Developer Marketing & Ecosystems
“The beauty of digital ecosystems is that they bring you to new market segments that you can’t or aren’t economic to reach by yourself.” – Paul Rohan
Another hot topic was developer marketing and developer ecosystems. In all truth, this theme persisted throughout the entire APIDays series.
As Paul Rohan stated in his talk on differentiating developer programmes, Developer Marketing is a very new discipline for incumbents.
Financial institutions are asking themselves how to:
- Include developer marketing into existing marketing processes;
- Attract developers to start building an ecosystem;
- Deliver the best developer experience to retain those developers and strengthen the ecosystem.
He highlighted two strategies – App Strategy & Platform Strategy.
(Rohan’s slide showing the difference between app & platform strategy)
Then Rohan continued to say, just as Lars Markull mentioned in the talk with Luca Borella, that “the beauty of digital ecosystems is that they bring you to new market segments that you can’t or aren’t economic to reach by yourself”.
An API ecosystem does grant access to entirely new and untapped markets, but it doesn’t come without its challenges.
Challenges and benefits
During the roundtable Inserting a new Developer marketing process into an existing marketing mix of an enterprise, the MC Claire Barret tackled the topic of trying to bring in new strategies into mature organisations.
Brent McLean, Director and Head of Open Banking at Credit Suisse Universal Bank, claimed that the important thing is to remember what is in it for you. For financial institutions, that means how do you productise it and make profits.
Once the potential is clear to the organisation, it’s a matter of helping leaders understand that this new technology gives them the opportunity to expand their offering beyond the impenetrable walls that stand tall around the finance sector.
Then, we got the Nationwide perspective. Brad Hohenbrink, who is the Manager, IT App Development for Emerging Partnerships, shared how the hardest part was getting the organisation into the Open Banking mindset.
But once that happened, adoption accelerated. Then, they saw a 60% increase in conversion rate for customers who came through the API compared to those who came through usual channels.
The metrics don’t lie.
But these are the kind of opportunities that only come about from new partnerships. And the tradeoffs, i.e. changing the culture and overhauling technology, are minimal compared to the benefits.
What do developers look for in an API?
But what exactly do developers look for as they “scan the API economy”? What do they look for in their APIs?
They look for developer-friendly APIs that:
- Make it easy to get started quickly in a new vertical
- Provide gated on boarding steps. Step by step onboarding
- Have a vibrant community of complementary providers to tap into network effects
- Are pay as you use
Rohan shared that companies whose dominant business model is ecosystem driven experienced revenue growth and profit margins approximately 27% and 20% higher respectively than average in their industries.
We later added to the topic of developer ecosystems in our virtual booth.
(Luca & Dylan hanging out in the virtual booth at APIDays London 2020)
We presented the findings of our latest report on developer ecosystems and developer experience.
This summer, leveraging TESOBE’s experience and the results of a survey conducted with our ecosystem, we put together a report on how to retain developers and what they need to produce great results.
Positive developer experience creates a feedback loop that makes the ecosystem sustainable and successful. There are numerous improvements that can be made and, though they may seem small and insignificant, they can make or break the success of an ecosystem.
For more details on delivering the best developer experience, you can get your free copy of our latest report.