A platform strategy involves creating a technology-based ecosystem or marketplace that connects multiple stakeholders, such as customers, producers, and partners, to create and exchange value. Essential elements of a platform strategy include:
a. Core platform: The central infrastructure that facilitates interactions and transactions. This can be a website, app, or cloud-based platform.
b. User and stakeholder communities: Attracting and nurturing a diverse user base, including customers, developers, and partners, to participate in the platform ecosystem.
c. APIs and integration: Providing open APIs (Application Programming Interfaces) to enable third-party developers and partners to build on and extend the platform's capabilities.
d. Data and analytics: Collecting and analysing user data to gain insights and improve the platform's functionality and user experience.
e. Monetisation strategy: Determining how the platform generates revenue, whether through fees, subscriptions, advertising or other models.
f. Governance and moderation: Establishing rules and policies to maintain trust and security within the platform community.
g. Scalability and flexibility: Ensuring that the digital platform your company chooses can adapt and grow as user demands change and new opportunities arise.