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Piggybacking on Platforms
- 1. Piggybacking on platforms #BLND2017 University of Waterloo - Stratford @therobhayes
- 2. Connected with people Create and consume content Buy goods and services Communicate day-to-day
- 3. How do we build products and services on the backs of platforms?
- 4. What is a product vs a platform?
- 5. Products deliver value directly to users Platforms provide the infrastructure for producers to create value and deliver it to users
- 7. Few platforms are born that way, products can evolve into platforms
- 8. Platforms allow businesses to quickly acquire customers
- 10. It can be done
- 11. Understand the platform you want to piggyback
- 12. The reason platforms exist Engagement Resources Revenue Distribution
- 13. All platforms have a structure The Platform Stack Platform Scale - Sangeet Paul Choudary
- 14. How does Shopify ‘stack up’? Platform Sale - Sangeet Paul Choudary Data made available to the individual sellers App Marketplace Expansive API Developer Tools Code libraries Few network effects to drive new buyer-seller relationships
- 15. Understanding how a platform is structured will tell you where to look for opportunities
- 16. How to identify the opportunities that platforms create
- 17. Build for both the consumers and producers on a platform This guy And this guy
- 18. New and evolving customer needs come from a platforms ability to: Change consumer behaviours Drive technology adoption Lead cultural and social change
- 19. Uber is evolving people’s needs, and creating business opportunities
- 26. Platforms represent a great starting point to build products and services
- 27. Understanding how the platform is structured to determine where the want products and services to add value
- 28. Identify the opportunities created as the platform shift people's behaviours, technology and social structures
- 29. From that, we can identify new business opportunities that platforms create for us
Notas del editor
- Thanks for having me Look at the opportunity platforms offer when building or growing a business. We’re all in this room today because we share a common interest Searching new ideas Searching for new problems that people have to be solved New opportunities around which we can launch or grow a business
- Each passing year, platforms play a larger role in our lives Initially - they helped us connect with others
- Then - platforms helped people create and consume content
- Then - platforms emerged to connect buyers and sellers Tools for buyers and seller to get product online Marketplaces to sell and purchase Every good and service is available for purchase and delivery
- Now - platforms underlay almost every communication we make Moving forward, more businesses will be built on the backs of these platforms.
- But building products and services on a platform is unique challenge Presents a completely different context than building something standalone As opposed to building in isolation - you’re building around an existing set of customers and user experiences Before we you jump into identifying and acting upon the opportunities platforms present It is important to understand how platforms work.
- First, clarify difference between a product and a platform. The two terms get used so interchangeably When really they refer to much different businesses models No clean cut divide - but we’ll try
- Product is something that is built and delivered directly to the end user. Own the creation process deliver of that product into the hands of the user Platforms are focused on facilitation They provide the tools, data and connections required for people who create value to deliver it to users. Those value creators can be anyone Writers, app developers, startups, Instagram celebrities, brick and mortar businesses.
- Perhaps the easiest way to describe it is with some practical examples Holiday Inn builds, owns and sells hotel rooms to guests. Airbnb facilitates homeowners listing their homes finding guests receiving payments collecting reviews. Squarespace has built a content management system it sells to people looking to build a website Tumblr provides people the tools to build a website a social community to discover and consume content uses their data to make recommendations on new people to follow Nike manufactures a pair of running shoes, so you can buy them at Foot Locker Nike+ tracks all your running activity turns it into data shares it with your friends encourages them to cheer you on suggests new routes for you based on what other users have run.
- Of companies that have grown to become massive businesses Few started as platforms from Day 1. Uber is the notable exception there. Even Google started as a product company Licensed search engine to power Yahoo Most shift business model to open their product up as a platform Snapchat caused people to freak out recently Described themselves as a camera company when filing for their IPO. Most investors in the company saw them as a content platform Freakout threatened to sink their IPO It didn’t, they’re rich So, the difference between the two matters.
- For us, as the creators and builders of businesses, platforms matter because they can offer new products and services what they need the most access to customers Customers lead to growth and revenue, which is the life blood of every new product or service. They have already have accumulated millions of users, so platforms provide and opportunity to build where the users are
- Conventional wisdom would tell you to avoid platforms. Platforms are focused on building their own business. They can change the rules for building in their ecosystem over night. Meerkat is a cautionary tale for this. It was an app for live-streaming whatever you were doing built on the back of Twitter It exploded in popularity over night got over 120K users and raised $12M dollar in a month. Twitter suddenly changed their rules about how Meerkat could integrate with their platform, launched their own competitor - Periscope Meerkat was dead a year later.
- Don’t let that dissuade you though Many of the largest platforms today, started as products built on other platforms. When Airbnb was starting out, they were reliant on Craigslist for growth Every listing that was created on their platform could be posted on Craigslist, They scraped listings from Craigslist for their own platform That is where the people looking to rent out other people’s homes were at the time. This helped fuel their early customer acquisition The goal of doing this is to build a business, not a feature Building on a platform isn't the end goal
- So that is what a platform is Next, It is important to understand the structure and purpose of the platforms you can build on.
- Platforms face the same challenges that all products and services do: How do you keep customers engaged? allow others to create additional functionality for customers How do you build more things? platforms can only build so many features, so they outsource features to others How do you make more money? Having others create value the their platform allows for financial growth without scaling How do you acquire more customers? Getting platform into the hands of new audiences - niches, tangental audiences As opposed to doing all of these things themselves, they look to facilitate other products and services to help them accomplish this
- How a platform is structured gives you a clear indications of how they are looking for other businesses to build upon them. Sangeet Paul Choudary introduced this concept of the Platform Stack. The stack includes: Network-Marketplace-Community - the people, relationships and interactions on a platform. This is the photographer and the viewer on Instagram, and the ‘following’ status that defines their relationship. Infrastructure - the tools and services that allow businesses to create content and connect to a platform. This is Swift and the App Store that allows developers to build and sell apps on iPhone. Data - this is the customer and usage information accumulated through a platform that can help drive other products and services. Fitbit tracks your running data Shares with other products.
