Xing - Consulting Proposal

20.01.
2015
Compiled by:
Compiled by Natalie Raatz; Abhishek Sharma & Agnes Arinaitiwe. IBCON WS 2014 /15
Agnes A.
Akuamoah
Natalie Raatz
Abhishek Sharma
Agenda
1. Company profile
2. Situation appraisal
3. Strategic analysis
4. Key strategic challenges
5. Strategic recommendations
Compiled by Agnes Arinaitiwe; Natalie Raatz; Abhishek Sharma. IBCON WS 2014 /15
1. Company profile
piled by Agnes Arinaitiwe; Natalie Raatz; Abhishek Sharma. IBCON WS 2014 /15
1. Company profile
Xing connects, provides recruiting and manages

events
Network/
Premium
Business
Model/
Revenue
Streams
Free membership
Premium
membership
Initiatives
Advertising & Partner

Model
E-Recruiting
Passive
Recruitment
Events
Registration,
ticketing, billing
Active Recruitment
Xing Talent
Manager
Employer Branding
Product innovations in 2013:
Mobile offers
XING profile
XING Outlook Connector
Cooperation partners
1. Company profile
Premium membership makes up 50 percent of Xings

total revenues
11 percent of total B2C users in the DACH region are
premium members
Revenues by segment (in %)
Total B2C users in DACH by segment (in %)
Premium members; 11%
Events; 6%
E-Recruiting; 29%
Network/ Premium; 66%
Free members; 89%
Network/ Premium
E-Recruiting
Events
Source: Xing, 2014a
Premium members
Free members
Source: Xing, 2014a
1. Company profile
Xing has strong financial backing that it can still

further exploit
Burda Digital is also keen on further exploiting its online
presence
Ownership Distribution
Burda Digital
GmbH
28%
0%
5%
5%
5%
Deutsche Asset &

Wealth
Management
51%
6%
Oppenheimer
Schroders
Union Investment
Own Shares
Other
General facts about

Hubert Burda Media
Owns Burda Digital

GmbH
Sales revenue in 2013

EUR 2.6 bil
Business areas:
Digital marketing
Publishing
Magazines (on &
offline)
Source: Xing, 2014a

Sources: (Xing, 2014b; Xing 2014c)
Xing has a strong presence in the DACH region and a

healthy financial position
Reach of social networks in DACH 2014 (in %)

0
Xings revenues by year and segment (in million)
5 10 15 20 25 30 35 40
Facebook
Sales CAGR
+14%
Blogger
Google+
WordPress.com
Stayfriends
XING
Twitter.com
Tumblr
COSMiQ
LinkedIn
Source: Statista, 2015a
Total revenues
Network/ Premium
E-Recruting
Events
Source: Xing, 2014a

* Estimation
Strong competitors make Xings position in the DACH

region uncertain
Linkedin is globally dominant and Facebook potentially
enters the market
Xing and Linkedin totals users in DACH in 2011 and 2013 (in millions)
Amount of visits of top social networks in Germany in 2014 (in million)
7.4
7.67
7.6
+ 45%
7.6
5.3
8.55
9.55
+ 108%
2.4
12
18.1
18.6
24.7
31
599
2011
2013
Sources: Xing, 2014a; Linkedin, 2014
Source: Statista, 2015b
10
Value generation in online professional networking is

two sided
The customer is both the end user and supplier
ADVERTISING
Data
Collecti
on
Informatio
n
Managem
ent
Distribution / Socializing
NETWORK
Informatio
n
Managem
ent
Data
Collecti
on
Distribution / Socializing
INDIVIDUAL USERS
(Content provider)
BUSINESSES
Companies & Event
Organisations
(Content provider)
Primary Activities
Infrastructure: Licenses, agreements & contracts with collaboration

partners
Technology: Software development, digital storage & data processing
HR Management & Development: Training & incentives
Support Activities
11
Xings does not fully exploit the industrys key

success factors
Xing should aim to become the standard in the DACH
region
Five key success factors of the professional

social networking industry
Network effects
Establishing a large member base
Increasing switching costs to lock in the network

