Disruptive strategy is shifting from product innovation to platform innovation. Platforms are becoming more important because they enable rapid, scalable distribution and modification of products. They allow businesses to leverage network effects, where the value of a product or service increases as more people use it. Platforms also help businesses to evolve and adapt quickly to changes in the market or technology.
The shift from products to platforms is not easy. It requires a deep understanding of the platform’s architecture and the ability to design products that can plug into the platform. It also needs a change in mindset, from a focus on selling products to a focus on fostering ecosystems.
Businesses should start by identifying a compelling problem that a platform could solve. They should then design a prototype of the platform and test it in the market. Once the platform is launched, businesses should focus on attracting and retaining users, and continually improving the platform based on user feedback.
This shift in strategy is a significant challenge, but it also presents a significant opportunity. Businesses that can successfully make the shift from products to platforms will be better positioned to compete in the digital age. They will be able to create more value for their customers, and capture more value for themselves.
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