- Every single platform has the same elements, just in different proportions, based on where they want to open their ecosystem up to new product and services. On Shopify, for example: Network - Relationships between buyers and sellers on their platform is largely unmoderated. Date - And while data is provided to sellers, it isn’t widely made available for use by businesses Infra - It is their Apps Marketplace that is the focus of their platform, where businesses are encouraged to extend the functionality of their platform by introducing new tools and services for their ever-towing customer base.
- Understand the structure of the platforms on which you will build. This will better enable you to identify opportunities Looking at how Shopify’s platform is structured, it is clear where they are looking for other businesses to add value and solve problems for their customers. Knowing how open a platform is on the Network, Technology and Data layers will let you focus in on where to look for opportunities.
- Now that we have a good understanding of how platforms work, and where they are looking for value to be added, we can now identify the opportunities they create for new products and services. Tools and exercises out there than can help you through the process of identifying opportunities in these platforms user experiences Customer journey mapping, service mapping, customer research Im sure you will hear about many of those today Instead look at the behavioural, technical and social changes that platforms create Using these, how can we identify opportunities for new products and services
- Opportunities that will emerge for both user bases on a platform - the end-user and the people creating value. The Uber rider and the Uber diver The Instagram user and the Instagram celebrity Supplier end of the relationship is often ignored because it is the less sexy opportunity Suppliers are where behaviours are changing the most Riders push a button now Drivers have new way of getting paid Drivers have new employers Drivers have a new competition Almost every industry is going through an overhaul This is often where the biggest opportunities can be found
- Platforms change the way both the consumers and producers live their day-to-day lives. This is evolving the needs people have at a frequent pace, and in substantial ways. Platforms can normalize new behaviours The concept of liking something is now normal Almost every product now uses the ‘like’ action on their platform They can rapidly drive the adoption of new technologies The opening up of the Apple App Store suddenly made it the single most important technology on which to build Every business needed to have an iPhone app, or risk being irrelevant And they can can bring about substantial changes to society Dating moved from pickup lines in bars, to swiping on Tinder Almost everybody you know has dated somebody they met based on nothing more than a picture and a mutual willingness to swipe
- Uber is the best example of a platform They have directly changed customers needs Created dozens of new product and service opportunities as a result. Walk through examples of how the Uber platform has shifted customer needs Look at businesses have sprung up to address them.
- Uber brought on-demand services to the main stream. The ability to order a cab and have it show up within minutes changed people’s expectations for when and how services would get delivered. Shortly after it got mainstream adoption, you saw an on-demand service for every single industry pop up.
- Amazon took this shift in behaviour to the extreme with their Dash button Giving you a single product-specific button to mash whenever you ran out of chips or condoms In hours refills arrive at your doorstep. On the other hand we have Honor - an on-demand service that allows you to arrange for in-home care for your elderly loved ones. Ordering a stranger to go help your mother pick up her groceries would have seemed absurd. But because of Uber, people are increasingly comfortable with strangers taking on these tasks, Because of the convenience they provide Because that is where they are found these days
- As Uber’s network of drivers and locations grew, the infrastructure they created became as valuable as the service they were delivering. They have created a network with the ability to get anything in North America from point A to point B within 10 minutes. So they opened up their logistics and network for other businesses to run on. They introduced an entirely new technology platform for the world to build products and services on.
- Wasn’t long before people realized that Uber’s infrastructure was great for delivering things other than people. Drug dealers realized the value of Uber’s network to deliver their goods. unexpected negative consequence of Uber opening their platform Much more productive application Job Case’s utilization of Uber’s driver data on their hiring platform. Driver profile information gets pulled in Used as references and credentials when hiring Using access to Uber’s data to help drivers bring their reputational value from one platform to another
- Shape of the workforce undergoing a serious change Less and less people will have a 9-5 career Instead will transport people, deliver good and foods, and take on odd jobs This is the gig economy Whether it is due to a changing job market, or do to changing preferences of the workers The sheer scale and volume of Uber’s network of drivers has meant that they are playing the leading role in this shift Each driver is an independent contractor.
- The structures and safety nets that come with traditional careers are no longer there for those working in the gig economy So massive needs have emerged among this contractor work force How do you save for retirement without a 401K? How do you manage your income when you don't have a steady income stream Clearbanc and My65 recognized that while the type of work people are doing is shifting, their needs remained the same. Clearbanc built financial services specifically for those who don’t have steady income My65 is creating a pension plan for those who do not have access to a pension plan Platforms can create massive issues in people lives, along side the opportunity Big opportunity to build services that solve those problems
- Just to recap Platforms offer huge advantage to new products and services Access to customers Access that businesses otherwise have to fight for and fail if they can’t get
- Platforms all share a common structure - the platform stack Community-network where all the customers and interactions take place Infrastructure and tools to allow others to create and build on a platform Data created from usage on the platform Understand where a platform is opening themselves up to other products and services to know where you can add value
- Finally, look for the large-scale changes that platforms are creating to identify opportunities How are they changing peoples behaviours and expectations How are they changing the technology we use How they change the social structures we live in
- From that, we can identify new business opportunities that platforms create for us