What is Ecosystem Marketing?
“You integrate your product/services into a existing ecosystem or create new ecosystem which helps organic growth and stickiness of the product. “
Is it that simple? It’s not.
Why is it important?
Multiple reasons but let me the brief things here
- It helps the stickiness of a user into a same ecosystem for Long time. For example : Apple ecosystem or Wechat ecosystem . When a Apple user who is using iPhone and MAC or any other brand products , he would consider lot of points before he move to another brand because his habits and activities are highly dependable on this. If he move he need to transition lot of things. So only few take the significant work to do
- It helps to increase Brand value given to its ecosystem user. Just because you are under Google cloud umbrella, you are able to use multiple Google features and apps using a single sign on and all this information are sync to eachothet without any extra connectors
- it allows the brand to make sustainable and increased profit comparing to the direct sales using single product. For example: you are thinking about purchasing a online cloud drive to store your data. You are using iPhone but as a early normal online user start to use gmail for free on desktop earlier part of your tech journey , then we started using google cloud, then we got free Google photos upload and multiple things. just because some of the things we are already have in google cloud, we just want to upgrade there and not highly attracted to iphone. But what about other services like Dropbox or box , you will very less think about it. Just because your ecosystem is around iPhone or Google cloud, you going to think only about this.
- There are many advantages of using this.
So how do we approach the Ecosystem Marketing?
As a business/startup when you are struggling with growth of your business and the highly competition from the main steam platforms like facebook, TV or google by million/billion dollar companies… Ecosystem Marketing can help you
There is a 2 way to approach ecosystem marketing
- Integrate into the existing ecosystem
- Create a new ecosystem around your existing product
What’s mean by “integrating into existing ecosystem”?
- You wanted to build a logistics/payment company. Instead of building a logistic /payment company for the whole world, you build a logistic/payment services for a already well established business. For example : you go to Shopify and then build a app under its ecosystem (a) to provide your service or (b) you EXTEND your existing services into their platform
- same payment