Network loyalty
Strong brand name Establishing a brand that

attracts users
Credibility Data security, privacy and acting upon user feedback
Content driven
Drive up users willingness to generate more content
L Low M Medium H
High
12
Quick exploitation of opportunities secures short

term survival
Sustainability will come from addressing the threat of
network effects
External Factors
Opportunities
Threats
Increased mobile usage
Network effects tend to
Increasing importance of
create standards
gaining global experience

Shift from traditional recruitment
due to the internet
User interests are constantly

shifting mobile usage
Stronger brands on the market
13
Xings main competitor could become a standard

Securing the position in the DACH region is the key to a
sustainable strategy
Linkedin
Facebook
Viadeo
Xing
Local
Regional
Global
Market segmentation for professional

social networks
ResearchGate
Professional
social
networks
Niche
professional
social networks
Non
professional
social networks
14
Strong competitors make Xings position in the DACH

region uncertain
Linkedin is globally dominant and Facebook potentially
enters the market
Competit
ors
General
informati
on
Xing
15 mil
users
16
languages
Internatio
nal reach
DACH
region
Strengths
High
credibility
Low
internatio
nal
strength
Weakness
Linkedin
330 mil
members
26
languages
Viadeo
60 mil
members
9 languages
Strong
presence in
France and
China
Present in
over 200
countries
Strong
brand
reputation
Strong
presence in
China
Unreliable
profiles
and
content
Weak
financial
performanc
e
Premium
Premium
Advertising
subscripti
Revenue
subscription
on
Recruitment
streams
Advertising
E Education
HR
Recruiting
solutions
Compiled by Agnes Arinaitiwe;
Natalie Raatz; Abhishek Sharma. IBCON WS 2014 /15
Events
Research
Gate
5 mil
users
Mainly
Europe
Higher
credibility
Low
member
base
Knowledge
sharing
Recruitmen
t
Facebook
1.35 bil
active
users
Stronges
t global
presence
Strong
brand
awarene
ss
Low
credibilit
y
Advertisin
g
15
Xing is financially more stable than its Linkedin and

Viadeo
Xings return on investment is higher
2013
2012
1%
-135%
14 %
2%
-35%
2%
-44%
14%
2%
-2%
Amoritisation/ Sales10%
9
%
18%
8%
14%
1.37
Capital Productivity
0.58
2.55
ROIC
15%
Return on Sales 11%
Operating Margin 17%
12%
1.36
1.12
1.07
3.13%
-48%
16%
5.85%
-30%
Sources: Xing, 2014a; Linkedin, 2014, Viadeo,

2014
16
Linkedin generates higher revenues than Xing and

Viadeo
Xing generates 95% of its revenues from the DACH region
Four year comparison of revenues

1600
(in million)
1528.55
Viadeo heavily
invests in expanding
its network to China
1400
1200
1000
Xing
972.31
Linkedin
800
600
Viadeo
522.19
400
243.1
200
54.3
0 25.7
66.2
2010.0
2011.0
26.5
73.3
27.4
2012.0
Linkedin capitalizes
on their global
presence as well as
their home market
84.8
29.4
2013.0
Sources: Xing, 2014a; Linkedin, 2014, Viadeo,

2014
17
Xing has not differentiated its revenue channels from

its main competitors
Revenues split by company in 2013

(in %)
15%
35%
6%
29%
66%
50%
Network/
Premium
(Advertisement)
E-Recruiting
Events
Source: Xing, 2014a
Premium
Subs
Premium Subs
Advertising
HR Solutions
Education
Linkedin, 2014
Source: Viadeo,
2014
18
Xings low marketing expenditures and low

interactivity on the Xing platform cannot ensure
the loyalty of its users
Internal Factors
Strengths
Weaknesses
Big premium member base
Low interactivity
Strong position in DACH region
Less aggressive in marketing
Good premium service package

