All eyes on the numbers
A populated customer or user base has always been the target of every business. Even before the introduction of technology and the inception of the Internet which birthed social media and various online platforms. A substantial amout of customer is a sure sell booster on daily, monthly or yearly based. The offline activities looked rigid and the internet with all it had to offer came to the table. One must admit the ease and flexible nature of user recruiting. Sign ups are done within 2 to 5 minutes and before you know it, you have access to all they have to offer.
Nevertheless, it has also come at a cost. With the ease and flexible nature of user recruiting also comes the ease and flexible nature of losing a user or client as the case may be. Let's take for instance, there were times in which banking registration activities were done only in the banking hall. We all knew the stress one had to undertake to get an active bank account by then. So even under customer dissatisfaction, one was unable to change his bank mostly because he didn't want to start the entire process in another commercial bank.
The issue is a different case nowadays, you can create a bank account at the comfort of your home or office within 5 minutes and start making deposits and withdrawals. You know what this means? Any customer dissatisfaction will not be tolerated, at least not for long. I can use myself as an example here, if you give me too much transaction headache, I pack my bag and off I go. I have seen a lot of competition currently in this industry to keep the customers, you know as usual, the banks need you (actually it's your money they need) for their daily business. Funny that the bank is one poor sector that emerges rich, they really understand the OPM (other people's money) strategy.
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That said, we've seen the introduction of several platforms and how they've grown online users over time. Adding to that, the need to retain these users has been a constant work to avoid user base decline. We have seen the birds returning to the mountain when figuratively describing the present success of telegram and its Ton network. Being a social network had a hedge, something the banks are really undermining, I guess their business is mostly fiat and this may soon put them off market or at least take a huge chunk of users off their services. Just think of how what Elon Musk is building on X( formerly Twitter) can disruption this entire process.
X has that dense user base and Elon is fixing his eyes on these numbers for profit beyond just the normal activities. We all know data has become the new oil or maybe not all know this for now. I heard how Notcoin has converted itself to an advertising firm to continue staying in business. I have not personally ventured into the research yet I see success behind such moves. We all know that millions of users were recruited in the process and this data means a lot to advertisers. You can't resist doing business with a company who has millions of daily users. I see online business as now 'a number thing' not just to keep it the old ways but to continue to adjust services and increase gains.
Speaking of which, have you heard what is going on with Spotify? They've launched a comment section in their app. I hope you know what this means? Yes, you can now say it also a social media network as we speak. From my analyzing, I am already seeing a massive growth that will accompany this current moves. When music lovers are able to comments directly on their artist account, it brings more in-house activity. The idea is to make users stay longer than usual. Why reachout to Facebook or X when all can be done right on the Spotify platform.
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I must say, social media is one big industry that can attract a substantial customer base to thrive online activities. Maybe we have to look a t some figures. How massive is the Spotify's user base. From research, we are talking of around 240 million subscribers, add up the in-house activities which will aid in direct sales and businessing and you can even say, it is already venturing into the finance industry. The thing to note is that the figures above are only subscribers, it is expected to have over 610 million monthly active users, one can't doubt the fact that a large part of this figure will soon become subscribers.
The evolution of Spotify add to the proof that the world of business especially in the online world is really going diversified. Big companies are doing all it takes to spread their service and product tentacles. The market may be competitive yet those who know the secret to customer retention will continue to thrive. In-house activity seems a key as we speak, we've seen it work wonders even in the telegram platform. This can be achieved by first becoming a social media platform, something that has also been spotted by Spotify.
To conclude, let me add, industries continue to evolve and spread tentacles. Business patterns in the era of technological advancement are moving way faster than expected. The advantage here lies at the ease in which data can be carried. We know how difficult it would have been assuming the move by Spotify was through rigid offline processes. This is one thing we need to put into consideration, those who are not ready to blend will definitely be pushed off business. In the online world, a business can become anything or should I say everything it wishes to.
Posted Using InLeo Alpha