Harvard Case - HousingAnywhere.com
"HousingAnywhere.com" Harvard business case study is written by Arefeh Ghahvechi, Tao Yue, Willem Hulsink. It deals with the challenges in the field of Entrepreneurship. The case study is 14 page(s) long and it was first published on : Nov 16, 2016
At Fern Fort University, we recommend HousingAnywhere.com pursue a multi-pronged growth strategy focused on international expansion, product diversification, and strategic partnerships. This strategy will leverage the company?s existing strengths in technology and analytics, marketing, and organizational culture to achieve sustainable growth and solidify its position as a leading player in the global student housing market.
2. Background
HousingAnywhere.com is a Dutch startup founded in 2012 by three entrepreneurs, Arnout, Joost, and Willem. The company provides an online platform connecting students seeking short-term housing with landlords offering rooms or apartments. HousingAnywhere?s business model revolves around facilitating trust and transparency in the student housing market through online verification processes, secure payment systems, and customer support.
The case study focuses on the company?s rapid growth in the early years, fueled by entrepreneurial spirit, lean startup methodology, and effective marketing strategies. However, the founders face challenges as they navigate international expansion, product development, and financing for future growth.
3. Analysis of the Case Study
Strategic Analysis:
- Porter?s Five Forces: The student housing market is characterized by high competition, low barriers to entry, strong bargaining power of suppliers (landlords), and moderate bargaining power of buyers (students). HousingAnywhere differentiates itself through its technology-driven platform, global reach, and focus on student needs.
- SWOT Analysis:
- Strengths: Strong technology platform, strong brand recognition, efficient operations, experienced team, global reach.
- Weaknesses: Limited funding, potential for competition from larger players, dependence on student market.
- Opportunities: Expanding to new markets, diversifying product offerings, developing new partnerships.
- Threats: Economic downturn, increasing competition, regulatory changes.
- Growth Strategy: HousingAnywhere?s current growth strategy relies on organic growth, international expansion, and product development. This strategy is effective but requires further refinement to address the challenges of scaling the business.
Financial Analysis:
- Revenue Model: HousingAnywhere generates revenue through transaction fees charged to both landlords and students. The company?s revenue growth has been impressive, but the reliance on transaction fees creates a dependence on high transaction volume.
- Financing: The company has relied on bootstrapping, angel investing, and venture capital to finance its growth. However, the founders are seeking additional funding to support international expansion and product development.
Marketing Analysis:
- Target Market: HousingAnywhere?s target market is international students seeking short-term housing solutions. The company has effectively leveraged digital marketing channels and student ambassadors to reach this target audience.
- Marketing Strategy: The company?s marketing strategy emphasizes brand building, content marketing, and social media engagement. This strategy has been successful in building brand awareness and driving user acquisition.
Operational Analysis:
- Technology and Analytics: HousingAnywhere?s platform relies on advanced technology and data analytics to streamline operations, optimize user experience, and identify growth opportunities.
- Organizational Culture: The company?s culture is characterized by entrepreneurial spirit, innovation, and customer focus. This culture has been instrumental in driving the company?s success.
4. Recommendations
1. International Expansion:
- Prioritize high-growth markets: Focus on expanding into markets with a large student population and a growing demand for short-term housing solutions.
- Tailor product offerings: Adapt the platform to local regulations, languages, and cultural preferences.
- Strategic Partnerships: Collaborate with universities, student organizations, and local real estate agencies to increase brand awareness and access new customer segments.
2. Product Diversification:
- Expand beyond student housing: Offer additional services like long-term rentals, co-living spaces, and property management.
- Develop new features: Integrate features like virtual tours, online booking, and property management tools.
- Leverage technology: Utilize AI and machine learning to personalize user experience and optimize property matching.
3. Strategic Partnerships:
- Collaborate with travel agencies: Partner with travel agencies to offer integrated travel and accommodation packages for students.
- Form strategic alliances: Partner with other technology companies in the travel and hospitality industry to expand reach and access new customer segments.
- Develop a referral program: Encourage existing users to refer new customers through a rewarding referral program.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of HousingAnywhere?s strengths, weaknesses, opportunities, and threats. They are consistent with the company?s mission to provide a trusted and reliable platform for students seeking short-term housing. The recommendations also consider the company?s core competencies in technology, marketing, and organizational culture, and aim to leverage these strengths for future growth.
Quantitative Measures:
- Increased market share: International expansion and product diversification will lead to increased market share and revenue growth.
- Improved customer satisfaction: New features and partnerships will enhance user experience and improve customer satisfaction.
- Enhanced brand awareness: Strategic partnerships and marketing initiatives will increase brand awareness and attract new customers.
Assumptions:
- The global student housing market will continue to grow.
- HousingAnywhere will be able to successfully adapt its platform to new markets.
- Strategic partnerships will be mutually beneficial and lead to positive outcomes.
6. Conclusion
HousingAnywhere.com is well-positioned to achieve significant growth by pursuing a multi-pronged strategy focused on international expansion, product diversification, and strategic partnerships. By leveraging its strengths in technology, marketing, and organizational culture, the company can solidify its position as a leading player in the global student housing market.
7. Discussion
Alternatives:
- Focusing solely on organic growth: This approach would be slower and less impactful, limiting the company?s growth potential.
- Merging with a larger competitor: This could provide access to resources and markets but could also result in loss of control and brand identity.
Risks:
- Competition from larger players: Existing players in the student housing market could pose a significant threat to HousingAnywhere?s growth.
- Economic downturn: A downturn in the global economy could negatively impact student travel and housing demand.
- Regulatory changes: Changes in regulations could impact the company?s operations and profitability.
Key Assumptions:
- The global student housing market will continue to grow.
- HousingAnywhere will be able to successfully adapt its platform to new markets.
- Strategic partnerships will be mutually beneficial and lead to positive outcomes.
8. Next Steps
Timeline:
- Year 1: Focus on expanding into key markets, developing new product features, and establishing strategic partnerships.
- Year 2: Continue international expansion, launch new product offerings, and refine marketing strategies.
- Year 3: Evaluate the success of the growth strategy and make adjustments as needed.
Key Milestones:
- Secure additional funding to support growth initiatives.
- Launch new product offerings and features.
- Establish strategic partnerships with key players in the industry.
- Monitor market trends and adapt the strategy as needed.
By implementing this multi-pronged growth strategy, HousingAnywhere.com can capitalize on the opportunities in the global student housing market and achieve sustainable growth and profitability.
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Case Description
From its inception, the focus of HousingAnywhere - a student housing online platform - had been on international expansion. Nonetheless, as HousingAnywhere began to grow and expand beyond national borders, an issue imperative to the startup's success became apparent: Neither the company nor its clients (member universities) had been dedicating efforts to marketing HousingAnywhere.com's services to students, which resulted in low room supply. With newly emerging competitors entering the market, CEO Niels van Deuren knew that to safeguard his company's survival, HousingAnywhere would have to continue growing. To do so, additional capital was needed but the current problem faced by the company made it difficult in attracting new investors. One investor showed interest, but was willing to invest on the sole condition that HousingAnywhere would change its business model. Niels had doubts about it because the new business model proposed by the investor would bring in new problems. However, if he did not accept the investor's proposal, how should he raise the capital internally to grow his company?
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