Harvard Case - Growth Hacking at Bazaart (A)
"Growth Hacking at Bazaart (A)" Harvard business case study is written by Jeffrey J. Bussgang, Matthew Preble. It deals with the challenges in the field of Entrepreneurship. The case study is 27 page(s) long and it was first published on : Dec 2, 2014
At Fern Fort University, we recommend that Bazaart prioritize a two-pronged growth strategy: 1) Enhancing user engagement through a robust content marketing strategy and 2) Expanding into new markets through strategic partnerships and localized marketing efforts. This approach will leverage Bazaart?s existing strengths in product development and user experience while tapping into new growth opportunities.
2. Background
Bazaart is a mobile photo editing app that has gained significant traction in the highly competitive mobile app market. The company?s success is attributed to its user-friendly interface, powerful editing tools, and affordable pricing. However, Bazaart faces challenges in achieving sustainable growth and differentiation in a crowded market. The case study focuses on the company?s growth hacking efforts, particularly its use of social media marketing and influencer partnerships.
The main protagonists of the case study are the founders of Bazaart, who are passionate about creating a powerful and accessible photo editing tool. They are faced with the challenge of finding the right growth strategy to scale their business and achieve profitability.
3. Analysis of the Case Study
Growth Hacking Strategies:
Bazaart has implemented various growth hacking strategies, including:
- Social Media Marketing: Utilizing platforms like Instagram and TikTok to showcase user-generated content and promote the app?s features.
- Influencer Marketing: Collaborating with popular influencers in the photography and design communities to reach a wider audience.
- Content Marketing: Creating engaging tutorials and blog posts to educate users and showcase the app?s capabilities.
- Free Trials and Discounts: Offering limited-time promotions to attract new users and encourage app downloads.
Challenges:
- Limited Reach and Engagement: While Bazaart has successfully attracted a loyal user base, it faces challenges in expanding its reach and driving sustained engagement.
- High Customer Acquisition Costs: The cost of acquiring new users through traditional marketing channels is high, making it difficult to achieve profitability.
- Competition: The mobile photo editing market is highly competitive, with established players like Adobe Photoshop Express and PicsArt.
- Lack of Clear Growth Strategy: Bazaart?s growth hacking efforts have been largely ad-hoc, lacking a cohesive and strategic approach.
Framework:
The AARRR Growth Framework (Acquisition, Activation, Retention, Referral, Revenue) can be applied to analyze Bazaart?s growth strategy:
- Acquisition: Bazaart has successfully acquired users through social media marketing and influencer partnerships.
- Activation: The app?s user-friendly interface and powerful features have contributed to user activation.
- Retention: Bazaart faces challenges in retaining users due to the competitive nature of the market.
- Referral: The app?s referral program has been successful in driving organic growth.
- Revenue: Bazaart?s revenue model is based on in-app purchases, which has been successful in generating revenue.
4. Recommendations
1. Enhance User Engagement through Content Marketing:
- Develop a Content Marketing Strategy: Create a comprehensive content calendar with a mix of tutorials, behind-the-scenes videos, user stories, and inspirational content.
- Leverage User-Generated Content: Encourage users to share their creations on social media using a branded hashtag.
- Collaborate with Influencers: Partner with micro-influencers and niche communities to create targeted content and reach a wider audience.
- Optimize Content for SEO: Use relevant keywords and optimize content for search engines to drive organic traffic to the app.
2. Expand into New Markets through Strategic Partnerships and Localized Marketing:
- Partner with Local Businesses: Collaborate with photography studios, design agencies, and educational institutions to offer Bazaart as a tool for their clients and students.
- Target Emerging Markets: Explore opportunities in high-growth markets with a strong mobile internet penetration, such as India, Brazil, and Indonesia.
- Localize Marketing Efforts: Adapt marketing materials and messaging to resonate with local audiences and cultural preferences.
- Explore Cross-Platform Integrations: Integrate Bazaart with other popular apps and platforms to expand its reach and user base.
5. Basis of Recommendations
These recommendations consider:
- Core Competencies and Consistency with Mission: Bazaart?s core competency lies in product development and user experience. The recommendations focus on leveraging these strengths to enhance user engagement and drive growth.
- External Customers and Internal Clients: The recommendations address the needs of both existing and potential users, as well as internal stakeholders, such as the marketing and product development teams.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate Bazaart through a unique content marketing strategy and strategic partnerships.
- Attractiveness ? Quantitative Measures: The recommendations are expected to increase user engagement, drive organic growth, and reduce customer acquisition costs.
6. Conclusion
Bazaart has the potential to become a leading player in the mobile photo editing market. By implementing the recommended growth strategies, the company can enhance user engagement, expand into new markets, and achieve sustainable growth.
7. Discussion
Alternatives:
- Acquiring a Competitor: Bazaart could consider acquiring a smaller competitor to gain access to their user base and technology.
- Developing a New Product: Bazaart could develop a new product, such as a video editing app, to expand its offerings and target a wider audience.
Risks and Key Assumptions:
- Competition: The mobile photo editing market is highly competitive, and new competitors may emerge.
- Changing User Preferences: User preferences may change, and Bazaart may need to adapt its features and marketing strategies accordingly.
- Technology Advancements: Advancements in technology may require Bazaart to invest in new features and updates to stay competitive.
8. Next Steps
- Develop a Content Marketing Strategy: Create a comprehensive content calendar and assign responsibilities to team members.
- Identify Potential Partners: Research and reach out to local businesses and organizations that could benefit from partnering with Bazaart.
- Develop Localized Marketing Materials: Translate marketing materials and adapt messaging to resonate with target audiences in new markets.
- Track and Analyze Results: Regularly monitor key metrics, such as user engagement, app downloads, and revenue, to assess the effectiveness of the growth strategies.
By taking these steps, Bazaart can position itself for continued growth and success in the mobile photo editing market.
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Case Description
The four founding members of Bazaart-a young Israeli company whose sole product was its eponymous mobile application (app) which allowed users to create collages from photographs and other images-face an important strategic decision in June 2014. Since its founding roughly two years earlier, the company had raised very little money from outside investors. Gili Golander, one of the founders and Bazaart's chief marketing officer, utilized a number of "growth hacking" techniques to generate downloads and build awareness at minimal cost. These techniques had proven successful and helped the firm reach 1 million downloads by June 2014. However the four founders debated whether to stay focused on growing Bazaart's user base and worry about driving revenue later, or try and monetize the app (by introducing in-app purchases, native advertising, or moving to a subscription model) and bring in some much needed revenue. Would growth hacking alone be enough to grow the company or should it utilize (and pay for) more traditional marketing? What approach would make the company more attractive to investors?
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