we run an agency based service that connects customers to writers. This is profitable as we get up to 60% gross margins. We control pricing, management, recruitment, services offered and only just allowed direct communication. The problem here is that our growth has reached a plateau, and due to competitive rivalry and our pricing model, we feel we are losing out on growth. An idea that has occurred to me is to swith to a marketplace model, offer customers and writers more power and work on the network effect (and reduced pricing ) to grow the business. Is this a good idea? If so, how can I pivot successfully? If not, then what wi you recommend. Happy to book a follow on call if your answer is helpful.
1. Congrats on building a successful business.
2. It is important to look at your existing business and see what other services you can offer to the existing client base before you try to pivot the business.
3. What services do your customers use other firms for that you could bring in-house without increasing your overall expenses?
a. Translating the writing into other languages.
b. SEO writing
c. Developing Brand Voice / Brand Guidelines
5. I would check out www.contently.com and some of their competitors who run successful marketplaces for writers and companies.