The Relevant Market for a Matchmaker

Vendux vs Platforms for Temporary Staffing, Work Services, and Talent

“The relevant market is the market where the competition takes place.”

from Wikipedia

SIA recently published an update to its report on the talent platform landscape. It led me to think about if and how Vendux fits into the space.

Globally, B2B talent platforms in 2021 reached $13.8 billion in gross spend volume (fees paid to workers plus fees for facilitating transactions), according to this recent report. Gross spending volume in the US alone totaled $6.2 billion last year.

“Talent platform” refers to a segment of online marketplaces that facilitate direct, digitally enabled contingent work arrangements — from sourcing through payment. They enable owners, CEOs, and executives to find and engage workers for specific work arrangements, most often a one-to-one B2B labor relationship.

SIA’s report differentiates those “talent platforms” from “work services platforms” and “temporary staffing platforms,” all three of which are part of the gig economy:

Work services platforms are responsible for the outcome rather than the labor relationship. Examples of work services platforms include Uber and DoorDash.
Temporary staffing platforms differ in that they incorporate traditional staffing services such as performing background checks, onboarding, and time tracking. Examples are Allegis and Randstad.
Talent platforms focus primarily on connecting clients with freelancers not employed by the platform. Examples are Upwork and Fiverr.

So, where do we fit?

Competition law knows to define a “relevant market.” It comprises all those products and/or services that are regarded as interchangeable or substitutable by the client by reason, among others, of the products' characteristics and their intended use.

Here are a few thoughts:

Vendux is not a work services platform. We connect companies with sales leaders with a white glove approach. We help CEOs achieve their objectives by finding the right match, quickly and effectively.
Vendux is not a temporary staffing platform. Our processes and models for contracting, billing, and executive payments are similar, but our executives are not “plug and play.” We do facilitate the entire process on behalf of clients, from sourcing to billing.
Vendux is not a talent platform, in the sense of an online self-service model. We match freelancing talent that addresses a skill or resource gap at the client, and we take pride in our record in delivering the “perfect match” for clients.

Knowing that clients can use a variety of solutions to address their challenges in sales and growth, the relevant market certainly is larger and includes those platforms, as well as other solution providers.

The Vendux model is a unique blend of customized service, technology, refined processes, and a relentless drive to perfect matchmaking. We might just be a category of our own.

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SIA – The Talent Platform Landscape: 2022 Update

Wikipedia – Relevant Market

Photo by Anne Gosewehr