From R&D to HR, Operations to Sales every department/function should have one goal.

    Holistic marketing recognizes that ‘everything matters’ with marketing and that a broad, integrated perspective is necessary to attain the best solution. The holistic approach to marketing is based on the premise that the whole is greater than the sum of its parts.

    Example of Holistic Marketing

    Coca-Cola is the best example of Holistic Marketing. They drafted their entire plan of marketing on one goal – Happiness. They did not just market their product, but they marketed Happiness. Based on that one goal, Coca-Cola wanted to promote Happiness. The strategy was very smart, Happiness is one of the most cherished of all. They added ‘Taste the Feeling’ with that brand. They showcased in a way, whenever you are happy, have a Coke. This marketing strategy was bang on. It resulted in the massive growth of the company since then.

    This is one of the examples. If you look around you will find many great examples of Holistic Marketing like McDonald’s, Google, etc.

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    Features of Holistic Marketing Philosophy

    • Common Goal: Holistic marketing concept believes that the business and all its parts should focus on one single goal which is a great customer experience.
    • Aligned activities: All business activities, processes, communication, and services should be aligned towards the achievement of the common goal of providing a great customer experience.
    • Integrated activities: All activities and processes within the business should be designed and integrated in such a way that they work in concert to provide a consistent, uniform, and seamless customer experience.
    Holistic Marketing Concept

    Need for Holistic Marketing

    Today, the customer mindset is changing. Wealth is becoming lesser and debt is high. Thus customer purchases are being made after lots of thinking. Customers search offline as well as online for the right product and have good knowledge of the product before they purchase. It is likely that the customer has already made a purchase decision even before he enters the showroom. Thus holistic marketing concept is needed at this hour to ensure that the customer chooses your product over everyone else.

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    Components of Holistic Marketing

    In the past, marketing typically followed a linear “one-to-many” communication model where the company broadcasted information through one channel to many customers. But today, this model has become obsolete.

    Holistic marketing focuses on marketing strategies designed to market the brand to every person related to it, be it employees, existing customers, or potential customers, and communicating it in a unified manner while keeping in mind the societal responsibility of the business.

    To ensure that there is a unified message despite the broad channels through which customers learn about and interact with your business, the holistic marketing approach has five different components that come together to unify your company’s brand image.

    1) Relationship Marketing- This component of holistic marketing is focused on building strong and long-lasting relationships with all stakeholders who can directly or indirectly influence the success of the business. These include customers, employees, shareholders, suppliers, channel partners, regulatory bodies, and financial institutions.

    The aim of relationship marketing is to focus on marketing activities that create a strong, emotional bond between the business and these stakeholders and cultivate loyalty from them, rather than simply interacting with them only during transactions.

    Relationship marketing importance

    2) Integrated Marketing- Integrated marketing is an approach to create a unified and seamless experience for the consumer to interact with the brand by designing and directing all communication (advertising, sales promotion, direct marketing, public relations, and digital marketing) in such a way so that all work together as a unified force and centers around a strong and focused brand image.

    Ensuring that all the marketing communication is in sync helps deliver an efficient and effective message to potential customers and projects a strong and focused brand image.

    3) Internal Marketing- There are two types of customers to every business: internal and external. While focusing on external customers should be a top priority for every business, internal customers should not be left unnoticed as these internal customers (employees) play a vital role in marketing the brand and products to the external customers of the business.

    Internal Marketing treats employees and staff as internal customers who must be convinced of a company’s vision and worth just as aggressively as external customers. It also involves crafting processes that make them understand their role in the marketing process.

    Internal Marketing Example
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    4) Socially Responsible Marketing- This aspect of the holistic marketing concept involves a broader concern of society at large. It requires the business to follow certain business ethics and focuses on partnerships with philanthropic and community organizations. A business is considered as a part of society and is required to repay the same.

    Socially responsible marketing encourages a positive impact on the company’s stakeholders.

    Components of Holistic Marketing

    Wrapping Up, the holistic marketing philosophy, by focusing on the big picture, creates a synergy that effectively reinforces the brand message, brand image, and positions the brand uniquely in the minds of the customers. With the changing face of the business environment and increased competition, the holistic marketing concept has emerged as one of the greatest ways for businesses to remain competitive.