Harvard Case - iPhone Applications: Viable Business or Time-Consuming Hobby?
"iPhone Applications: Viable Business or Time-Consuming Hobby?" Harvard business case study is written by Leslie A Goldgehn. It deals with the challenges in the field of Entrepreneurship. The case study is 15 page(s) long and it was first published on : Dec 1, 2011
At Fern Fort University, we recommend that the entrepreneurs in the case study, focus on developing a robust business model and strategy to transform their iPhone app development from a hobby into a sustainable and profitable venture. This includes identifying a clear target market, validating the app?s value proposition, and strategically leveraging marketing and growth hacking techniques. Furthermore, they should consider exploring partnerships and funding options to accelerate their growth and scale their business.
2. Background
The case study focuses on two individuals, Mike and Chris, who are passionate about developing iPhone applications. Initially, they started developing apps as a hobby, but they soon realized the potential for turning their passion into a business. They have successfully developed and launched several apps, generating modest revenue through in-app purchases and advertising. However, they are struggling to scale their business and achieve significant financial success. The case study explores the challenges and opportunities associated with building a sustainable business in the competitive and rapidly evolving mobile app market.
3. Analysis of the Case Study
The case study highlights several key issues:
- Lack of a clear business model: Mike and Chris are operating with a ?build it and they will come? mentality, lacking a well-defined strategy for market segmentation, customer acquisition, and revenue generation.
- Limited market validation: They have not conducted thorough market research to understand the demand for their apps and identify potential competitors.
- Insufficient marketing and growth strategy: Their marketing efforts are limited to organic app store optimization, neglecting other effective channels like social media marketing, influencer outreach, and paid advertising.
- Lack of funding and scalability: Their current revenue stream is insufficient to support significant growth and expansion. They need to explore funding options like venture capital, angel investing, or crowdfunding to fuel their development and marketing efforts.
Frameworks Used:
- Business Model Canvas: Analyzing their current business model using the Business Model Canvas framework reveals weaknesses in key areas like customer segments, value proposition, and revenue streams.
- Lean Startup Methodology: Implementing the Lean Startup methodology would enable them to develop a Minimum Viable Product (MVP), gather customer feedback, and iterate quickly to validate their app?s value proposition and market fit.
- Growth Hacking: Employing growth hacking techniques can help them achieve rapid user acquisition and growth through creative marketing strategies, viral campaigns, and data-driven optimization.
4. Recommendations
- Develop a Robust Business Model:
- Define a clear target market: Identify a specific niche or audience for their apps and tailor their development and marketing efforts accordingly.
- Validate the app?s value proposition: Conduct thorough market research, gather customer feedback, and ensure their apps solve a real problem or meet a specific need.
- Explore different revenue models: Beyond in-app purchases and advertising, consider subscription models, premium features, or partnerships with other businesses.
- Implement a Strategic Marketing Plan:
- Leverage social media marketing: Create engaging content, build a strong online presence, and utilize social media platforms to reach their target audience.
- Explore paid advertising: Invest in targeted advertising campaigns on platforms like Facebook, Instagram, and Google Ads to reach potential users.
- Utilize influencer marketing: Partner with relevant influencers to promote their apps and reach a wider audience.
- Seek Funding and Partnerships:
- Develop a compelling pitch deck: Prepare a well-structured presentation to pitch their business idea to potential investors.
- Explore venture capital and angel investing: Connect with venture capitalists and angel investors who specialize in mobile app startups.
- Consider crowdfunding: Utilize platforms like Kickstarter or Indiegogo to raise funds from a large number of individuals.
- Seek strategic partnerships: Collaborate with other businesses or organizations that can provide access to new markets, resources, or technology.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with the entrepreneurs? passion for app development and their desire to build a successful business.
- External customers and internal clients: The recommendations focus on identifying and meeting the needs of their target audience, while also ensuring the internal team is aligned with the business strategy.
- Competitors: The recommendations acknowledge the competitive landscape of the mobile app market and emphasize the need for differentiation and strategic marketing.
- Attractiveness ? quantitative measures: While specific financial projections are not provided, the recommendations aim to enhance the attractiveness of the business by increasing revenue potential, reducing costs, and improving scalability.
- Assumptions: The recommendations assume that the entrepreneurs possess the necessary skills and resources to execute their business plan, and that the mobile app market will continue to grow.
6. Conclusion
By implementing these recommendations, Mike and Chris can transform their iPhone app development from a time-consuming hobby into a thriving and profitable business. By focusing on a clear business model, strategic marketing, and securing funding, they can overcome the challenges of the competitive mobile app market and achieve sustainable growth.
7. Discussion
Alternatives:
- Remaining solely focused on organic growth: While this approach may be viable in the short term, it will likely limit their growth potential in the long run.
- Developing a single, highly successful app: This strategy carries a high risk of failure, as it relies on a single product to generate revenue.
Risks and Key Assumptions:
- Market saturation: The mobile app market is highly competitive, and there is a risk that their apps may not stand out from the crowd.
- Changing user preferences: User preferences in the mobile app market are constantly evolving, and their apps may become obsolete if they fail to adapt.
- Competition from larger companies: Established tech giants are increasingly entering the mobile app market, posing a significant threat to smaller startups.
8. Next Steps
- Conduct thorough market research: Identify their target market, analyze competitors, and validate the value proposition of their apps.
- Develop a comprehensive business plan: Outline their business model, marketing strategy, financial projections, and funding requirements.
- Create a Minimum Viable Product (MVP): Develop a basic version of their app and gather customer feedback to iterate and improve their product.
- Implement a strategic marketing plan: Utilize social media, paid advertising, and influencer marketing to reach their target audience.
- Seek funding and partnerships: Prepare a pitch deck and approach potential investors and partners.
By taking these steps, Mike and Chris can increase their chances of success in the competitive mobile app market and transform their passion into a thriving business.
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Case Description
Briefly describes content of case. In August 2008 two young entrepreneurs created the iPhone application iBART, which offered instant access to all of the San Francisco Bay Area Rapid Transit information. After achieving rapid success, they were at a critical juncture with their start-up. How could they monetize their app? What growth strategies should they pursue for their company?
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