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Platform Revolution Chapter 9, G2 (IPCM3_Andrea, DICE2_Jeff, IBS(M1)…

- - - - platform design
        
        core interaction
        
        tools to pull users
        
        interaction
        
        matching producers with consumers
        
        :star: generate positive network effect
        
        filter
        
        how open should the platform be
      - platform launch
    - - customer retention
        
        :star:monetization
      - conversion of active users
    - - innovate
        
        enhance value proposition
  - - - complex metrics can introduce the noise to the platform
    - - accessible
        
        comprehensible to people who use the information
      - auditable
        
        accurate data that reflect the reality of the business
      - actionable
        
        provide clear guidance
- - - - Matching Quality
        
        The precision of platform finding algorithms and the intuition of route navigation tools.
        
        Sales Conversion rate
        
        Compare the engagement rate for a specific user segment to the long-term activity rate for that user segment.
      - Trust
        
        How reassuring users are about the risks of interacting on the platform.
        
        Successfully curated bilateral users, allowing users to feel at ease when interacting on the platform.
      - Liquidity
        
        A state in which there are a minimum number of producers and consumers and the percentage of sucessful interaction is high.
        
        Any interaction can show the user's increased participation on the platform.
        
        Look for & Track for Iliquid situations
        
        :star:Focus on user engagement & activity
  - - - new issues arise
        
        ensure the core interaction is creating value
        
        the inflow of engaged users exceeds the outflow
    - - monitor the change in size of the user base over time
        
        ensure the balance on the two sides of its market
        
        caculating the producer-to-consumer ratio
        
        an adjustmet to include active platform users engaged in interaction at a minimum rate of frequency
    - - Producer
        
        monitor figures
        
        frequency of producer participation
        
        listings created
        
        outcomes achieved
        
        interaction failure
        
        producer fraud
        
        calculated method
        
        Lifetime Value Model
        
        capture the mechanism by which repeat producer provide recurring platform revenues without incuring additional acquisition cost
      - Consumer
        
        monitor figures
        
        frequency of consumption
        
        searches
        
        rate of conversion to sale
        
        calculate LTV
      - most of today's successful platform do
        
        encourage loyalty on the part of the most valueable active users
        
        discourage those who are less value
      - interaction conversion is also important in growth phase
      - new metrics are continually being devised by platform managers base on their specific objectives and interest as well as the unique characteristics of their users
  - - - Incremental innovation and metrics must be
        closely related to each other
    - - 3 major requirements: