In an guest article, Steve Pammenter, the COO and co-founder of Venntro Media Group, shares his predictions on dating and tech trends to watch in 2016.
Following on from the successful IPO of The Match Group towards the end of 2015, this year will see more consolidation within the sector. Dating companies need to follow in the footsteps of companies like The Match Group and Venntro, adopting the same portfolio model. By implementing this strategy, businesses can successfully monetise their user base by offering consumers alternative services, without losing them to competitors.
Due to the competitive nature of the dating industry, businesses need to adapt beyond exclusively offering dating services to their members. At Venntro, we’re currently exploring products that help to maintain the relationship with customers after they’ve met someone and stopped using our core product. This will offer members an added-value service and boost revenue by extending the lifetime value.
With so many new online dating products entering the market, it’s vital that startups begin to think about monetisation at inception. Thorough market research must take place to ensure there is real demand. It’s more important than ever to create something with a genuine unique selling point that provides people with something they want and need. If businesses can’t provide that, they will struggle to scale their product.
Building a product that people want to pay for is crucial. Inventive ideas are great, but you need to ensure that people need what you’re offering them. Consumers want easy, good value and user friendly experiences when using a dating service. Consider these factors before investing heavily in a product or you’ll give yourself very little room for growth.
Taking all of these factors into consideration, 2016 is set to be an exciting year for online dating. With new entrepreneurs and businesses entering the market all the time, this may be a year of new and diverse concepts that add genuine market value. If you execute well, secure sufficient funding and a full understanding of your market, there is no reason why you won’t succeed in 2016.
By Steve Pammenter
Steve Pammenter is the co-founder & COO of Venntro Media Group. Founded in 2003, Venntro is an award-winning global media group that connects people to a life they’ll love through dating, lifestyle and social networking technology. Providing services to over 50 million members worldwide, Venntro operates in all major English-speaking territories with 25,000 and 1,700 commercial partners across seven continents.