Benefits of a Platform-Based Approach

A platform-based approach to your business brings many benefits 

Platforms make it easier to use a recurring revenue model. 

Investors appreciate the value of this revenue model.

It brings predictability to the forecast and makes it somewhat easier to manage the business and raise funding.

With three metrics, cost of acquisition, churn rate, and growth rate you know how well you are doing. 

There are other benefits to a platform-based approach.

By focusing your development on one platform the product gets better every day increasing your reach to new customers and keeping existing ones.

It also reduces your cost because you are continually adding to your base platform and not spending resources creating new products from scratch.

It helps you focus your team as everyone works on the same platform,  reducing distractions.

All development results are available to all customers so there’s no resource spent on porting features to other products.

Platforms bring efficiency and revenue gains compared to the individual product approach.

Consider focusing your product development on a platform.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.