{"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\/fr\/insights\/commercial-due-diligence-and-value-generation-via-network-effects\/","title":{"rendered":"012\u00a0: Diligence raisonnable commerciale et cr\u00e9ation de valeur par les effets de r\u00e9seau"},"content":{"rendered":"

De nombreux investissements int\u00e9ressants reposent sur des effets de r\u00e9seau \u2013 il s'agit d'entreprises qui connecter<\/em> Utilisateurs, acheteurs et\/ou fournisseurs. Des entreprises comme Visa, eBay et LinkedIn ont su tirer profit des effets de r\u00e9seau pour accumuler une valeur consid\u00e9rable et durable. En dehors du secteur des logiciels, des entreprises comme le recrutement, la distribution, les m\u00e9dias, les r\u00e9seaux de professionnels de sant\u00e9 et bien d'autres b\u00e9n\u00e9ficient \u00e9galement des effets de r\u00e9seau.<\/p>\n\n

Il est essentiel, pour \u00e9valuer une transaction, de comprendre o\u00f9 les effets de r\u00e9seau se maintiendront et o\u00f9 ils risquent de s'estomper. Les entreprises cibles sur les march\u00e9s \u00e0 effets de r\u00e9seau sont confront\u00e9es \u00e0 deux risques majeurs\u00a0:<\/p>\n\n

    \n
  1. Se faire d\u00e9passer sur un march\u00e9 hyperconcurrentiel o\u00f9 les effets de r\u00e9seau sont importants ; ou<\/li>\n\n\n\n
  2. \u00catre interm\u00e9di\u00e9 sur des march\u00e9s o\u00f9 les effets de r\u00e9seau sont att\u00e9nu\u00e9s<\/li>\n<\/ol><\/div>\n\n
    \n\n

    Comment savoir si un march\u00e9 est \u201c\u00a0id\u00e9al\u00a0\u201d\u00a0? Nous avons constat\u00e9 que se poser quelques questions peut apporter des \u00e9l\u00e9ments de r\u00e9ponse.<\/p>\n\n

      \n
    1. Les perceptions co\u00fbts de changement<\/strong> et pour les utilisateurs, cela augmente-t-il \u00e0 mesure qu'ils utilisent le service\u00a0?<\/li>\n\n\n\n
    2. Le service s'am\u00e9liore-t-il avec chaque nouvel utilisateur<\/strong>?<\/li>\n\n\n\n
    3. Y a-t-il\u00a0marge de croissance<\/strong>? (voir nos articles sur\u00a0mener une \u00e9tude approfondie sur l'adoption\/la croissance<\/a>\u00a0et\u00a0dimensionnement efficace du march\u00e9<\/a>)<\/li>\n\n\n\n
    4. Sont les habitudes<\/strong> Est-il plus facile pour un utilisateur de se familiariser avec le service de l'entreprise cible qu'avec celui d'un agr\u00e9gateur potentiel\u00a0? Ben Thompson a une id\u00e9e. D\u00e9finition d'agr\u00e9gateur qui donne \u00e0 r\u00e9fl\u00e9chir ici<\/a>.<\/li>\n\n\n\n
    5. Sont co\u00fbts d'acquisition de clients <\/strong>faible?<\/li>\n<\/ol>\n\n

      R\u00e9p\u00e9tez ces questions pour chaque segment du march\u00e9. Chaque \u201c oui \u201d augmente la valeur de la force du r\u00e9seau sur ce march\u00e9.<\/p>\n\n

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

      Face \u00e0 une hyper-concurrence sur un march\u00e9 caract\u00e9ris\u00e9 par de forts effets de r\u00e9seau\u00a0:<\/strong> Ces march\u00e9s peuvent engendrer une hypercomp\u00e9tition o\u00f9 le gagnant rafle la mise. Lors de moments d\u00e9cisifs, un simple changement subtil au niveau d'un produit peut faciliter l'adoption de nouvelles habitudes, et ces petites modifications peuvent transformer le march\u00e9 dans son ensemble. Myspace a connu un succ\u00e8s fulgurant, jusqu'\u00e0 ce que Facebook le rende obsol\u00e8te\u00a0: l'essor du fil d'actualit\u00e9 a radicalement modifi\u00e9 l'usage des r\u00e9seaux sociaux. Sur notre \u00e9chelle, les r\u00e9seaux sociaux obtiennent au moins la note de \u201c\u00a06\u00a0\u201d\u00a0: attention aux march\u00e9s o\u00f9 le gagnant rafle tout\u00a0! Gagner peut \u00eatre formidable, mais perdre peut s'av\u00e9rer catastrophique.<\/p>\n\n

      \u00catre interm\u00e9diaire sur un march\u00e9 o\u00f9 les effets de r\u00e9seau sont faibles<\/strong>: La croissance relativement lente associ\u00e9e \u00e0 <\/em>La facilit\u00e9 d'acc\u00e8s au march\u00e9 pour les services de livraison de repas comme Seamless ou Grubhub (fond\u00e9s respectivement en 1999 et 2005) a laiss\u00e9 un large champ libre \u00e0 de nouvelles entreprises\u00a0: Delivery Hero, Deliveroo, Foodpanda, Postmates, Uber Eats, DoorDash, Amazon Restaurants, etc. Cette complexit\u00e9 peut d\u00e9router consommateurs et prestataires, et permettre \u00e0 des services comme Google Maps de s'imposer comme agr\u00e9gateur. Avec Google, il suffit de rechercher un restaurant pour d\u00e9couvrir les services qui livrent ses plats. Quelle habitude est la plus facile \u00e0 prendre\u00a0: utiliser Google Maps une seule fois ou ouvrir plusieurs applications de livraison\u00a0? Aujourd'hui, nous attribuons aux applications de livraison de repas la note de \u201c\u00a02\u00a0\u201d sur notre \u00e9chelle.<\/p>\n\n

      Les effets de r\u00e9seau constituent un \u00e9l\u00e9ment important \u00e0 prendre en compte lors de l'analyse pr\u00e9alable, mais ces m\u00eames consid\u00e9rations peuvent \u00eatre utilis\u00e9es par les investisseurs de divers secteurs pour valoriser les services et produits qu'ils poss\u00e8dent ou g\u00e8rent actuellement. Pouvez-vous, par exemple, int\u00e9grer des co\u00fbts de changement plus \u00e9lev\u00e9s ou faciliter l'adoption de nouvelles habitudes par vos clients\u00a0?<\/p>","protected":false},"excerpt":{"rendered":"

      De nombreux investissements int\u00e9ressants reposent sur les effets de r\u00e9seau\u00a0: il s\u2019agit d\u2019entreprises qui mettent en relation utilisateurs, acheteurs et\/ou fournisseurs. Des soci\u00e9t\u00e9s comme Visa, eBay et LinkedIn ont, de fa\u00e7on notoire, b\u00e9n\u00e9fici\u00e9 des avantages des effets de r\u00e9seau\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\/fr\/insights\/commercial-due-diligence-and-value-generation-via-network-effects\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\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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