Harvard Case - Cheekbone Beauty - Building an Indigenous Growth Venture
"Cheekbone Beauty - Building an Indigenous Growth Venture" Harvard business case study is written by Simon Parker, R. Chandrasekhar. It deals with the challenges in the field of Entrepreneurship. The case study is 10 page(s) long and it was first published on : Oct 27, 2021
At Fern Fort University, we recommend Cheekbone Beauty pursue a strategic growth strategy focused on leveraging its strong brand identity, expanding its product line, and scaling its operations through a combination of organic growth and strategic partnerships. This approach will enable Cheekbone Beauty to capitalize on the growing demand for inclusive beauty products while maintaining its commitment to social impact and Indigenous representation.
2. Background
Cheekbone Beauty is an Indigenous-owned and operated cosmetics company founded by Jenn Harper, a member of the Saulteaux First Nation. The company?s mission is to create high-quality, ethically sourced beauty products that celebrate Indigenous culture and empower Indigenous women. Cheekbone Beauty has experienced significant success since its launch in 2016, generating a loyal customer base and garnering positive media attention. However, the company faces challenges in scaling its operations to meet growing demand and expanding its reach to new markets.
3. Analysis of the Case Study
Strategic Analysis:
- Competitive Advantage: Cheekbone Beauty?s unique selling proposition lies in its commitment to Indigenous representation, ethical sourcing, and high-quality products. This creates a strong brand identity and resonates with a growing market segment seeking inclusive beauty options.
- Market Opportunity: The global beauty market is experiencing significant growth, driven by increasing consumer demand for natural, ethical, and inclusive products. This presents a significant opportunity for Cheekbone Beauty to expand its market share.
- Challenges: The company faces challenges in scaling its operations, managing inventory, and expanding its reach to new markets. Additionally, maintaining its commitment to social impact while growing the business requires careful consideration.
Financial Analysis:
- Profitability: Cheekbone Beauty has demonstrated strong profitability, with a loyal customer base and high-margin products. However, scaling operations requires significant investment in inventory, manufacturing, and marketing.
- Funding Needs: The company will need to secure additional funding to support its growth strategy. This could include venture capital, angel investing, or crowdfunding.
- Financial Sustainability: Maintaining financial sustainability while prioritizing social impact requires careful financial planning and resource allocation.
Marketing Analysis:
- Brand Identity: Cheekbone Beauty has established a strong brand identity based on its commitment to Indigenous representation and ethical sourcing. This needs to be consistently communicated across all marketing channels.
- Target Audience: The company?s target audience includes both Indigenous and non-Indigenous consumers who value inclusivity, quality, and ethical sourcing.
- Marketing Strategy: Cheekbone Beauty needs to develop a comprehensive marketing strategy that leverages digital marketing, influencer partnerships, and public relations to reach its target audience.
4. Recommendations
1. Expand Product Line:
- Develop new product lines that cater to a wider range of skin tones and beauty needs.
- Introduce limited-edition collections featuring Indigenous designs and collaborations with Indigenous artists.
- Conduct market research to identify new product opportunities and consumer preferences.
2. Enhance Operations:
- Invest in technology and analytics to improve inventory management, order fulfillment, and customer service.
- Optimize manufacturing processes to increase efficiency and reduce costs.
- Explore partnerships with third-party logistics providers to manage warehousing and distribution.
3. Strategic Partnerships:
- Partner with retailers and distributors to expand reach and distribution channels.
- Collaborate with influencers and social media platforms to increase brand awareness and drive sales.
- Explore partnerships with Indigenous organizations and businesses to promote social impact initiatives.
4. Funding Strategy:
- Develop a comprehensive business plan outlining the company?s growth strategy and funding needs.
- Explore options for venture capital, angel investing, or crowdfunding to secure additional funding.
- Prioritize financial sustainability while maintaining commitment to social impact.
5. Marketing and Branding:
- Develop a comprehensive marketing strategy that leverages digital marketing, influencer partnerships, and public relations.
- Create engaging content that highlights the company?s mission, values, and product offerings.
- Leverage social media platforms to build community and connect with target audiences.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies: Cheekbone Beauty?s core competencies lie in its strong brand identity, commitment to social impact, and high-quality products. The recommendations leverage these strengths to drive growth.
- External Customers: The recommendations address the needs of both Indigenous and non-Indigenous consumers seeking inclusive beauty products.
- Competitors: The recommendations aim to differentiate Cheekbone Beauty from competitors by emphasizing its unique selling proposition and commitment to social impact.
- Attractiveness: The recommendations are expected to generate significant returns on investment, with potential for increased market share, profitability, and brand value.
Assumptions:
- The global beauty market will continue to grow, with increasing demand for natural, ethical, and inclusive products.
- Cheekbone Beauty will maintain its strong brand identity and commitment to social impact.
- The company will be able to secure necessary funding to support its growth strategy.
6. Conclusion
By pursuing a strategic growth strategy focused on expanding its product line, enhancing operations, forming strategic partnerships, and securing adequate funding, Cheekbone Beauty can capitalize on the growing demand for inclusive beauty products while maintaining its commitment to social impact and Indigenous representation. This approach will enable the company to achieve sustainable growth and solidify its position as a leading player in the global beauty market.
7. Discussion
Alternative Options:
- Going Public: While a potential avenue for significant capital, an IPO could dilute ownership and potentially compromise Cheekbone Beauty?s commitment to social impact.
- Mergers & Acquisitions: Acquiring existing brands or companies could provide access to new markets and resources, but it requires careful due diligence and integration.
Risks:
- Competition: Increased competition from established beauty brands and new entrants could erode market share.
- Funding Challenges: Securing sufficient funding to support growth could be challenging, especially in a competitive market.
- Maintaining Social Impact: Balancing growth with social impact requires careful planning and resource allocation.
Key Assumptions:
- The global beauty market will continue to grow, with increasing demand for natural, ethical, and inclusive products.
- Cheekbone Beauty will maintain its strong brand identity and commitment to social impact.
- The company will be able to secure necessary funding to support its growth strategy.
8. Next Steps
- Develop a comprehensive business plan outlining the company?s growth strategy and funding needs.
- Conduct market research to identify new product opportunities and consumer preferences.
- Explore options for venture capital, angel investing, or crowdfunding to secure additional funding.
- Develop a comprehensive marketing strategy that leverages digital marketing, influencer partnerships, and public relations.
- Establish key performance indicators (KPIs) to track progress and measure success.
- Implement a robust system for monitoring and evaluating the effectiveness of the growth strategy.
By taking these steps, Cheekbone Beauty can position itself for continued success while remaining true to its mission of celebrating Indigenous culture and empowering Indigenous women.
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Case Description
The founder of Cheekbone Beauty, an Indigenous enterprise in the Niagara Region of Ontario, was driven by the goal of becoming "the first Indigenous woman to create a unicorn beauty brand from Canada." In early 2021, she was seeking resolution to an ongoing entrepreneurial dilemma: How should she identify the fledgling company's unique strengths and build them into sustainable competitive advantages?
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