Preparis VP of Product on Building a Great Platform Product

What does it take to build a great platform product? In this webinar, VP of Product Nadeem Farah will be speaking on building a great platform product, and how the approach to building platform product differs from point-solution products. He will cover the distinctions between platform and point solution products, and the inherent power of platforms and how the flywheel effect drives growth. Learn about the design thinking approach tailored for SaaS platforms and how you can avoid reinventing the wheel and leverage existing solutions effectively. Tune in for insights on elevating your platform for enterprise readiness and up-market success, and unlock strategies for expanding your platform internationally and tapping into new markets.

Join us for new conversations with leading product executives every week. Roll through the highlights of this week’s event below, then head on over to our Events page to see which product leaders will be joining us next week.

Show Notes:

1. Building a great platform product requires understanding key concepts like platform products vs product platforms.
2. Platform products offer significant value through cost savings via bundled use cases, lower integration costs, and reduced operational overhead.
3. Customer segmentation and ideal customer profiles are crucial for platform product design and go-to-market strategy.
4. Modular and extensible design approaches allow platform products to scale and integrate new features over time.
5. Prioritize differentiated features and leverage existing solutions rather than reinventing the wheel.
6. Validate market fit and growth opportunities through buyer interviews and beta programs.
7. Executive buy-in is needed to successfully transition from a point solution to a platform.
8. Measure initial platform success by validating hypotheses and getting early adopter feedback.
9. Avoid common pitfalls like trying to build an entire platform without phasing or integration.
10. Evaluate growth vectors by assessing competitive landscapes and potential for disruption.
11. Tailor value propositions and go-to-market approaches for different customer segments.
12. Consider when and where to add subject matter experts to core product teams.
13. Pursue underserved markets aggressively before expanding into new use cases.
14. Modularize products incrementally to lay foundations for future platform capabilities.
15. Cascade platform visions and goals throughout the organization.
16. Celebrate cross-functional wins to socialize new platform-focused strategies.
17. Consider standing on the shoulders of giants via third-party tools where possible.
18. Grow platforms by expanding into new markets and deepening existing ones.
19. Shift go-to-market models for different customer segments like enterprise.
20. Partner with champions to provide early proof points for new strategies.