Microsoft Outlook Connector
Creditability
campaigns
Lower member base than main
competitors
19
3. Strategic
Xings analysis
key resources
is its network in the DACH
region
Stronger linkages could lead to more network
utilization
Network
Network of
users (B2C)
Features
Share button
Xing App
Xing API
Informative
linkages
Tools
Xing Talent
Manager
Microsoft
Outlook
Connector
Network of
recruiters
(B2B)
Activities
Events
Events Plus
20
21
Xing experiences a strategy shift from global to

regional
Xing aims to consolidate its position in the DACH region
Previous strategy
In 2011 Xing closed
offices in China,
Turkey and Spain
Current strategy
DACH region
Business
professionals and
companies
8 million members
Main focus: Premium
members
Xings existing users could easily switch to Linkedins

larger network
Linkedins global network is larger than Xings by 315 million

users
Linkedin gained 5 million new members in the DACH region
over the last 5 years
Xing and Linkedin totals users in DACH in 2011 and 2013 (in millions)
7.67
+ 45%
5.3
5
+ 108%
2.4
Total users Xing
Total users Linkedin
Xings weak spots

The 5 million members that
Linkedin gained in the DACH
should have been tapped by
XING
Xing currently has only two
people employed in its
marketing department
The DACH region is of great importance to us. In August 2011 we set up

offices in the region and have been growing our staff as well as the network
since then. We will be concentrating on this region in the future and
intergrating functions and features that our DACH users find the most
attractive and functional.
Linkedins CEO of DACH region Mr.Till Kaestner
Sources: Xing, 2014a; Linkedin, 2014; Saatkorn,2013
Facebook at WORK - a new and unforeseen threat to

Xings sustainability
Facebook is the leader when it comes to user interactivity
Amount of visits of top social networks in Germany in 2014 (in million)

Reviews reveal user
dissatisfaction with the level of
interactivity on Xing
7.4
7.6
7.6
The knowledge facebook has

gained on user behavior
through its 1.35 bil members is
a strength for them i)
8.55
9.55
12
18.1
18.6
24.7
31
599
0
Users are spending an average

of
21 minutes a day on
facebook ii)
100 200 300 400 500 600
Source: Statista, 2015b
Sources: i) Manager Magazin, 2014; ii) Finanzen.net,

2014
KEY QUESTION
Is XINGs current strategy to focus on the DACH

region sustainable?
25
5. Strategic
recommendations
26
Niche strategy Internal network for businesses in the

DACH region
Lock in business users to secure the network
Target and win DACH based companies to gain their
employees
The purpose of an
internal network
Actio
Businesses
n
Break down boundaries and
create a positive work
environment
Enhance work relations
across divisions and
departments
Businesses = Employees
Effec
t
Employees
Businesses hold the right to

determine what internal
network their employees
have to use in the work place
Niche strategy Internal network for businesses in the

DACH region
Xing can build indispensible value for both the business and
itself
Xings Outlook Connector plus the German language
strength are great tools to build on
Support AT WORK
communication
Calenders & presentation
sharing
Innovation & idea sharing
platform
Internal events & news
Feedback channeling
Mentoring space & internal job
offers
Travel planning
Compiled by Agnes Arinaitiwe; Natalie Raatz; Abhishek Sharma. IBCON WS

2014Holiday
/15
scheduling
Niche strategy Internal network for businesses in

the DACH region
Build a loyal network by fostering a work-life balance
The more content is generated, the higher the switching
costs
XING AT WORK
CONNECT
XING AT HOME
B
LIFE
BALANCE
E
Work life balance enhancements
Create interactive networks within the network
Sports networks
Blogging networks
Gaming networks
Investment networks

the DACH region
The DCF forecast presumes a 10% annual growth of
revenues
t
Income
Statement
in 000 EUR
2015*
2016*
2017*
2018*
2019*
2020*
Revenues
93.228
102.5
50
112.8
05
124.08
6
136.49
5
150.14
4
Revenue
growth (%)
5%
10%
10%
10%
10%
10%
SGA**
69.921
76.91
3
84.604
93.065
102.371
EBIT
23.307
25.63
8
28.20
1
31.022
25%
25%
25%
5.826
6.409
17.480
EBIT margin
Tax (25%)
Net
income
Capital
expenditure
Free cash
flow
WACC
7,8%
112.608
Beta
1,29
34.124
37.536
NPV
25%
25%
25%
367.8
40
7.050
7.755
8.530
9.384
19.22
8
21.15
1
23.266
25.593
28.152
1.000
17.580
19.22
8
21.15
1
23.266
25.593
Source: Oxford, 2014

