Harvard Case - Growing on YouTube: Eric Kim's Story
"Growing on YouTube: Eric Kim's Story" Harvard business case study is written by Hoik Kim, Sali Li, Liang Chen, Noman Shaheer. It deals with the challenges in the field of Entrepreneurship. The case study is 10 page(s) long and it was first published on : Mar 30, 2023
At Fern Fort University, we recommend Eric Kim adopt a multi-pronged growth strategy that leverages his existing YouTube success to expand into new revenue streams, while maintaining his core brand identity and fostering a strong community. This strategy will involve a combination of business model innovation, strategic partnerships, product development, and international expansion.
2. Background
Eric Kim is a successful YouTube creator with a loyal following. His channel, ?Eric Kim?s Kitchen,? focuses on Korean cuisine, offering viewers recipes, cooking tips, and cultural insights. He has built a strong brand based on authenticity, passion, and a focus on community. However, Eric faces challenges in monetizing his content and scaling his business beyond YouTube.
3. Analysis of the Case Study
Strategic Analysis:
- Competitive Advantage: Eric?s unique selling proposition lies in his authentic and engaging approach to Korean cuisine. He has a strong brand identity and a loyal community, which provides a solid foundation for expansion.
- Market Opportunity: The global demand for Korean food and culture is growing rapidly, offering a significant market opportunity for Eric to expand beyond his current audience.
- Challenges: Eric faces challenges in monetizing his content, scaling his business, and navigating the complexities of international expansion.
Financial Analysis:
- Revenue Streams: Eric?s current revenue streams include YouTube advertising, sponsorships, and merchandise sales. These are limited in their potential for growth.
- Cost Structure: Eric?s costs include production, marketing, and personnel. He needs to find ways to optimize his cost structure to support growth.
Marketing Analysis:
- Brand Equity: Eric?s strong brand equity provides a valuable asset for expansion. He needs to leverage this equity to reach new audiences and build brand loyalty.
- Target Audience: Eric?s target audience is expanding beyond Korean-American viewers to include a wider range of food enthusiasts. He needs to tailor his content and marketing strategies to this broader audience.
Operational Analysis:
- Scalability: Eric needs to develop a scalable business model that can support growth without compromising quality.
- Technology: Eric needs to leverage technology to automate processes, improve efficiency, and enhance the user experience.
4. Recommendations
1. Diversify Revenue Streams:
- E-commerce Platform: Launch an online store selling Korean ingredients, cooking tools, and merchandise. This would capitalize on the growing demand for Korean food products and offer a direct revenue stream.
- Online Cooking Classes: Offer paid online cooking classes focusing on specific Korean dishes or techniques. This would provide a premium experience and generate recurring revenue.
- Recipe App: Develop a recipe app featuring Eric?s signature dishes and personalized cooking tips. This would offer a convenient and accessible platform for his audience and generate revenue through in-app purchases or subscriptions.
2. Strategic Partnerships:
- Collaborate with Food Brands: Partner with Korean food brands to develop co-branded products or marketing campaigns. This would leverage Eric?s brand equity and expand his reach to a wider audience.
- Partner with Culinary Schools: Offer workshops or guest lectures at culinary schools, sharing his expertise and building brand awareness among aspiring chefs.
- Collaborate with Travel Agencies: Partner with travel agencies to offer culinary tours of Korea, combining Eric?s culinary knowledge with travel experiences.
3. International Expansion:
- Translate Content: Translate his YouTube content and website into multiple languages to reach a global audience.
- Localize Content: Adapt his recipes and cooking techniques to suit the tastes and preferences of different cultures.
- Partner with Local Chefs: Collaborate with local chefs in different countries to promote his brand and offer culturally relevant cooking experiences.
4. Build a Strong Community:
- Engage with Fans: Actively engage with his audience on social media, respond to comments, and create a sense of community.
- Host Online Events: Organize online cooking competitions, Q&A sessions, and virtual cooking parties to foster engagement and build relationships with his fans.
- Develop a Loyalty Program: Implement a loyalty program to reward his most dedicated fans and encourage repeat engagement.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Eric?s current business model, market trends, and competitive landscape. They are designed to:
- Leverage Eric?s core competencies: Capitalize on his expertise in Korean cuisine, his strong brand identity, and his loyal community.
- Meet the needs of his target audience: Offer products and services that cater to the growing demand for Korean food and culture.
- Expand his reach: Target new markets and expand his audience beyond his current base.
- Generate new revenue streams: Diversify his income sources and create sustainable growth.
- Build a scalable business: Develop a model that can support growth without compromising quality.
6. Conclusion
By adopting a multi-pronged growth strategy that leverages his existing success, Eric Kim can capitalize on the growing demand for Korean food and culture, expand his reach, and build a sustainable and profitable business.
7. Discussion
Other alternatives include focusing solely on YouTube content creation, seeking venture capital funding, or acquiring a competitor. However, these options present significant risks and may not be the best fit for Eric?s current goals and resources.
Risks:
- Competition: The market for Korean food and culture is becoming increasingly competitive.
- Execution: Implementing a multi-pronged growth strategy requires careful planning and execution.
- Financial Risk: Expanding into new markets and developing new products involves financial risk.
Key Assumptions:
- The global demand for Korean food and culture will continue to grow.
- Eric?s brand equity will remain strong and attract new audiences.
- Eric will be able to successfully execute his growth strategy.
8. Next Steps
Timeline:
- Year 1: Launch e-commerce platform, develop recipe app, and partner with food brands.
- Year 2: Expand into international markets, offer online cooking classes, and develop a loyalty program.
- Year 3: Explore strategic acquisitions, expand into new product categories, and build a sustainable business model.
By taking these steps, Eric Kim can transform his successful YouTube channel into a thriving multi-faceted business.
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Case Description
In 2020, when everyone had been quarantined at home due to the COVID-19 pandemic, South Korea-based Eric Kim jumped onto YouTube, a video-sharing digital platform. Although his initial growth on the platform was relatively fast, it soon began to stagnate. Kim decided to consider four key strategies to overcome this situation, which included revealing his face in his videos, business expansion, strategic alliances through Multi-Channel Networks (MCNs), and internationalisation. Would Kim regain his rapid expansion of influence on YouTube? Could his subsequent growth efforts be sufficient to ensure his channel's continued success in an increasingly digital world?
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