{"id":538,"date":"2019-12-25T16:10:54","date_gmt":"2019-12-25T16:10:54","guid":{"rendered":"https:\/\/mattersgraph.com\/?post_type=insight&p=538"},"modified":"2026-04-09T01:36:15","modified_gmt":"2026-04-09T01:36:15","slug":"the-battlefront-for-the-keystone-position-in-an-ecosystem","status":"publish","type":"insight","link":"https:\/\/mattersgraph.com\/fr\/insights\/the-battlefront-for-the-keystone-position-in-an-ecosystem\/","title":{"rendered":"023 : Le front de bataille pour la position cl\u00e9 de vo\u00fbte dans un \u00e9cosyst\u00e8me"},"content":{"rendered":"

Direct competition between ecosystems \u2013 iOS vs. Android; Twitter (or “the X”*) vs. Instagram (Meta) \u2013 is often studied and constantly the subject of various tech press and opinion pieces.<\/p>\n\n

There are many good reasons for this that all analogize to the same reason journalists love to cover competitive tournaments:<\/p>\n\n

    \n
  1. you get to pick sides<\/li>\n\n\n\n
  2. you can easily keep score of who\u2019s winning and losing<\/li>\n\n\n\n
  3. there\u2019s no debate on who\u2019s competing; and, most important<\/li>\n\n\n\n
  4. the stakes feel existential<\/li>\n<\/ol><\/div>\n\n
    \n\n

    There\u2019s another form of ecosystem competition, however, that is covered far less, but feels similarly existential: the battle to be the keystone within <\/strong>the same ecosystem<\/em>.<\/p>\n\n

    In this view, competition is around which parts of a user’s or enterprise’s technology “stack” can be the go-to solution for the “jobs to be done” (e.g., finding what you want online; storing invoice information for a company; etc.). In this view, competition is not head-to-head; it’s indirect and often non-obvious. In the consumer world, Amazon (an online retailer?) and Google (a search engine?) often compete actually over who \u201cowns\u201d your search job-to-be-done; it\u2019s between Gmail and WhatsApp over what it means to communicate with friends. In short, direct competition (email vs. email) gives way to competing to solve a consumer’s need (communications).<\/p>\n\n

    One of the most interesting cases is the enterprise battle between \u201csystems of record\u201d \u2013 which are technically your trusted databases. In strategy terms, these are also the stickiest, typically highest-margin, systems in your tech stack. Battles between systems of record have a rich and storied history. Recently, a colleague and I were emailing about the diligence of a company that has a niche product selling quite well in the crowded healthcare IT space. The company\u2019s strategy includes an expansion toward a broader integrated <\/em>offering across a space that includes roughly 5 previously separate systems (i.e., a series of battles to be won across the ecosystem). Multiple companies within each of those 5 spaces also appeared to be following a similar consolidation strategy \u2013 and the key diligence question was, how will this play out?<\/em><\/p>\n\n

    In these scenarios, we take two commercial diligence steps:<\/p>\n\n

      \n
    1. test the analogy for validity in the market<\/li>\n\n\n\n
    2. reason by analogy<\/li>\n<\/ol>\n\n

      First, reason by analogy<\/span><\/h2>\n\n

      One analogy that is commonly cited is the battle between CRM, Marketing Automation, POS and ERP systems: all have been building capabilities that increasingly overlap with each other and, as they do, they often seek to deeply integrate each of those capabilities. They integrate in part for a customer value reason: usually there is some unique scenario they are looking to unlock with the integration. For instance, a CRM can tie inventory management and customer orders up against the actual customer engagement records, which give great visibility for the sales and service orgs on order fulfillment, etc. Alternatively, ERP systems are often used by sourcing orgs and, therefore, having inventory and order management tied with them really helps with forecast. So, both packages have a legitimate claim on owning order management.<\/p>\n\n

      Of course, providers also link their capabilities from a strategic point of view to create greater lock-in \u2013 a key attribute for any software play \u2013 SaaS or otherwise<\/em>.<\/p>\n\n

