3/23/2023 0 Comments Evernote valuationIn fact, due to cost, time and complexity, platformization of products has been almost exclusively limited to large software companies with million dollar budgets. So why don’t more companies (particularly SaaS) implement a platform strategy more often? Well, technologically speaking, it’s very, very hard to do. Even gaming apps use in-app purchases to monetize community-generated content. Evernote is a technology and computing retailer with online presence and sell data services related. Yet with all the billions of lines of code, WordPress remains a maintainable and bloat-free product that has generated over $200 million dollars of plugin and theme sales.Īpple has the app store Salesforce has the App Exchange WordPress has its plugin marketplace-this ain’t nothing new. WordPress powers 20 percent of the web, has been around for 12 years and has over 10,000 community-developed plugins and themes-that’s a shit-ton of product features. So (you may ask), WTF do platforms have to do with the product focus and monetization problem? Well (I may say), the key to all of this is a platform’s ability to reduce feature creep by keeping features outside of the core product in the form of add-ons while allowing these add-ons to be sold individually. Enable group work and collaboration by keeping track of meetings. An easy-to-use interface with various colors, fonts, and formats allows users to create beautiful notes. ” Software bloat and feature creep affect most software products, but good design and practices can keep it from strangling a company. Adding notebooks, tags, and shortcuts allows users to find information quickly and easily. In fact, Evernote took a lot of flak for rushing bad code out the door as documented in a blog article titled “ Evernote, the bug-ridden elephant. Like Evernote, the headline is clear and succinct. The result of this hurried production of code is plain and simple software bloat-lots of code trying to do a bunch of different things without the ability to do any one thing particularly well. Your value proposition determines if people read more about your product or hit the back button. When it comes to pricing, OneNote is the better choice. It’s hard enough to build one great product but what are the odds of success when your strategy relies on pumping out five great products at the same time? Compared to OneNote’s 5GB, you get 15GB of free storage, similarly shared across all the apps on your Google account. Unfortunately, this strategy didn’t pan out because a multi-product strategy also multiplies the cost and risk of success. The strategy in question leverages the current user base to launch new products that funnel users into the Evernote ecosystem. Skitch, Scannable, PenUltimate and (the now-defunct) Evernote Food have all been created or acquired over the past few years as part of a big picture strategy. Evernote’s strategy has been to cast a wide net by releasing a multitude of products in order to bolster overall user growth.
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