Revitalizing your business through the right platforms — Ted Moser // Prophet
- Part 1 Revitalizing your business through the right platforms — Ted Moser // Prophet
- Part 2Three reasons platform excellence is essential to growth — Ted Moser // Prophet
Show Notes
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02:17Prophet and its role in platform company growthProphet is a global consultancy that helps clients unlock uncommon growth through innovation in their business models, offers, and branding. Ted assists software firms in transitioning to platforms and guides born-platform companies through the challenges of evolving amidst heavy competition.
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05:19A playbook for growth in crowded platform markets"Winning Through Platforms" is a competitive strategy playbook for success in crowded platform markets. Ted provides 24 plays for executives to move their businesses forward, covering platform design, growth strategies, and internal alignment for superior performance.
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09:09How to excel as a platform companyThe term "platform" is used differently across executives within the tech stack. To navigate this complexity and become successful, executives clearly define “platform” within their companys context and expand team knowledge beyond product lines to winning through platforms.
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13:41Connecting the choose and use journey through platformsPlatforms provide visibility into post-purchase customer behavior, allowing companies to collect use journey data. Use journey data from community and in-use interactions can be leveraged to increase customer lifetime value and gain strategic advantage in the choose journey.
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16:40Leveraging use journey data for business revitalizationBusinesses are increasingly focusing on the use side for revitalization. For instance, Disney's shift from choose to use, leveraging data from park interactions and media watching, enhances their merchandising and paves the way for potential loyalty-as-a-service models.
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20:30Starting point for executives in platform strategyExecutives should start by defining the role of a platform in their portfolio based on business goals. Next, design a differentiated platform that meets the needs of your customer coalition of users, then proceed to address operational excellence and cultural change.
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26:42Embracing the use journey for future business successSimilar to the importance of having a website in the 2000s, companies must prioritize observing and engaging with customers during their use journey to thrive in the future. A platform approach to business is not an option, it is critical for creating win-win relationships
Quotes
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"Nike discovered a 4X increase in lifetime value for apparel buyers engaged in two or more Nike communities during the use journey. The use loop is the most valuable aspect of the customer journey." - Ted Moser
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"A company that creates data synergies that complement their monetization synergies across a broad portfolio can revitalize its business by getting customers to pay to be loyal to them." - Ted Moser
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"Five to 10 years from now, if I asked you to name companies who chose to skip being able to watch their customers use and we're still thriving, the paper would be blank." - Ted Moser
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"Observing and engaging in the customer's use journey is not a nice to have but an existential necessity. It's the key to illuminating their experience and fostering win-win relationships." - Ted Moser
- Part 1 Revitalizing your business through the right platforms — Ted Moser // Prophet
- Part 2Three reasons platform excellence is essential to growth — Ted Moser // Prophet
Up Next:
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Part 1Revitalizing your business through the right platforms — Ted Moser // Prophet
Ted Moser, Senior Partner at Prophet, delves into leveraging platforms for business revitalization and growth. While the choose journey is a well-known concept in marketing, the true linchpin for business revitalization lies in the use journey. Platforms play a crucial role by offering visibility into these journeys, empowering companies to not only grow customer lifetime value but also secure customer choice and drive revenue in a fiercely competitive landscape. Today, Ted discusses revitalizing your business through the right platforms.
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Part 2Three reasons platform excellence is essential to growth — Ted Moser // Prophet
Ted Moser, Senior Partner at Prophet, delves into leveraging platforms for business revitalization and growth. In today’s landscape, it’s no longer optional for businesses to adopt a platform approach. In addition to preparing for modern competition, being involved in the customer's use journey is essential for a brand to be considered relevant in the modern era. Today, Ted discusses the three reasons platform excellence is essential to growth.
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