* Estimations
28.152 **SGA- Selling, general and
adminsistrative cost
30

the DACH region
Gaining new internal network users will secure steady
revenues
Total revenues and SGA** until 2020 (in Tsd.)
112,608
93,065
76,913
62,854
37,561
53,193
124086.5
102550.8
33,240
7325688429
54282
45085
SGA
150144.6
Total Revenue
Characteristics
Revenue growth based on
average growth rate of
business users
Strong increase in SGA
Increased sales &
marketing expenditures
Increased personnel
One time capital

expenditure
Set-up of internal
platform
Programming
Freelancers
* Estimations
Equipment
**SGA- Selling, general and
31

the DACH region
DCF valuation results in positive future cash flows
Discounted cash flows
(in Tsd.)
25,000
23,000
Alongside the three
21,000
19,000
17,939
17,000
16,308
15,000
16,546
16,884
17,229
17,580
segments Xing will
13,000
generate approx. EUR 17
11,000
9,000
million in positive cash
7,000
5,000
2015*
existing business
2016*
2017*
2018*
2019*
2020*
flow by 2020
* Estimations
SGA- Selling, general and
32

the DACH region
Deeply rooted mutually beneficial relationships build
sustainability
Benefits for the

Businesses
Increased knowledge
exchange
Find the talents within
Eliminate bureaucracies
Benefits for the

Employees
XING
Powerbase bolstering
Cross-departmental
learning
Career growth path from
within the business
Benefits for XING and its already existing network
First mover advantage that will secure Xing a sustainable position in the DACH
Larger member base gained through the employees that come through the
businesses
Deeper knowledge of the business clients that Xing can exploit for further
growth
Higher content hence higher switching costs
DIVERSIFICATION STRATEGY: DATA ANALYTICS PROVIDER ON

AN INDUSTRY LEVEL
34
Diversification strategy Data analytics provider on

an industry level
Xing is active in segments that are relevant for the future
of data analytics
Forecast of revenues of world wide big data solutions by segment from 2011 to 2017
(in USD billion)
50
Networking
40
30
NoSQL
Infrastructure
Software
SQL
Cloud
20
10
Storage
Apps & Analytics
Compute
Professional
Services
Sources: Statista, 2015c
The purpose
of data
analytics
To draw
meaningful
insights from
the data and
provide
decision
making
support to
businesses

an industry level
The DACH region is specially important for businesses
that drive quality
Xing is a platform where industries, businesses and
individuals interact and generate valuable data
Supporting trends
Growing mobile usage
A valuable support for

business
M2M
Tracking behavioral patterns
Advertising & online marketing
Predicting future trends

Qualitative assessment

an industry level
Burdas product range offers Xing an immediate
competitive advantage
With data analytics Xing and Burda would further mutually

benefit each other
XING has access to data
THE BURDA FAMILY
that is important for
Product
Internationa
range
l reach
businesses in the DACH
Burdas online magazines are
successful and well known
brands
XINGs has the right

internal foundation
On-platform generated data
DACH
1995
Events plus
2014
Burda family

an industry level
The DCF forecast presumes a 5% annual growth of
revenues
t
Income
Statement
in 000 EUR
2015*
2016*
2017*
2018*
2019*
2020*
Revenues
91.840
96.43
2
101.2
55
106.32
0
111.63
6
117.21
7
Revenue
growth (%)
4%
5%
5%
5%
5%
5%
SGA**
73.472
77.14
6
81.004
85.056
89.309
EBIT
18.368
19.28
6
20.25
1
21.264
20%
20%
20%
4.592
4.821
Net
income
13.776
Capital
expenditure
Free cash
flow
EBIT margin
Tax (25%)
WACC
8,2%
93.774
Beta
1.39
22.327
23.443
NPV
20%
20%
20%
204.6
74
5.062
5.316
5.581
5.860
14.46
5
15.18
8
15.948
16.745
17.538
20.000
20.000
12.73
2
12.35
5
11.990
11.636
Source: Columbus, 2014a

