{"id":506,"date":"2018-12-20T22:06:48","date_gmt":"2018-12-20T22:06:48","guid":{"rendered":"https:\/\/mattersgraph.com\/?post_type=insight&p=506"},"modified":"2026-06-16T20:13:31","modified_gmt":"2026-06-17T00:13:31","slug":"commercial-due-diligence-and-value-generation-via-network-effects","status":"publish","type":"insight","link":"https:\/\/mattersgraph.com\/de\/insights\/commercial-due-diligence-and-value-generation-via-network-effects\/","title":{"rendered":"012: Kommerzielle Due Diligence und Wertsch\u00f6pfung durch Netzwerkeffekte"},"content":{"rendered":"

Viele attraktive Investitionen basieren auf Netzwerkeffekten \u2013 das sind Unternehmen, die verbinden<\/em> Nutzer, K\u00e4ufer und\/oder Lieferanten. Unternehmen wie Visa, eBay und LinkedIn haben bekannterma\u00dfen von Netzwerkeffekten profitiert und dadurch einen immensen und nachhaltigen Wert geschaffen. Auch au\u00dferhalb der Softwarebranche profitieren Unternehmen wie Personalvermittler, Einzelh\u00e4ndler, Medienunternehmen, Gesundheitsnetzwerke und viele andere von Netzwerkeffekten.<\/p>\n\n

Das Verst\u00e4ndnis daf\u00fcr, wo Netzwerkeffekte greifen und wo sie versagen k\u00f6nnten, ist f\u00fcr die Bewertung eines Deals entscheidend. Zielunternehmen in M\u00e4rkten mit Netzwerkeffekten sind zwei gro\u00dfen Risiken ausgesetzt:<\/p>\n\n

    \n
  1. In einem hart umk\u00e4mpften Markt mit starken Netzwerkeffekten \u00fcberholt zu werden; oder<\/li>\n\n\n\n
  2. Die Vermittlung in M\u00e4rkten, in denen die Netzwerkeffekte gering sind<\/li>\n<\/ol><\/div>\n\n
    \n\n

    Woran erkennt man, ob ein Markt \u201cgenau richtig\u201d ist? Wir haben festgestellt, dass die Beantwortung einiger weniger Fragen die Antwort liefern kann.<\/p>\n\n

      \n
    1. Werden wahrgenommen Wechselkosten<\/strong> Steigt die Nutzerzahl mit zunehmender Nutzung des Dienstes?<\/li>\n\n\n\n
    2. Wird der Service besser mit jeder neue Benutzer<\/strong>?<\/li>\n\n\n\n
    3. Ist da\u00a0Wachstumsspielraum<\/strong>? (siehe unsere Artikel zu\u00a0Sorgf\u00e4ltige Pr\u00fcfung der Akzeptanz\/des Wachstums<\/a>\u00a0Und\u00a0effektive Marktgr\u00f6\u00dfenbestimmung<\/a>)<\/li>\n\n\n\n
    4. Sind die Gewohnheiten<\/strong> Welche der mit dem Dienst des Zielunternehmens verbundenen Dienstleistungen sind f\u00fcr einen Nutzer einfacher zu kn\u00fcpfen als solche, die mit einem potenziellen Aggregator verbunden sind? Ben Thompson hat eine Hier eine zum Nachdenken anregende Definition eines Aggregators.<\/a>.<\/li>\n\n\n\n
    5. Sind Kosten der Kundengewinnung <\/strong>niedrig?<\/li>\n<\/ol>\n\n

      Wiederholen Sie diese Fragen f\u00fcr jede Marktseite. Jedes \u201cJa\u201d erh\u00f6ht den Wert der Netzwerkst\u00e4rke im Markt.<\/p>\n\n

