Digital Platform Strategy: Platform Strategies Are Trickier Than They First Appear

A digital platform strategy involves building a digital platform—which allows users and developers to build on an existing technological scaffold or core design. A key point of digital platform strategies is to allow these users to modify and build on these technology platforms.

Many of these use a two-sided market. That is, there are a producer and a consumer of some good or service. Here, these ideas about strategy is focused on these two-sided markets.

There are three problems with creating a digital platform that may result in slow growth:

1. The chicken and the egg problem. Because you are developing a digital platform that depends upon other people doing their work, you need to ensure that you have enough people that can do the work. Your digital platform needs to have a content marketing strategy to entice people to participate on the platform. Or, you have to find additional funding to develop the platform quickly.

2. Getting people to interact on the digital platform. Much of the reason why people do not interact on the digital platform is due to trust. You have to create different strategies to encourage trust on the platform.

3. Ecosystem governance is important. You have to think about how people are going to deal with problems that they encounter when they cannot negotiate with others. When you first start out, the best thing is just allow you the owner to be the person that navigates these problems when they occur. Keep track of these problems and try to automate them away with different mechanisms.

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David Maslach is a research professor of entrepreneurship, innovation, and business strategy, I discuss topics, such as behavioral science, strategy, innovation, and entrepreneurship, and apply these to my new peer proofreading and editing platform. Topics include the sharing economy, altruism, investing in technology, starting a business, and bounded rationality. My favorite videos pertain to incentives, goal setting, and learning from failure to drive behaviors such as weight loss, stopping telemarketers, creating novel technologies, and creating new movements.

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