* Estimations
10.958 **SGA- Selling, general and
38

an industry level
Broadening into data analytics results in revenue growth
in the long-run
Total revenues and SGA** until 2020 (in Tsd.)

250,000
93,774
200,000
85,056
77,146
62,854
150,000
117217
53,193
100,000
88429
37,561
33,240
73256
96432
106320
50,000 4508554282
0
SGA
Total Revenue
Characteristics
Revenue growth range of
existing big players 7-15%
i)
High initial cost of

investment for:
Analytical applications
Business intelligence
tools
Data warehousing
(optional)
Higher risk profile

Expected boom of
industry in long-run
Source: i) Kelly, 2015; ii) Columbus,

2014b
ii)
* Estimations
**SGA- Selling, general and
39

an industry level
DCF results in short-run decline followed by an increase
in the long-run
(in Tsd.)
14,000
12,732
13,000
12,355
12,000
11,990
11,636
11,292
11,000
10,958
10,000
9,000
8,000
7,000
6,000
5,000
2015*
2016*
2017*
2018*
2019*
2020*
Alongside the three

existing business
segments Xing will
experience a slight
decline in cash flow that
does not turn negative
In long-run Xing can
experience increasing
cash flows due to the
predicted boom in data
analytics
* Estimations
SGA- Selling, general and
40
5. Strategic
recommendations
Diversification
strategy
Data analytics provider on
an industry level
All parties benefit which contributes and drives
Xings sustainability
Benefits for Xing

Gain an indispensible
importance to Burda
Generate value out of
existing assets
Spear head the relevance of
data for the future
Benefits for Businesses
BURDA
Shift from simply

accumulating data to actually
using it
Plan and predict accurately
Increase efficiency and
customer satisfaction
Benefits for Burda and its already existing network
First hand access to the analytics would consolidate Burdas position especially
for the future
Better assessment of the performance of various Burda brands
Better product development and targeting more especially for the online
marketing
Better departmental performance due to the availability of the right data
Xing has two options to ensure its sustainability

The niche strategy provides lower risks at a strong revenue
growth rate
Strategy A
Strategy B
(in 2020)
(in 2020)
Niche strategy internal

network for businesses in
the DACH region
Revenues
Free cash flow
Initial investment
Diversification strategy data

analytics provider on an industry
level
150.144
117.217
10.958
10.958
1.000. 000
WACC
7,8%
Beta
1,29
Net Present Value
367.840
20.000.00
0
8,2%
1,39
204.674
42
Thank you for your attention!

