In every market, every country, there are premium markets.
Premiums core concepts – better, faster, simpler, exclusivity – in the fashion markets, it can be the reverse, slower – made by hand, complexity – of design.
Digital marketplaces – a two-sided market – where the site tries to match online demand and supply and make a profit along the way – the traditional focus is volume products.
- Uber
- Airbnb
- and many others I have previously reviewed.
Toptal.com’s differentiation – it provides businesses with the top 3% of talent anywhere in the world – the rigorous screening process only accepts 3% of all applicants.
If you have the most significant problems, they have the best talent in the world to solve your problems. Top talent is sourced from over 100 countries though most reside in Europe and the United States.
Toptal is a global freelance talent marketplace with well-known brands such as Airbnb, HP, Zendesk, and Motorola – from startups to Fortune 500.
It was founded in 2010 by Taso Du Val (CEO) and Breanden Beneschott – its legal headquarters are in Silicon Valley –
- the company does not have any office space,
- It remains a private company that has been profitable since its inception,
- Its revenues exceed $200 million,
- In 2021 it had a growth spurt of 40% plus,
- Toptal is the world’s largest fully remote company.
Toptal’s strict screening process for talent follows a similar verification as applied to senior C-suite roles.
The platform’s success is a 95% trial-to-hire success rate, with a $0 recruiting fee for the top 3% of the global freelance talent pool.
How it works – introduction to candidates within 24 hours of signing up, and 90% of clients hire the first candidate Toptal introduces – with a No-Risk Trial, Pay Only If Satisfied warranty.
Toptal requests their clients – under no circumstances, to discuss the price they pay for their talent.
The reason is that Toptal’s clients pay, on average, double the rate that Toptal pays its freelancers.
How successful is Toptal.com?
As of July 2021, the estimates are that Toptal has more than 4,200 active professionals working on projects through its system with over 700 companies across 17 countries.
What are the marketing and growth functions that Toptal focuses on?
- Brand (awareness campaigns, creative ideas, and image-building)
- Growth Attention (SEO/SEM initiatives, social, landing pages optimisations, product creation, traffic/user acquisition, and other growth-related initiatives)
- Four teams – Creative, Growth Marketing, Product Marketing, and Market Insights.
Toptal.com demonstrates opportunities are everywhere – this is a blueprint – what marketplace can you develop?
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If you have read this far, thank you for your attention.
Regards
David
