Harvard Case - FlyCoin: Elevating Travel Rewards with Blockchain Technology
"FlyCoin: Elevating Travel Rewards with Blockchain Technology" Harvard business case study is written by Hovig Tchalian, Rebecca Castillo, Aaddya Dubey. It deals with the challenges in the field of Entrepreneurship. The case study is 19 page(s) long and it was first published on : Jul 24, 2023
At Fern Fort University, we recommend FlyCoin pursue a strategic growth path focused on leveraging blockchain technology to disrupt the travel rewards landscape. This strategy involves:
- Rapidly scaling the platform: Focus on user acquisition and engagement through strategic partnerships, targeted marketing campaigns, and a robust referral program.
- Expanding the ecosystem: Develop a comprehensive ecosystem of travel-related services and partnerships, including airlines, hotels, car rental companies, and travel insurance providers.
- Developing a robust loyalty program: Introduce a tiered loyalty program with exclusive benefits and rewards for frequent users, driving long-term engagement and retention.
- Exploring strategic acquisitions: Identify and acquire complementary businesses within the travel rewards space, expanding FlyCoin?s reach and capabilities.
2. Background
FlyCoin is a startup founded by a team of experienced entrepreneurs with a vision to revolutionize the travel rewards industry using blockchain technology. The company?s core offering is a decentralized platform that allows users to earn and redeem rewards for travel-related expenses. FlyCoin?s innovative approach promises greater transparency, efficiency, and control for both users and travel providers.
The case study focuses on FlyCoin?s initial success in attracting users and securing funding. However, the company faces challenges in scaling its operations, expanding its reach, and establishing itself as a dominant player in the competitive travel rewards market.
3. Analysis of the Case Study
To analyze FlyCoin?s situation, we can utilize the Porter?s Five Forces Framework:
- Threat of New Entrants: High - The travel rewards market is attractive to new entrants due to the low barriers to entry and the potential for disruption with innovative technologies.
- Bargaining Power of Buyers: High - Consumers have many choices in the travel rewards market, making them price-sensitive and demanding.
- Bargaining Power of Suppliers: Moderate - FlyCoin relies on partnerships with travel providers, who have some bargaining power due to their established market positions.
- Threat of Substitutes: High - Consumers can use alternative rewards programs or simply pay for travel expenses directly, posing a significant threat.
- Competitive Rivalry: High - The travel rewards market is highly competitive, with established players like airlines, credit card companies, and hotel chains vying for market share.
Key takeaways from the analysis:
- FlyCoin operates in a highly competitive and dynamic market.
- Disruptive innovation is crucial for achieving sustainable success.
- Building a strong brand, establishing strategic partnerships, and creating a compelling value proposition for users are essential for differentiation.
4. Recommendations
1. Rapidly Scale the Platform:
- Strategic Partnerships: Partner with travel providers, airlines, hotels, and other travel-related businesses to expand FlyCoin?s reach and user base.
- Targeted Marketing Campaigns: Develop targeted marketing campaigns to acquire new users, leveraging social media, content marketing, and influencer partnerships.
- Robust Referral Program: Implement a referral program that incentivizes existing users to invite new members, driving organic growth.
- Mobile App Development: Develop a user-friendly mobile app that provides a seamless user experience and facilitates easy access to FlyCoin?s services.
2. Expand the Ecosystem:
- Travel-Related Services: Expand FlyCoin?s offerings beyond rewards by incorporating travel booking services, travel insurance, and other relevant products and services.
- Partnerships with Payment Providers: Integrate with leading payment providers to enable seamless transactions and enhance user convenience.
- Global Expansion: Explore opportunities for international expansion, targeting emerging markets with high growth potential.
3. Develop a Robust Loyalty Program:
- Tiered Loyalty Program: Introduce a tiered loyalty program with exclusive benefits and rewards for frequent users, driving long-term engagement and retention.
- Personalized Rewards: Utilize data analytics to personalize rewards based on user preferences and travel habits.
- Community Building: Foster a sense of community among FlyCoin users by creating online forums, social media groups, and exclusive events.
4. Explore Strategic Acquisitions:
- Identify Complementary Businesses: Identify and acquire complementary businesses within the travel rewards space, expanding FlyCoin?s reach and capabilities.
- Leverage Acquisitions for Growth: Integrate acquired businesses seamlessly into FlyCoin?s ecosystem, leveraging their existing customer base and expertise.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: FlyCoin?s core competency lies in its blockchain-based platform and its ability to deliver value to both users and travel providers. The recommendations are aligned with FlyCoin?s mission to revolutionize the travel rewards industry.
- External Customers and Internal Clients: The recommendations focus on attracting and retaining users, building strong partnerships with travel providers, and creating a compelling value proposition for both.
- Competitors: The recommendations aim to differentiate FlyCoin from its competitors by leveraging blockchain technology, expanding the ecosystem, and offering a robust loyalty program.
- Attractiveness - Quantitative Measures: The recommendations are expected to drive significant user growth, increase revenue, and enhance FlyCoin?s market position.
6. Conclusion
FlyCoin has the potential to become a dominant player in the travel rewards industry. By leveraging blockchain technology, expanding its ecosystem, and building a strong brand, FlyCoin can disrupt the market and create a sustainable and profitable business.
7. Discussion
Alternative Options:
- Focus on Niche Market: FlyCoin could focus on a specific niche within the travel rewards market, such as business travel or luxury travel.
- Partnership with a Major Airline: FlyCoin could partner with a major airline to offer exclusive rewards and benefits to its frequent flyers.
- Develop a Tokenized Loyalty Program: FlyCoin could develop a tokenized loyalty program, allowing users to earn and trade tokens for travel rewards.
Risks and Key Assumptions:
- Regulatory Uncertainty: The regulatory landscape for blockchain technology is still evolving, posing potential risks to FlyCoin?s operations.
- Competition: The travel rewards market is highly competitive, and FlyCoin needs to differentiate itself to succeed.
- User Adoption: The success of FlyCoin?s platform depends on user adoption, which can be challenging to achieve.
8. Next Steps
- Develop a comprehensive business plan: Outline FlyCoin?s strategic goals, target market, marketing plan, and financial projections.
- Secure funding: Secure additional funding to support FlyCoin?s growth plans.
- Build a strong team: Recruit experienced professionals in technology, marketing, and business development.
- Implement the recommendations: Execute the recommended strategies to rapidly scale the platform, expand the ecosystem, and develop a robust loyalty program.
- Monitor progress and adapt: Continuously monitor progress and adjust the strategy based on market trends and user feedback.
By taking these steps, FlyCoin can position itself for success in the dynamic and competitive travel rewards market.
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Case Description
Tom Hsieh and Josh Jones purchased Ravn Alaska in 2020, a low-cost carrier that was struggling to stay open during the pandemic. When they began to discuss strategies to make Ravn stand apart from its competitors, they discovered customers were frustrated with the travel rewards industry and its restrictions for redeeming points. The team began to develop a new idea: using crypto to allow people more flexibility and benefits in using their rewards. Soon, they launched FlyCoin, but were quickly met with multiple difficult decisions, including handling regulations in the crypto market and choosing what airline to partner with.
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