Do you have questions?
43
Sources
Bloom, Evan; Leonard, Aaron; Reeves, Matt (2009). The Network Value Chain. World Bank Institute,
30.
Columbus, L. (2014a). The Top 100 Enterprise Analytics Startups Of 2014. [online]. Available at: <
http
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/> [Accessed 05 January 2015].
Columbus, L. (2014b). Roundup Of Analytics, Big Data & amp: Buisness Intelligence Forecasts And
Market Estimat [online]. Available at:
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dIn-und-Xing-gleichzeitig-an4025829 > [Accessed 16 January 2015].
Kelly, J. (2015). Big Data Vendor Revenue And Market Forecast 2013-2017. [online]. Available at:
<http://www.forbes.com/sites/louiscolumbus/2014/06/24/roundup-of-analytics-big-data-businessintelligence-forecasts-and-market-estimates-2014/ > [Accessed 13 January 2015].
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[Accessed 10 November 2014].
Manager Magazin (2014). Facebook testst soziales Netzwerk fr Unternehmen. [online]. Available at:
<http://www.manager-magazin.de/unternehmen/it/facebook-testet-soziales-netzwerk-fuerunternehmen-a-1003309.html#ref=rss> [Accessed 16 January 2015].
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[online]. Available at:
http://usefulsocialmedia.com/measurement/internal-social-media-part-1-what-it-and-why-does-it-coun 44
Compiled by
t Agnes Arinaitiwe; Natalie Raatz; Abhishek Sharma. IBCON WS 2014 /15
Sources
Saatkorn (2013). Interview mit Linkedin Deutschlandchef Till Keastner rund um die Studie Global
Recruting Trends 2013. [online]. Available at: <http://www.saatkorn.com/2013/07/31/interview-mitlinkedin-deutschlandchef-till-kaestner-rund-um-die-studie-global-recruiting-trends-2013/ > [Accessed 03
January 2015].
Statista (2015a). Marktanteile der Top 10 Social Networks in Deutschland im Jahr 2014. [online]. Available
at: <http
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rks-in-deutschland
/> [Accessed 03 January 2015].
Statista (2015b). Top 20 soziale Netzwerke in Deutschland nach Anzahl der Visits* im Februar 2014 (in
Millionen).[online]. Available at: <http
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> [Accessed 10 January 2015].
Statista(2015c). Prognose zum Umsatz mit Big-Data-Lsungen weltweit von 2011 bis 2017 (in Millarden
US-Dollar. [online]. Available at: <http://ezproxy.hwrberlin.de:2079/statistik/daten/studie/265253/umfrage/prognose-zum-umsatz-mit-big-data-loesungenweltweit/> [Accessed 10 January 2015].
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https://corporate.xing.com/english/investor-relations/newspublications/annual-reporting/ > [Accessed 10
November 2014].
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[Accessed 10 November 2014].
45

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20.01.

Xing connects, provides recruiting and manages

Advertising & Partner

Product innovations in 2013:

XING Outlook Connector

Premium membership makes up 50 percent of Xings

Revenues by segment (in %)

Total B2C users in DACH by segment (in %)

Premium members; 11%

Free members; 89%

Source: Xing, 2014a

Xing has strong financial backing that it can still

Deutsche Asset &

General facts about

Owns Burda Digital

Sales revenue in 2013

Source: Xing, 2014a

Xing has a strong presence in the DACH region and a

Reach of social networks in DACH 2014 (in %)

Xings revenues by year and segment (in million)

Source: Statista, 2015a

Source: Xing, 2014a

Strong competitors make Xings position in the DACH

Amount of visits of top social networks in Germany in 2014 (in million)

Sources: Xing, 2014a; Linkedin, 2014

Source: Statista, 2015b

Value generation in online professional networking is

Infrastructure: Licenses, agreements & contracts with collaboration

Xings does not fully exploit the industrys key

Five key success factors of the professional

Establishing a large member base

Increasing switching costs to lock in the network

Strong brand name Establishing a brand that

Credibility Data security, privacy and acting upon user feedback

Quick exploitation of opportunities secures short

Increased mobile usage

Network effects tend to

gaining global experience

User interests are constantly

Xings main competitor could become a standard

Market segmentation for professional

Strong competitors make Xings position in the DACH

Xing is financially more stable than its Linkedin and

Return on Sales 11%

Operating Margin 17%

Sources: Xing, 2014a; Linkedin, 2014, Viadeo,

Linkedin generates higher revenues than Xing and

Four year comparison of revenues

Sources: Xing, 2014a; Linkedin, 2014, Viadeo,

Xing has not differentiated its revenue channels from

Revenues split by company in 2013

Source: Xing, 2014a

Xings low marketing expenditures and low

Big premium member base

Strong position in DACH region

Less aggressive in marketing

Good premium service package

is its network in the DACH

4. Key strategic challenges

4. Key strategic challenges

Xing experiences a strategy shift from global to

4. Key strategic challenges

Xings existing users could easily switch to Linkedins