Question

0 In a COVID-stricken world, one company that has done well is Zoom. used by small and large business as well as individual consumers, Zoom now has a market capitalization of an astonishing $44b. But it has attracted competitive attention and big players are coming after it. What can Zoom do to safeguard its first- mover advantage?

Answer 1

Answer 1) Well there are many companies that had a stable earning source even in this pandemic. One of them was Zoom the online video calling meeting application. Zoom revenue hooked by more than 50% in this pandemic and the reason was lockdown and no physical contact of persons. In the starting of the pandemic stage there were very less online based applications for video calling but as if there are several competitors those are poking their nose in this segment this is the nature of business, you can’t have monopoly/market dominance till long in the market. With this there came many competitors like Google Meet, Microsoft meet, Jio Meet etc and with more security issues in zoom people are avoiding the Zoom application and choosing competitors over Zoom application. So now let’s discuss how Zoom can retain its market share and market dominance:

1) Keeping safety/security and privacy as top priority: Zoom application has been in news for privacy issues such as leaking customers data, hackers hacking the zoom meetings etc. So as of now Zoom must focus on hiring some IT experts so that they can redesign the application and make it safe for customers to use it.

2) Technological Advancement: Technology is the key that everybody looks to drive their car in today’s time. So Zoom must bring some technological advancement in their application which can attract more customers over competitors. Technology like AR videos, less battery consumption etc

3) Tie Up with stakeholders: Zoom is used by mostly office going employees and college/school going students so Zoom can do tie up with companies and school in order to make this as an agreement where these companies will take a package of a year or 2 and get some exclusive benefits and discount

4) Pricing Strategy: Zoom must alter their pricing strategy so as to attract more customers and defeat its competitors. Zoom must give more free minutes and charge less than competitors .