Let’s go way back to science class. Remember what an ecosystem is defined as? Yea, we didn’t either, so we did some research and it is defined as a biological community of interacting organisms and their physical environment. It’s also simplified by saying that it is just a complex network or interconnected system. Let’s go with this last one to describe what a product/service ecosystem is. I’m sure you’ve guessed already. It’s a new theory that describes how products coexist and complement one another. It also implies that products will inherently evolve over time, such as that in nature and parallels how species do the same. It also implies that that companies will respond to external threats and opportunities in the same way. Competition can force some brands out of business or cause them to go extinct if you will. We’re sure you get the idea by now. Think about Apple and how they integrate their products over a seamless coexistence. There are many benefits to having an efficient product/service ecosystem. Here are some to name a few.
1. Boost revenue through multiple products that complement each other
2. It will prevent customers from having to go to competitors
3. It will offer support to customers by updating products/services over time to improve their compatibility with one another as technology advances
4. Increase loyal audience by solving all problems for your audience and not just one
Now that you understand the benefits of the ecosystem, let’s chat about how to create one.
1. Listen to what your customers want. Why would you not do this anyway? What are they missing and how can you solve that problem?
2. If you have a service, package it like a product: give it a name and explain the method. This shows the value.
3. Create seamless integrations and update often: the easier it is for the customer to see the value and connection between two products the better. Loyalty will improve and frustration decreases.
4. Create value. What do you have that others don’t? Make your seamless integrations valuable so that your audience won’t need to go to competitors.
Mimicking the natural ecosystems is the best way to create a valuable product ecosystem. Use these steps above to help you get started. Use other brands as examples to turn on, such as Apple, Google and Adobe for inspiration.
