This post is a summary from a career talk where Modudoc CEO Ahn Mu-hyuk visited.
You'll find stories about Modudoc's startup experience, growth strategy, and system philosophy.
Modudoc: Believing in the Power of Reviews#
The medical information platform "Modudoc" uniquely managed to grow by obsessing over its review system instead of spending tens of billions on marketing.
In a reality where searching for mole removal information only turns up medical ads and blog posts written by marketers on Naver, Modudoc focused on authentic "reviews" packed with real information. They explained how reviews tend to be skewed toward one-time visits by inpatients, why reviews for general hospitals and specialized care facilities are lacking (due to staffing and system priority issues), and found directions for service improvement. CEO Ahn Mu-hyuk also mentioned that the reason university hospital reviews haven't been opened is due to user expectations and management difficulties.
5 Years Without Revenue -- How Was That Possible?#
Modudoc survived 5 years spending almost nothing on marketing, or using about 10 million KRW per month in gift cards as marketing-related expenses. Revenue came mainly from hospital advertising and phone consultations (55,000 KRW per call) as their BM (Business Model). Rather than becoming just a review platform, their strategy of positioning themselves as a "solution company" that solves structural problems in the medical information market -- review abuse, lack of treatment-specific reviews, undisclosed pricing information -- was the "secret" to their long-term survival.
The Competitive Edge of an Honest Review System#
Modudoc's review system is characterized by reviews being segmented by hospital, with quality reviews accumulating over time. While the CEO is conservative about expanding toward a review-centric platform (like Sendbird), if a detailed review system were to be fully built, it's been evaluated as a potential acquisition target that would attract significant interest from many companies.
Differentiation and Growth Factors of a Review Platform#
Modudoc increased dwell time through search engine optimization (SEO) and review quality alone, and the user experience was built on "trust" rather than advertising. Policies like giving benefits for writing the "first review" on hospitals with no reviews, and internal controls on review abuse, were the key growth drivers for securing platform trust.
The only real mistake is the one from which we learn nothing.
-- John Powell
