In a rapidly evolving business landscape, digital platforms have become a dominant force, reshaping industries and creating new paradigms for success. Recent insights from a Harvard Business School course, “Competing in the Age of Digital Platforms,” based on the book The Business of Platforms by Michael Cusumano, Annabelle Gawer, and David Yoffie, highlight the profound impact platforms are having on global markets. With over 60% of today’s billion-dollar unicorns being platforms and the top five companies by market capitalization also falling into this category, it’s clear that platforms have captured the imagination and wallets of investors.
The success of these platforms hinges on network effects—where the value of the platform grows as more users engage with it. However, building and sustaining these platforms is an enormous challenge. The growth in transaction platforms like Alibaba and Amazon Marketplace, innovation platforms like Apple iOS and Google Android, and hybrid companies such as Apple, Google, and Microsoft shows no signs of slowing, promising to disrupt various industries in the years to come.
For those in the B2B event industry, the lessons from the “platform revolution” present a unique opportunity. As traditional event organizers look to the future, they must consider how these digital platform concepts can be applied to enhance and transform their offerings. Events have long served as crucial transaction platforms, connecting buyers and sellers much like the bazaars of ancient times. However, the post-pandemic landscape demands a rethinking of these models to remain relevant and impactful.
The challenge lies in shifting the mindset from seeing events as isolated occurrences to viewing them as part of a continuous engagement platform that serves its community year-round. This involves integrating digital platforms to enhance content, data, and networking opportunities, providing added value to stakeholders beyond the few days of the event. While it’s unrealistic to expect events to fully transform into digital platforms, leveraging technology strategically can significantly enhance their impact.
To succeed in this new era, event organizers must adopt the same strategic analysis used by large corporations when considering whether to build, buy, or partner in platform development. A platform approach within a specific industry offers better experiences and returns on investment for all participants, from exhibitors to attendees. However, the execution is complex, as the industry is still in the early stages of figuring out the right formula. This underscores the need for ongoing learning, unlearning, and adaptation to keep pace with the fast-changing environment.
Measuring success in this new model will also require a shift in perspective. Traditional metrics like event size, revenue, and profit will need to be supplemented with new indicators such as community engagement, loyalty, and the overall ecosystem created around the event-platform hybrid. Events that fail to evolve beyond their traditional formats risk becoming obsolete as stakeholders demand more innovative and dynamic interactions.
The future of events is not about choosing between physical and virtual but rather embracing a “phygital” experience that seamlessly integrates both. Technologies like Artificial Intelligence, Machine Learning, and Blockchain will play a critical role in enabling these platforms, ensuring they remain vibrant and relevant throughout the year.
For those who believe in the potential of “event platforms” and are interested in building or enhancing one, collaboration and idea-sharing are essential. The next wave of unicorns may very well emerge from those who can successfully combine the magic of face-to-face interactions with the power of digital platforms, creating a model that delivers value and engagement all year long.