Case | SYKE Tribe
From a SaaS model to an ecosystem-driven one
From a SaaS model to an ecosystem-driven one
SYKE Tribe, owned by Healthfactory Ltd, is Finland’s most popular digital coaching platform that offers business and lifestyle coaches a place to share their skills with trainers. The design of the company’s SYKE Tribe platform began immediately after the establishment of Healthfactory in 2014, but a few years later, difficulties with the formation of the earnings logic and pricing started to slow the process down.
External consulting was needed to understand and model the pricing of the platform economy. Sofokus’ expertise in platform economy assured Terhi Immonen, CEO of SYKE Tribe: “There were dozens of options, but Sofokus was the only one whose communication and references clearly showed expertise in platform business.“
From modelling earning logics to redesigning the entire business
Sofokus got also praised for a humane approach to communication and a holistic understanding of the challenge. “Sofokus’ experts have an insanely good ability to internalize the customer’s wishes and needs – even when it is difficult for the customer to vocalize them,” says Immonen. She felt that SYKE Tribe’s needs were taken into account and that there was a genuine interest in solving the challenge. The goal was to create a functioning entity, not just an earning logic. In addition, value chains were clarified, among other things.
The first version of the platform was released in August 2019, and the results were quickly visible
The company’s net sales increased by 382% compared to the previous year. From the very beginning, the platform received good feedback from the coaches. The well-thought-out earning logic and the implementation and storytelling of the platform gained praise.
An easily communicable business model was designed for the platform, which was helpful in financial negotiations. “In addition to the figures and the business idea, the story, ideology, promise and goals of the platform are needed – we got an insane boost from Sofokus to clarify them,” says Immonen.
A lot has happened since Immonen decided to digitalize the skills of well-being coaches. In a few years, SYKE Tribe has grown from a one woman’s dream to a strong growth company. In recent years, the company has built the service towards a comprehensive platform. In December 2021, the company received significant funding to support growth in international markets.
What we did
- Transforming a web service (SaaS) into a platform with new network-driven business and earnings models
Tools, methods and technologies used in the project
- Platform economy consultation
- Business design
- Service design
SYKE Tribe as a company
SYKE Tribe is a coaching platform and marketplace specializing in mobile network coaching. The platform brings coaches and trainers together to help a coach better motivate their clients and run a more profitable business. The platform offers the coach various solutions for coaching and customer management. For those going through a lifestyle change, it acts as a motivator, supporter and guide on their way to reaching their dreams. Several well-known Finnish well-being coaches, influencers and coaching companies already offer their services through SYKE Tribe.