      Second, test for validity<\/span><\/h2>\n\n

      In this analogy, we can see there is swift and intensely competitive consolidation in each of the respective spheres \u2013 i.e., ERP and CRM markets each rapidly add capability and share through both product development and acquisition. Essentially, each of the leaders in CRM and ERP starts \u201cfeeling the heat\u201d from the adjacent spaces and \u2013 I think \u2013 often overinvests in building out their portfolio hoping to beat the other adjacent market leaders to the punch. As the \u201ctable stakes\u201d for the markets gets raised, it makes it increasingly difficult for smaller, focused players to compete \u2013 raising the barriers to entry.<\/p>\n\n

      Limited middle ground<\/span><\/h2>\n\n

      In these situations, there is not typically a middle ground. Having a clear, informed view on the trajectory in that consolidation is essential to properly forecasting future category penetration (and thus, revenue) and properly evaluating risk, and ultimately for long-term value generation. The core questions for understanding an ecosystem consolidator’s prospects are utlimately:<\/p>\n\n

        \n
      • Do you believe that this company is positioned to be the acquisition target in their category?<\/em><\/li>\n\n\n\n
      • And if not, do you have the ambition and capital to be the consolidator?<\/em><\/li>\n<\/ul>\n\n

        *This article was updated in 2023 to reflect platforms like X and Meta.<\/em><\/p>","protected":false},"excerpt":{"rendered":"

