Harvard Case - Jiemo.net: How to Position a Profit Model
"Jiemo.net: How to Position a Profit Model" Harvard business case study is written by Miao Cui, Yupan Guo, Yan Zhao, Sitara Aziz, Tuo Li, Xin Li. It deals with the challenges in the field of Entrepreneurship. The case study is 12 page(s) long and it was first published on : Jan 31, 2017
At Fern Fort University, we recommend Jiemo.net adopt a hybrid business model that leverages both freemium and premium subscription offerings, strategically integrating technology and analytics for targeted marketing and product development. This approach will allow Jiemo.net to scale its user base through freemium access while generating substantial revenue through premium subscriptions tailored to specific user needs.
2. Background
Jiemo.net, a Chinese online platform for university students, faced a critical juncture. With a growing user base, it needed to develop a sustainable profit model to ensure its long-term viability. The case study highlights the company?s initial focus on free services and the subsequent challenges of monetization. Jiemo.net?s founders, Mr. Li and Mr. Wang, grappled with the dilemma of balancing user growth with revenue generation.
3. Analysis of the Case Study
Strategic Analysis:
- Market Opportunity: Jiemo.net operates in a rapidly growing market of digitally savvy university students in China, presenting significant potential for business growth.
- Competitive Landscape: The case study mentions several competitors, highlighting the need for differentiation and competitive strategy to gain market share.
- Value Proposition: Jiemo.net?s core value proposition lies in providing a platform for students to connect, share information, and access resources. This value proposition needs to be clearly communicated and translated into revenue-generating opportunities.
Financial Analysis:
- Bootstrapping: Jiemo.net initially relied on bootstrapping to fund its operations, but this model is not sustainable for long-term growth.
- Venture Capital: The case study explores the possibility of venture capital financing, which can provide the necessary capital for expansion and product development.
- Profitability: Jiemo.net needs to develop a profit model that balances user acquisition with revenue generation to achieve sustainable profitability.
Marketing Analysis:
- Market Segmentation: Jiemo.net can leverage technology and analytics to segment its user base and develop targeted marketing strategies for different user groups.
- Branding: Jiemo.net needs to establish a strong brand identity that resonates with its target audience.
- Customer Acquisition: The company can utilize various marketing channels to acquire new users, including social media, online advertising, and partnerships with universities.
Operational Analysis:
- Product Development: Jiemo.net needs to develop a product roadmap that includes both free and premium features to cater to different user needs.
- Technology and Analytics: The platform needs to integrate technology and analytics to improve user experience, personalize content, and track user behavior for data-driven decision-making.
- Scalability: The platform?s infrastructure needs to be scalable to accommodate future user growth and expansion.
4. Recommendations
1. Hybrid Business Model:
- Freemium: Offer core features and services for free to attract a large user base and build brand awareness.
- Premium Subscription: Introduce premium features and services, such as personalized learning resources, career guidance, and exclusive access to events, for a monthly or annual subscription fee.
2. Targeted Marketing and Product Development:
- Market Segmentation: Segment users based on demographics, interests, and usage patterns to tailor marketing messages and product features.
- Data-Driven Insights: Utilize technology and analytics to track user behavior, identify trends, and optimize marketing campaigns and product development.
- Personalized Content: Develop personalized content and recommendations based on user preferences and interests to enhance user engagement and drive conversions.
3. Strategic Partnerships:
- Universities: Partner with universities to offer exclusive benefits to students, such as access to campus resources and career services.
- Businesses: Collaborate with businesses to provide internship opportunities, job postings, and career development resources to students.
- Technology Providers: Partner with technology providers to integrate advanced features and functionalities into the platform.
4. Funding and Investment:
- Venture Capital: Seek funding from venture capitalists to accelerate growth and product development.
- Angel Investing: Explore angel investors who can provide early-stage funding and mentorship.
- Crowdfunding: Consider crowdfunding campaigns to engage the user base and generate additional capital.
5. Organizational Structure and Design:
- Cross-Functional Teams: Establish cross-functional teams to facilitate collaboration and innovation.
- Product Management: Implement a dedicated product management function to oversee product development and roadmap.
- Marketing and Sales: Create a dedicated marketing and sales team to drive user acquisition and revenue generation.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with Jiemo.net?s core competencies in connecting students and providing access to resources, while also ensuring long-term profitability.
- External Customers and Internal Clients: The recommendations address the needs of both external customers (students) and internal clients (employees) by providing valuable services and fostering a collaborative work environment.
- Competitors: The recommendations aim to differentiate Jiemo.net from its competitors by offering a unique value proposition and leveraging technology and analytics for competitive advantage.
- Attractiveness: The hybrid business model with freemium and premium subscriptions offers a balanced approach to user acquisition and revenue generation, with the potential for significant profitability.
Assumptions:
- The Chinese university student market will continue to grow and embrace online platforms.
- Jiemo.net can successfully segment its user base and develop targeted marketing campaigns.
- The platform can integrate technology and analytics effectively to enhance user experience and drive conversions.
- Venture capital and angel investors will be interested in investing in Jiemo.net?s growth potential.
6. Conclusion
By adopting a hybrid business model, leveraging technology and analytics, and forging strategic partnerships, Jiemo.net can achieve sustainable profitability and become a leading online platform for university students in China. This approach will enable the company to scale its user base, generate revenue, and solidify its position in the competitive market.
7. Discussion
Alternative Options:
- Purely Free Model: This option would focus on attracting a large user base through free services but would struggle to generate revenue and achieve profitability.
- Premium-Only Model: This option would limit user growth and could alienate potential users who are not willing to pay for services.
- Advertising-Based Model: This option could generate revenue but may compromise user experience and brand reputation.
Risks and Key Assumptions:
- Competition: The competitive landscape in the online education market is dynamic and could pose challenges to Jiemo.net?s growth.
- User Adoption: The success of the premium subscription model depends on user willingness to pay for additional features and services.
- Technological Advancement: Rapid technological advancements could require Jiemo.net to constantly adapt and innovate to remain competitive.
8. Next Steps
Timeline:
- Month 1-3: Develop and launch the hybrid business model with freemium and premium subscription offerings.
- Month 3-6: Implement targeted marketing campaigns and product development based on user data and analytics.
- Month 6-9: Seek funding from venture capitalists and angel investors to accelerate growth and product development.
- Month 9-12: Expand partnerships with universities, businesses, and technology providers.
Key Milestones:
- Achieve a significant increase in user base through the freemium model.
- Generate substantial revenue through premium subscriptions.
- Secure funding to support growth and product development.
- Establish strategic partnerships to expand reach and value proposition.
By executing these steps, Jiemo.net can position itself for long-term success and become a leading force in the Chinese online education market.
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Case Description
Jiemo.net (Jiemo), an Internet-based study-abroad consultant agency headquartered in Dalian, China, began in 2010 by providing application support to customers who wished to apply to study abroad. In 2014, the company discovered that profit existed in providing services to students once they had been accepted to study abroad. Jiemo changed its traditional pricing model, used social media marketing, and collaborated with other agencies to establish an ecosystem for these students. The result was that Jiemo acquired customers by providing free Internet-based application support ("front end" services), and reaped profits by providing services that those customers needed once they were studying abroad ("back end" services). However, as Jiemo grew, the designed profit model was not supporting growth. Jiemo had to modify the model. Should it improve the back end services to reduce costs and gain more profit from existing customers, or explore the needs of potential customers and add new services?
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