A worldwide pandemic has scaled the demand for video-conferencing apps. Such apps became a language unto itself as every one of us spent isolating in our home. As you are well aware, Zoom is a leader in the video conferencing market. Let’s see the unparalleled growth of Zoom with the evolution of product strategy in this blog.
Present status of Zoom
According to Zoom stats, this company has nearly 265,400 customers and more than 10 employees. It is reported that there are nearly 300 million daily meeting participants. Globally, this company has more than 2500 employees. In 2018, Eric Yuan (CEO and Founder of Zoom) was entitled as Glassdoor’s top CEO. In 2019, he was ranked number one on Business Insider’s list. As of September 2020, the net value of this company was $35 billion.
There is no doubt that Zoom is an undisputed leader that competes with other big players such as Cisco Webex Meetings, Google Meet, GoToMeeting, BlueJeans Meetings, and join.me. Moreover, Zoom is offering a simple and hassle-free connection to the customers. Significantly, most key features are available free, and so it lets millions of users connect for school instruction, book clubs, work meetings, yoga classes, and much more. On the other hand, premium features are available only for the paid users who have availed of the subscription plan.
A global pandemic has set the point for a product strategy to be a master class in the PLG (product-led growth) model. It is an approach in which prospects look for a solution and confront it firsthand. It was a lot to navigate on Zoom in earlier days, and they worked on it and scaled operations to put up unparalleled surge by making people connect virtually just about every other activity of daily life.
Zoom’s astounding rise to a leading role with a cloud-based video architecture
According to Roman Pilcher (product management expert), the product strategy must contain three key elements. It includes the product’s need, the product’s Unique Selling Proposition (USP), and the company’s business goal for the product. Zoom’s product strategy was born out of Yuan as he was not allowed to fix the issue in WebEx, which has negative feedback from the users.
The idea of Zoom is not new, but it was improved over time. He comes up with a unique business idea by identifying the weakness and strengths of the future competitors. Yuan said that the Zoom was purpose-built which focuses on offering hassle-free connection to the users.
He has put the customers first during product ideology, and it is very well known that video is voice and video communication. In fact, Zoom was the first cloud-based video architecture as he wanted to scale his business and leverage the public cloud like Amazon and Oracle Cloud.
Making a product successful in the market by keeping an eye on customers’ needs
The company’s mission is to make Zoom meetings better and keep an eye on customers to know their needs. To provide the best experience, it is necessary to understand the customer’s problem and invest time in improving the product. Moreover, happy employees can only deliver the best product experience to the customers. The company’s culture aims to deliver happiness to each employee, thereby making customers delightful with their product.
A change in Zoom’s product strategy and users increased due to the global pandemic
At the onset of a global pandemic, schools and universities had to pivot to online learning suddenly. Right from kindergartener students to college seniors, everyone was forced to learn virtually. Besides this, it isn’t easy for teachers to transform classroom teaching to online classes as it is a completely different approach.
Also, workers with varying experience who are working outside traditional office spaces have to transform to set up shop in unexpected places. Apart from these, other activities moved to the digital space. It includes learning music, healthcare consultations, art classes, book clubs, and concerts/conferences. In earlier days, virtual meetings occurred occasionally. Now, it becomes a new normal as it is a part of our daily lives.
To put it in a nutshell, Zoom has witnessed unprecedented growth from March 2020 with an increased number of daily meeting participants. Then, there was the creeping erosion of privacy, and to be sure, the remote-work recruits had to be trained on how to behave in virtual meetings.
Zoom Clone – A streamlined video conferencing app solution
Are you an newbie entrepreneur who wishes to launch a video conferencing app by seeing the immense growth of Zoom? We help to make your business vision into reality with Zoom Clone, a replica of the parent app. The app solution is drenched with basic features & functionality and using cutting-edge technology.
Final say:
A key takeaway from Zoom is that developing a great product and understanding the customers’ needs is a winning product strategy. There is no end to growth and success if you put the customers first in improvising your Zoom Clone app.