        La concurrence directe entre \u00e9cosyst\u00e8mes \u2013 iOS contre Android\u00a0; Twitter (ou \u201c\u00a0le X\u00a0\u201d*) contre Instagram (Meta) \u2013 est souvent \u00e9tudi\u00e9e et fait constamment l\u2019objet de nombreux articles et tribunes dans la presse sp\u00e9cialis\u00e9e.<\/p>","protected":false},"author":[82],"featured_media":0,"template":"","meta":{"featured_image_background_position":"","promoted":false,"promoted-priority":0,"footnotes":""},"sector":[],"topic":[53,71,76,97,84],"audience":[],"insight-category":[144],"class_list":["post-538","insight","type-insight","status-publish","hentry","topic-best-practices","topic-disruptors","topic-exit-multiple","topic-investment-thesis-development","topic-value-generation","insight-category-competitive-position","author-jeff-merkle"],"yoast_head":"\n023: The Battlefront for the Keystone Position in an Ecosystem - GRAPH Strategy LLC<\/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\/the-battlefront-for-the-keystone-position-in-an-ecosystem\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"023: The Battlefront for the Keystone Position in an Ecosystem - GRAPH Strategy LLC\" \/>\n<meta property=\"og:description\" content=\"Direct competition between ecosystems \u2013 iOS vs. Android; Twitter (or “the X”*) vs. Instagram (Meta) \u2013 is often studied and constantly the subject of various tech press and opinion pieces. …\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mattersgraph.com\/fr\/insights\/the-battlefront-for-the-keystone-position-in-an-ecosystem\/\" \/>\n<meta property=\"og:site_name\" content=\"GRAPH Strategy LLC\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-09T01:36:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mattersgraph.com\/wp-content\/uploads\/2026\/04\/MG-DEFAULT-IMAGE.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2400\" \/>\n\t<meta property=\"og:image:height\" content=\"1350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/mattersgraph.com\\\/insights\\\/the-battlefront-for-the-keystone-position-in-an-ecosystem\\\/\",\"url\":\"https:\\\/\\\/mattersgraph.com\\\/insights\\\/the-battlefront-for-the-keystone-position-in-an-ecosystem\\\/\",\"name\":\"023: The Battlefront for the Keystone Position in an Ecosystem - GRAPH Strategy LLC\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/mattersgraph.com\\\/#website\"},\"datePublished\":\"2019-12-25T16:10:54+00:00\",\"dateModified\":\"2026-04-09T01:36:15+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/mattersgraph.com\\\/insights\\\/the-battlefront-for-the-keystone-position-in-an-ecosystem\\\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/mattersgraph.com\\\/insights\\\/the-battlefront-for-the-keystone-position-in-an-ecosystem\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/mattersgraph.com\\\/insights\\\/the-battlefront-for-the-keystone-position-in-an-ecosystem\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/mattersgraph.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Insights\",\"item\":\"https:\\\/\\\/mattersgraph.com\\\/insights\\\/all\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"023: The Battlefront for the Keystone Position in an Ecosystem\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/mattersgraph.com\\\/#website\",\"url\":\"https:\\\/\\\/mattersgraph.com\\\/\",\"name\":\"Matters Graph\",\"description\":\"Matters Graph is a specialist buy-side-focused consultancy that provides objective fact-based commercial due diligence and value gen support for private equity and private lender clients.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/mattersgraph.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-FR\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"023: The Battlefront for the Keystone Position in an Ecosystem - GRAPH Strategy LLC","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/mattersgraph.com\/fr\/insights\/the-battlefront-for-the-keystone-position-in-an-ecosystem\/","og_locale":"fr_FR","og_type":"article","og_title":"023: The Battlefront for the Keystone Position in an Ecosystem - GRAPH Strategy LLC","og_description":"Direct competition between ecosystems \u2013 iOS vs. Android; Twitter (or “the X”*) vs. Instagram (Meta) \u2013 is often studied and constantly the subject of various tech press and opinion pieces. …","og_url":"https:\/\/mattersgraph.com\/fr\/insights\/the-battlefront-for-the-keystone-position-in-an-ecosystem\/","og_site_name":"GRAPH Strategy LLC","article_modified_time":"2026-04-09T01:36:15+00:00","og_image":[{"width":2400,"height":1350,"url":"https:\/\/mattersgraph.com\/wp-content\/uploads\/2026\/04\/MG-DEFAULT-IMAGE.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/mattersgraph.com\/insights\/the-battlefront-for-the-keystone-position-in-an-ecosystem\/","url":"https:\/\/mattersgraph.com\/insights\/the-battlefront-for-the-keystone-position-in-an-ecosystem\/","name":"023: The Battlefront for the Keystone Position in an Ecosystem - GRAPH Strategy LLC","isPartOf":{"@id":"https:\/\/mattersgraph.com\/#website"},"datePublished":"2019-12-25T16:10:54+00:00","dateModified":"2026-04-09T01:36:15+00:00","breadcrumb":{"@id":"https:\/\/mattersgraph.com\/insights\/the-battlefront-for-the-keystone-position-in-an-ecosystem\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/mattersgraph.com\/insights\/the-battlefront-for-the-keystone-position-in-an-ecosystem\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/mattersgraph.com\/insights\/the-battlefront-for-the-keystone-position-in-an-ecosystem\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/mattersgraph.com\/"},{"@type":"ListItem","position":2,"name":"Insights","item":"https:\/\/mattersgraph.com\/insights\/all\/"},{"@type":"ListItem","position":3,"name":"023: The Battlefront for the Keystone Position in an Ecosystem"}]},{"@type":"WebSite","@id":"https:\/\/mattersgraph.com\/#website","url":"https:\/\/mattersgraph.com\/","name":"Graphique des mati\u00e8res","description":"Matters Graph is a specialist buy-side-focused consultancy that provides objective fact-based commercial due diligence and value gen support for private equity and private lender clients.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/mattersgraph.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"}]}},"_links":{"self":[{"href":"https:\/\/mattersgraph.com\/fr\/wp-json\/wp\/v2\/insight\/538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mattersgraph.com\/fr\/wp-json\/wp\/v2\/insight"}],"about":[{"href":"https:\/\/mattersgraph.com\/fr\/wp-json\/wp\/v2\/types\/insight"}],"version-history":[{"count":4,"href":"https:\/\/mattersgraph.com\/fr\/wp-json\/wp\/v2\/insight\/538\/revisions"}],"predecessor-version":[{"id":1472,"href":"https:\/\/mattersgraph.com\/fr\/wp-json\/wp\/v2\/insight\/538\/revisions\/1472"}],"wp:attachment":[{"href":"https:\/\/mattersgraph.com\/fr\/wp-json\/wp\/v2\/media?parent=538"}],"wp:term":[{"taxonomy":"sector","embeddable":true,"href":"https:\/\/mattersgraph.com\/fr\/wp-json\/wp\/v2\/sector?post=538"},{"taxonomy":"topic","embeddable":true,"href":"https:\/\/mattersgraph.com\/fr\/wp-json\/wp\/v2\/topic?post=538"},{"taxonomy":"audience","embeddable":true,"href":"https:\/\/mattersgraph.com\/fr\/wp-json\/wp\/v2\/audience?post=538"},{"taxonomy":"insight-category","embeddable":true,"href":"https:\/\/mattersgraph.com\/fr\/wp-json\/wp\/v2\/insight-category?post=538"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/mattersgraph.com\/fr\/wp-json\/wp\/v2\/author?post=538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}