Expedia Group Platform SVP on Developing & Executing a Platform Strategy

Platformization can be an extremely complex and tall order for any organization. It’s difficult to determine when it makes sense to invest in a platform strategy. So, what is the right way to build a product strategy? In this webinar, Expedia Group Platform SVP Archana Arunkumar speaks on what to consider when executing a platform strategy.

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Webinar Notes:

1. Historical evolution of industries from the industrial revolution to the digital era and the rise of platforms.
2. When it makes sense to build a platform: considerations for early-stage startups and core value proposition.
3. Understanding platform strategy: addressing challenges of value creation and capture, attracting customers, and becoming the core of an ecosystem.
4. Measuring platform success: value to all parties, ease of onboarding, network effect, and adherence to standards.
5. Platform gravity: offering additional value beyond core offerings to make the platform stickier.
6. Low cost, high value: focusing on target audience and business model economics for high ROI.
7. Encouraging innovation: allowing dissonance in usage to recognize new markets and use cases.
8. Becoming a purpose-led brand: shifting focus to empower the larger ecosystem and defining platform vision.
9. Prioritizing features and functionality based on intent and market demands.
10. Measuring and monitoring platform performance with quantifiable metrics.
11. Planning for updates and changes in the market, competition, and customer needs.
12. Communicating effectively with partners, customers, and stakeholders for engagement and adoption.
13. Focusing on developer experience and building long-term APIs to avoid abandonment.
14. Generalizing the interface for innovation and simplifying complexity behind the covers.
15. Following the “rule of one” tenet for streamlined communication within the platform.
16. Documenting the platform and having a well-defined support strategy, including API versioning and deprecation.
17. Lifecycle and versioning strategy: backward compatibility and retiring deprecated APIs.
18. Leveraging core strengths and crown jewels in the platform strategy.
19. Aligning the platform strategy with company objectives and long-term vision.
20. Building a large user base and creating stickiness for eventual monetization and success.