Written by: Kiesha King-Brown, Senior Level Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
The fastest-growing, most successful companies position themselves as ecosystem players. Ecosystems, also considered hubs within networks, can consist of service providers, suppliers, businesses that provide complimentary products or services, and customers. They are businesses and organizations that strategically choose to partner for the purpose of mutually beneficial relationships… an alignment within vision and accelerated growth.
Some of the most well-known companies are ecosystem players including, but not exclusive to, Uber, Amazon, Fitbit, Google, Toyota, and Apple.
As an example, Uber’s ecosystem was established for the purpose of increasing customer loyalty and, in turn, revenue. Uber created a partnership for Uber Fresh, now Uber Eats to delivers food in partnership with restaurants. It has Uber Feed used in collaboration with the SnapChat card for the busy person in route to sync up their food arrival time with the car arrival time. And Uber Cash, a closed-loop payment system. Uber also utilizes Request API in collaboration with travel and hospitality partners for improved customer experience for their Uber customers.
All of these partnerships are a benefit to Uber’s customers and add value to its bottom line. The win is mutual. The collaborations a no-brainer.
Ecosystems create value through relationships, enabling the exchange of goods and services and people resources or ‘expertise as a service’. They allow for a shift from a singular organization lens to a lens that brings a diversity of thought and experiences.
An ecosystem culture creates conditions for constantly evolving mindsets, mentorships, and maximization of profit. It allows each organization to meet more effectively the constantly-changing expectations of diverse customer segments in real-time.
Small to mid-sized businesses can find ways to create an ecosystem as part of their growth strategy:
Find a balance of skills/strengths and an alignment of passion and values
Align players around a common vision and create a roadmap for the shared vision
Formalize ways to build trust
Clarify individualized benefits and gain
Define common KPIs and a system where both earn or for allocating revenue and profit
Create a process for establishing new partnerships and transitioning from existing ones
Decide how to partner to accelerate innovation cycles
If your business is looking to redefine or create consistency in success, add an ecosystem to your strategy and your culture. Prioritize collaborative strategy over competitive strategy.
Kiesha King-Brown, Senior Level Executive Contributor Brainz Magazine
Kiesha King-Brown is a business savvy, customer-centric tech enthusiast. She partners with businesses to maximize the effectiveness of branding, marketing, and strategy with the power of AI. Kiesha also helps Startups and businesses with intuitive go-to-market strategies and the only smart platform, Pillar Five, that functions like a Smart GPS to get businesses from Seed stage through maturity successfully and supports a technology-based ecosystem.
Kiesha has a Bachelor’s in Marketing, an MBA in Management, is a member of the AI Academy for Marketers and a Certified Executive Coach. Kiesha has held Sr. Leadership positions in Fortune 200 Retail Companies serving up to the Territory Level and working on company level strategy. She has also helped small businesses improve strategy and profit in own her consulting business.
