The workforce management (WFM) software market is one of the fastest-growing — and highly-competitive — markets in technology today. With more and more companies shifting to remote work models, WFM providers are competing to win away each other’s clientele, fueled by the rapid adoption of software-as-a-service (SaaS). Dustin Moskovitz, co-founder, CEO, and President of Asana, is confident enough in his WFM platform to invest over $1 billion back into his company. Moskovitz certainly has the assets to double-down on Asana — he currently boasts a net worth near $15 billion, while his company has a market cap of close to $12 billion.
However, the total accessible market (TAM) of the WFM software market is largely oversaturated, so Asana needs to attract new clients away from competitors with new services and tools. But the market is dominated by Atlassian’s Jira, followed by Microsoft, and trailed by smaller companies like Smartsheet, Trello, and Monday.com — Asana lives among those in the single-digit of market shares.
One strategy Moskovitz can focus on is branding and name recognition; as a co-founder of Facebook, the CEO already has an established public presence and certainly understands the value of good branding. Marc Benioff is among the clever executives who have managed to convert quality marketing into success, driving Salesforce to the top of the customer relationship management (CRM) market. Moskovitz could shore up Asana, and his billion-dollar investment, with some clever moves of his own.