"The Rise of Vertical Social Networks and the Power of Shared Knowledge"

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Jul 01, 2023
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"The Rise of Vertical Social Networks and the Power of Shared Knowledge"
In today's digital landscape, where swiping and liking static content has become mundane, users are craving more curated and meaningful connections. They are seeking digital experiences that align with their online and offline interests. This growing fatigue has created a ripe opportunity for the next group of billion-dollar consumer companies: vertical social networks. These platforms enable users to share content that they can't post elsewhere, providing them with unique tools to enhance their status within their existing network.
LinkedIn, Clubhouse, Quora, and other successful platforms have proved that targeting specific verticals can lead to significant growth. Even if a platform isn't the first or only place to post certain types of content, it can win by providing the best tools and fostering engagement within a specific community. This sense of exclusivity and the chance to build a following, both personally and professionally, entices users to join new networks.
One key advantage of vertical social networks is their ability to act as a "System of Record" for users. These platforms hold all the important data related to a user's profile and interactions within the community. This encourages frequent engagement and makes it harder for users to churn. By providing a comprehensive and tailored experience, vertical social networks become indispensable to their users, cementing their place in the digital landscape.
The introduction of new devices often expands the amount of time and the ways in which we can be "present" on social products. This creates an opportunity for new networks to thrive. As technology advances, new devices or step changes in functionality enable the emergence of new types of content, serving as the launching point for innovative social networks. Snap's success with augmented reality (AR) filters is a prime example of how new devices opened up new opportunities and expanded their user base beyond high school students.
Furthermore, the unbundling of platforms like YouTube presents a significant opportunity for vertical social networks. While YouTube serves all types of content, building products with killer features for specific categories allows for a more tailored and immersive experience. By focusing on specific niches, these networks cater to the unique needs and interests of their users, creating a more engaging and rewarding experience.
One such example is Glasp, the Social Highlighter. It is not just a highlighter app; it is a community. Users are drawn to Glasp not only because of its functionality but also because of the developers' commitment to user input and ideas. Glasp stands out as a Read It Now App that keeps users up to date more effectively than other similar apps like Pocket, Diigo, or Instapaper.
Glasp allows users to highlight and take notes on anything that appeals to them, eliminating the need to save things for later. This feature, combined with its community aspect, makes Glasp a valuable resource for discovering interesting articles and topics. By seeing what others find important in an article, users tap into shared knowledge and learn from each other, fostering a sense of growth and community.
In conclusion, the rise of vertical social networks signifies a shift in user preferences towards more curated and meaningful connections. These networks provide unique tools, cater to specific verticals, and foster engagement within communities. By leveraging new devices, unbundling platforms, and facilitating shared knowledge, vertical social networks have the potential to become the next billion-dollar consumer startups.
Three actionable advice for entrepreneurs looking to tap into this trend:
- 1. Identify a specific vertical or niche that is currently underserved by existing social platforms and build a network that caters exclusively to their needs and interests.
- 2. Focus on creating killer features and tools that enhance the user experience within your chosen vertical. Differentiate yourself by providing functionalities that other platforms lack.
- 3. Foster a strong sense of community by actively seeking user input, ideas, and feedback. Engage with your users and make them feel like valued members of the network. Encourage the sharing of knowledge and facilitate connections among users.
By following these tips and understanding the power of vertical social networks, entrepreneurs can position themselves at the forefront of the next wave of billion-dollar consumer startups.
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