      \"Number<\/figure>\n\n

      Hyperwettbewerb in einem Markt mit starken Netzwerkeffekten:<\/strong> Diese M\u00e4rkte k\u00f6nnen einen extrem wettbewerbsintensiven Bereich schaffen, in dem der Gewinner alles bekommt. In entscheidenden Momenten kann schon eine kleine Produkt\u00e4nderung den Weg f\u00fcr eine leichtere Gewohnheitsbildung ebnen, und diese kleinen Ver\u00e4nderungen k\u00f6nnen den gesamten Markt ver\u00e4ndern. Myspace war ein Riesenerfolg, bis Facebook es \u00fcberfl\u00fcssig machte \u2013 die neue Gewohnheitsbildung rund um den \u201cNewsfeed\u201d ver\u00e4nderte die Nutzung sozialer Netzwerke dramatisch. Soziale Netzwerke erreichen auf unserer Skala mindestens eine \u201c6\u201d: Vorsicht ist geboten \u2013 in M\u00e4rkten, in denen der Gewinner alles bekommt, ist der Erfolg zwar gro\u00dfartig, der Verlust jedoch verheerend.<\/p>\n\n

      Die Vermittlung in einem Markt mit schwachen Netzwerkeffekten<\/strong>Das relativ langsame Wachstum in Verbindung mit <\/em>Die niedrigen Markteintrittsbarrieren f\u00fcr Essenslieferdienste wie Seamless oder Grubhub (gegr\u00fcndet 1999 bzw. 2005) boten viel Raum f\u00fcr neue Anbieter wie Delivery Hero, Deliveroo, Foodpanda, Postmates, Uber Eats, DoorDash, Amazon Restaurants usw. Die daraus resultierende Komplexit\u00e4t kann sowohl Kunden als auch Anbieter verwirren und Google Maps die M\u00f6glichkeit geben, sich als Aggregator zu etablieren. Mit Google sucht man einfach nach einem Restaurant und findet heraus, welche Lieferdienste dorthin liefern. Welche Gewohnheit l\u00e4sst sich leichter entwickeln: einmal Google Maps nutzen oder mehrere Essensliefer-Apps \u00f6ffnen? Aktuell bewerten wir Essensliefer-Apps mit etwa einer \u201c2\u201d auf unserer Skala.<\/p>\n\n

      Netzwerkeffekte sind wichtige Aspekte der Due-Diligence-Pr\u00fcfung, doch dieselben \u00dcberlegungen k\u00f6nnen von Investoren verschiedenster Branchen genutzt werden, um den Wert der von ihnen besessenen oder verwalteten Dienstleistungen und Produkte zu steigern. K\u00f6nnen Sie h\u00f6here Wechselkosten oder eine einfachere Gewohnheitsbildung f\u00fcr Ihre Kunden einbauen?<\/p>","protected":false},"excerpt":{"rendered":"

      Viele attraktive Investitionen basieren auf Netzwerkeffekten \u2013 also auf Unternehmen, die Nutzer, K\u00e4ufer und\/oder Lieferanten miteinander verbinden. Firmen wie Visa, eBay und LinkedIn haben bekannterma\u00dfen von Netzwerkeffekten profitiert\u2026<\/p>","protected":false},"author":[82],"featured_media":0,"template":"","meta":{"featured_image_background_position":"","promoted":false,"promoted-priority":0,"footnotes":""},"sector":[],"topic":[83,71,50,80,67],"audience":[],"insight-category":[140],"class_list":["post-506","insight","type-insight","status-publish","hentry","topic-customer-loyalty","topic-disruptors","topic-growth-rates","topic-organic-growth-tactics","topic-value-development-generation","insight-category-value-creation","author-jeff-merkle"],"yoast_head":"\n012: Commercial Due Diligence and Value Generation via Network Effects - Matters Graph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mattersgraph.com\/de\/insights\/commercial-due-diligence-and-value-generation-via-network-effects\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"012: Commercial Due Diligence and Value Generation via Network Effects - Matters Graph\" \/>\n<meta property=\"og:description\" content=\"Many attractive investments are predicated on network effects \u2013 these are businesses that connect users, buyers, and\/or suppliers. 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