A platform business nurtures a community and gathers them in a shared digital space. Platform businesses are on the rise, as an increasing number of businesses are recognizing the value-added benefits of the model. During the course of this article, we will discuss what a platform business is, its benefits and how you can get started with setting up your own.
What is a platform business and why do you need one?
A platform business creates value by bringing groups of like-minded people together. Within this space, a business can cultivate community and introduce its own products/services to prospective or existing clients.
Some common types of platform businesses include:
- Aggregation platforms: Curate and bring together products from various businesses/sellers for a specific purpose. Marketplaces like Amazon, Kindle direct publishing, and Shopify stores fall under this category.
- Social platforms: Bring together people around interests. Facebook, Instagram, and Twitter are primary examples here.
- Mobilization or mission-driven platforms: These are businesses that curate in-person and digital spaces that bring together people in support of a charitable cause. Examples include Avaaz, Change.org, and Launchgood.
- Learning platforms: Fosters information sharing between participants, typically learners and teachers. Examples include Coursera, Udemy, and Nearpeer.
Platform businesses create a community for customers and audiences that businesses can use to share ideas, build brand awareness and expose customers to new products.
Why platform businesses are on the rise
Platform businesses are on the rise because service and mission-driven businesses like Momentum Education, Brooklyn Wate, and CEEM are experiencing two primary shifts in their customer base:
- They decentralize brand ownership. Customers and followers want to feel that they have a say in the businesses that serve them and want to feel like they are in “control.” As a result, businesses are upgrading digital customer experiences to provide more self-service features and improved engagement options—including through the creation of platform businesses.
- Business use cases are growing in complexity. Due to insufficient expertise in-house, they have to go with custom digital transformation solutions. However, only 30 percent of these succeed, resulting in a waste of time and money.
The Community Cloud offers a platform that helps creators, changemakers, and businesses to connect with their intrinsic community to drive unparalleled growth.
What are the benefits and solutions it provides?
The Community Cloud eliminates the risk of budget overruns, late delivery, and the burnout of human capital. This is made possible by our platform, which already has 80 percent of the digital customer experience needs. The Community Cloud offers a no-code website builder, all-in-one community portal, business directory, secure private marketplace, and strategy and implementation support enabled by our expert industry veterans who are just a message away.
How might it differ from what you currently use?
The Community Cloud reinvents communities and brings a unique set of features that can help you scale like never before. Unlike other products in the market, we bring a highly customizable product that aggregates all the tools you need, in one convenient place. Rather than having to pay for multiple subscriptions, we provide simple tools for more engagement and monetization. We also differ by allowing you to organize and consolidate lists for a consistent, scalable customer experience across platforms.
How you can get started with The Community Cloud
Platform businesses are expected to continue to grow due to the many benefits they have to offer. They help build communities, foster exchanges and act as a force for good. As a result, more customers want to get involved and take part. The Community Cloud brings a smart solution, allowing businesses to transform themselves into platform businesses, all the while helping them save time and money. Get started with Community Cloud today by booking a demo with us!