The Relevant Market for a Marketplace
Vendux vs Platforms for Temporary Staffing, Work Services, and Talent
“The relevant market is the market where the competition takes place.”
from Wikipedia
An article from Staffing Industry Analysts (SIA) on the talent platform landscape prompted a reflective inquiry: where does Vendux position itself within this diverse market?
The global B2B talent platforms reached a significant milestone in 2021, amassing a gross spend volume of $13.8 billion, with the United States contributing a hefty $6.2 billion. This illustrates a robust and expanding market where businesses engage contingent workers for specific projects or time-bound tasks. Talent platforms, as defined by SIA, are digital marketplaces that enable direct and digitally enabled contingent work arrangements, from sourcing to payment. These platforms are revolutionizing how CEOs and executives recruit talent for particular business needs, often creating a one-to-one labor relationship between businesses and freelancers.
The report from SIA distinguishes between talent platforms and two other gig economy constituents: work services platforms and temporary staffing platforms.
Work services platforms like Uber and DoorDash are outcome-focused.
Temporary staffing platforms such as Allegis and Randstad incorporate more traditional staffing services including background checks and time tracking.
Talent platforms like Upwork and Fiverr are primarily concerned with connecting clients to freelancers who are not employed by the platform itself.
This leads us to ponder our place in this ecosystem.
Vendux is neither a work services platform that guarantees a specific outcome, nor a temporary staffing platform with traditional staffing services. Nor does it align with the talent platform category, which emphasizes an online self-service model. Instead, Vendux prides itself on its personalized 'white glove' service.
However, some aspects of Vendux's operations align closely with the latter two categories. Similar to temporary staffing, Vendux's contracting, billing, and payment models are quite comparable. Furthermore, Vendux oversees the entire process for clients, from sourcing to billing, and matches freelancing talent to fill specific skill or resource gaps within client organizations.
The true place for Vendux in the market, then, may be subjective and dependent on the perspective of the beholder. With clients using a variety of solutions for their sales and growth challenges, the relevant market is undeniably broader, encompassing these platforms alongside other solution providers.
Vendux distinguishes itself by concentrating exclusively on sales leadership roles, consulting with clients to scope out assignments, and utilizing proprietary matching software. This niche focus, combined with its bespoke service approach, may indeed set Vendux apart as a distinct category within the broader talent platform landscape.
Contact us if you would like to find out what sets us apart.
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SIA – The Talent Platform Landscape: 2022 Update
Photo by Anne Gosewehr