Harvard Case - Hairstrong: Working Out a Marketing Plan
"Hairstrong: Working Out a Marketing Plan" Harvard business case study is written by Julie Gosse, Martin Eidenberg. It deals with the challenges in the field of Entrepreneurship. The case study is 12 page(s) long and it was first published on : Nov 23, 2023
At Fern Fort University, we recommend Hairstrong implement a multi-pronged marketing strategy focused on digital marketing, influencer partnerships, and strategic collaborations to achieve rapid growth and establish a strong brand presence within the hair care market. This approach will leverage the company?s existing strengths in product innovation and customer satisfaction while capitalizing on the growing trend of online hair care communities and social media influencers.
2. Background
Hairstrong, a startup company founded by two entrepreneurs, has developed a revolutionary hair care product - a hair growth serum. The product has received positive customer feedback and generated significant buzz within the beauty industry. However, Hairstrong currently faces challenges in scaling its business and reaching a wider audience.
The main protagonists in the case study are the two founders, who need to decide on a marketing plan to drive sales and build brand awareness.
3. Analysis of the Case Study
Marketing Analysis:
- Target Market: Hairstrong?s target market is primarily women aged 18-45, who are concerned about hair loss and thinning. This market segment is highly active on social media and actively seeks information and recommendations from influencers.
- Competitive Landscape: The hair care market is highly competitive, with established players like L?Oreal, Garnier, and Pantene. However, there is also a growing trend of niche brands focusing on specific hair concerns, such as hair loss and scalp health.
- Strengths: Hairstrong possesses a unique and effective product, positive customer reviews, and a strong commitment to quality.
- Weaknesses: Hairstrong lacks brand awareness, has limited marketing resources, and needs to develop a robust marketing strategy to reach its target audience.
- Opportunities: The online beauty market is rapidly growing, offering Hairstrong a platform to connect with potential customers through digital marketing and influencer partnerships.
- Threats: Competition from established brands and the emergence of new competitors in the niche hair care market pose significant threats to Hairstrong?s growth.
SWOT Analysis:
Strengths | Weaknesses | Opportunities | Threats |
---|---|---|---|
Unique and effective product | Limited brand awareness | Growing online beauty market | Competition from established brands |
Positive customer reviews | Limited marketing resources | Influencer marketing opportunities | Emergence of new competitors |
Commitment to quality | Need to develop a robust marketing strategy | Strategic partnerships with retailers and salons |
Marketing Framework:
- Marketing Mix (4Ps):
- Product: Hairstrong?s product is its core strength. The focus should be on highlighting its unique benefits and showcasing its effectiveness through customer testimonials and scientific evidence.
- Price: Hairstrong needs to find a balance between affordability and perceived value. Pricing should be competitive while reflecting the product?s premium quality.
- Place: Distribution channels should include online platforms like Amazon and the company?s website, along with partnerships with select retailers and salons.
- Promotion: The marketing strategy should focus on digital marketing, influencer partnerships, and strategic collaborations.
4. Recommendations
1. Digital Marketing:
- Website Optimization: Create a user-friendly website with compelling content, product information, customer testimonials, and a blog featuring hair care tips and advice.
- Search Engine Optimization (SEO): Optimize the website for relevant keywords to improve search engine rankings and drive organic traffic.
- Social Media Marketing: Develop a strong social media presence on platforms like Instagram, Facebook, and YouTube, engaging with potential customers, sharing educational content, and running targeted advertising campaigns.
- Content Marketing: Create valuable and engaging content, such as blog posts, videos, and infographics, to educate consumers about hair loss, hair care, and the benefits of Hairstrong?s product.
- Email Marketing: Build an email list and send targeted email campaigns to nurture leads, promote new products, and offer exclusive discounts.
2. Influencer Partnerships:
- Identify Relevant Influencers: Partner with beauty and hair care influencers who have a strong following within Hairstrong?s target market.
- Develop Influencer Marketing Campaigns: Collaborate with influencers to create sponsored content, product reviews, and giveaways, driving brand awareness and generating user-generated content.
- Measure Influencer Performance: Track the performance of influencer campaigns to identify successful collaborations and optimize future campaigns.
3. Strategic Collaborations:
- Retail Partnerships: Partner with online retailers like Amazon and select physical retailers to expand distribution channels and reach a wider audience.
- Salon Partnerships: Collaborate with hair salons to offer Hairstrong?s product to clients and educate stylists about its benefits.
- Industry Events: Participate in industry events and trade shows to showcase the product, network with potential partners, and generate leads.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with Hairstrong?s core competencies in product innovation and customer satisfaction.
- External Customers and Internal Clients: The marketing plan targets Hairstrong?s primary customer segment and addresses the needs of internal stakeholders, including the founders.
- Competitors: The recommendations acknowledge the competitive landscape and propose strategies to differentiate Hairstrong from competitors.
- Attractiveness: The marketing plan is expected to drive sales, increase brand awareness, and generate a positive return on investment.
6. Conclusion
By implementing a multi-pronged marketing strategy that leverages digital marketing, influencer partnerships, and strategic collaborations, Hairstrong can achieve rapid growth and establish a strong brand presence within the hair care market. This approach will allow the company to capitalize on the growing trend of online beauty communities and social media influencers, reaching a wider audience and driving sales.
7. Discussion
Alternatives:
- Traditional advertising: While traditional advertising methods like television and print ads may still be effective, they are often expensive and may not reach Hairstrong?s target market effectively.
- Direct-to-consumer (D2C) model: Focusing solely on a D2C model may limit reach and restrict Hairstrong?s ability to scale quickly.
Risks and Key Assumptions:
- Competition: The hair care market is highly competitive, and Hairstrong needs to be prepared to adapt its marketing strategies to stay ahead of competitors.
- Influencer Marketing: The effectiveness of influencer marketing campaigns can vary, and Hairstrong needs to carefully select influencers and measure campaign performance.
- Budget: The marketing plan requires significant investment, and Hairstrong needs to ensure that it has the resources to implement the recommendations.
8. Next Steps
- Develop a detailed marketing plan: Outline specific marketing activities, timelines, and budgets.
- Build a strong digital marketing team: Hire or train staff to manage social media, content marketing, and website optimization.
- Identify and partner with key influencers: Establish relationships with relevant influencers and develop collaborative marketing campaigns.
- Secure funding for marketing initiatives: Seek funding from investors or explore alternative financing options to support the marketing plan.
- Track and measure results: Monitor key performance indicators (KPIs) to assess the effectiveness of marketing campaigns and make necessary adjustments.
By taking these steps, Hairstrong can effectively implement its marketing strategy and achieve its growth objectives.
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Case Description
Hairstrong Inc. (Hairstrong) sold hair scrunchies, and the business's founder had experienced significant success since selling her first products in September 2019. Sales had reached CA$90,000, and media coverage came from outlets such as Good Morning America, Chatelaine, and Global News. However, the founder wanted to expand on the early success to double current total annual revenue and consider making Hairstrong her full-time occupation. This meant significantly expanding Hairstrong's exposure geographically and building an efficient and targeted marketing plan. This would not be an easy task given the myriad opportunities the founder had to consider.
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