Book Image

Effective Platform Product Management

By : Tabassum Memon
Book Image

Effective Platform Product Management

By: Tabassum Memon

Overview of this book

Scaling a platform is a lot different than scaling a product. This is why product managers developing or transitioning to a platform model are often facing completely new challenges – both technical and strategic. But if you want to build the next Amazon, Netflix, Spotify, or a completely new type of platform, then you need to adopt a platform-first approach to change how you invent, develop, and market solutions. This is where Effective Product Platform Management comes in. This book addresses product management as a critical pillar of platform development. It'll help you understand the difference between traditional and modern product management for platforms and even decide whether the platform business model is the way to go for you. As you progress, you’ll be able to build the right platform strategy, define the MVP, and focus on ongoing backlog prioritization for successful platforms. This book will also walk you through the practical steps and guidelines that can ease your organization’s transition from linear products to platforms. By the end of this platform product management book, you’ll have learned the essential aspects of product management for building successful and scalable platforms. You’ll also have a clear understanding of the next steps you need to take to perfect and execute your new platform strategy – and take on the world.
Table of Contents (15 chapters)
Section 1: Building the Right Strategy for the Platform Business Model
Section 2: Building the Platform
Section 3: Measuring the Performance of the Platform

Defining targets

After defining the metrics, it is important to assign targets to each metric so that they can be measured against those targets. Defining targets for any metrics is a two-step process, let's look at those steps in detail:

  1. Determining the end result: First, start by defining the desired result for the platform. Here, the desired result could be a mid-to-long-term business outcome, for example, reaching the break-even point in 3 years or achieving 10% gross profit by the end of year 2. Once we know the outcome we want to reach, identify the associated metrics, such as X number of consumers in 3 years with an average Y number of transactions each year, with a Z amount of value per transaction. To serve the X number of consumers, we should onboard the number of producers. Ascertaining the associated metrics also helps us define the desired results of each metric, such as in this example, X number of consumers and number of producers in 3 years.
  2. Working...