Harvard Case - We Are Knitters: Crafting a Resilient Digital Business
"We Are Knitters: Crafting a Resilient Digital Business" Harvard business case study is written by Vanessa Hasse, Maya Kumar, Kathy Hu. It deals with the challenges in the field of Entrepreneurship. The case study is 20 page(s) long and it was first published on : Feb 3, 2022
At Fern Fort University, we recommend We Are Knitters (WAK) focus on a multi-pronged strategy to achieve sustainable growth while maintaining its unique brand identity. This strategy involves a blend of organic growth through product innovation and community building, strategic acquisitions to expand into new markets and product categories, and a cautious approach to going public, focusing on maximizing shareholder value while preserving the company's core values.
2. Background
We Are Knitters is a Spanish company founded in 2011 that disrupted the traditional knitting industry by offering high-quality yarn kits and online tutorials. WAK?s success stemmed from its unique business model that combined online sales with a strong community focus, fostering a passionate customer base. However, the company faces challenges as it seeks to scale its operations and maintain profitability while navigating a competitive landscape and evolving consumer preferences.
The main protagonists of the case study are:
- The founders: They are passionate about knitting and have built a successful business based on their vision and dedication. However, they are now facing the challenge of balancing growth with maintaining the company?s culture and values.
- The management team: They are tasked with developing and implementing strategies to achieve sustainable growth and profitability.
- The investors: They are looking for a return on their investment and are pushing for a more aggressive growth strategy, potentially through an IPO.
3. Analysis of the Case Study
To analyze WAK?s situation, we can utilize a SWOT analysis framework:
Strengths:
- Strong brand identity: WAK has built a loyal customer base through its focus on quality, community, and creativity.
- Unique business model: The online platform and subscription model provide a scalable and efficient way to reach customers.
- Strong community: WAK has cultivated a vibrant online community that fosters engagement and loyalty.
- Digital marketing expertise: The company has a proven track record in digital marketing, leveraging social media and content marketing effectively.
Weaknesses:
- Limited product offerings: WAK?s product line is primarily focused on knitting, limiting its potential market.
- Dependence on online sales: The company?s reliance on online sales makes it vulnerable to changes in consumer behavior and competition.
- Limited international presence: WAK?s current market focus is primarily in Spain and the United States, leaving untapped potential in other markets.
Opportunities:
- Expand product offerings: WAK can diversify its product line by introducing new crafts, such as crochet, embroidery, and weaving.
- Develop a subscription service: A subscription service could provide a consistent revenue stream and incentivize customer loyalty.
- Expand internationally: WAK can target new markets with high growth potential, such as Asia and Latin America.
- Leverage technology: WAK can utilize technology to enhance its customer experience, improve efficiency, and develop new products.
Threats:
- Increased competition: The online craft market is becoming increasingly competitive, with new players emerging.
- Changing consumer preferences: Consumers are increasingly seeking personalized experiences and unique products, which WAK needs to address.
- Economic uncertainty: Global economic conditions can impact consumer spending and affect WAK?s sales.
4. Recommendations
WAK should implement a multi-pronged strategy to achieve sustainable growth and profitability:
1. Organic Growth:
- Product Innovation: WAK should expand its product line by introducing new crafts, tools, and accessories. This can be achieved through internal development or strategic partnerships with established craft brands.
- Community Building: WAK should continue to nurture its online community by organizing online workshops, collaborations with craft influencers, and offering exclusive content and discounts to loyal customers.
- Content Marketing: WAK should invest in high-quality content creation, including video tutorials, blog posts, and social media campaigns, to attract new customers and engage existing ones.
2. Strategic Acquisitions:
- Expand into new markets: WAK should consider acquiring smaller craft businesses in emerging markets to gain market share and establish a local presence.
- Diversify product offerings: WAK can acquire companies specializing in different crafts to expand its product portfolio and reach a wider audience.
- Acquire complementary technologies: WAK can acquire companies with innovative technologies that can enhance its online platform, customer experience, or supply chain.
3. Cautious Approach to Going Public:
- Maximize Shareholder Value: WAK should focus on maximizing shareholder value by achieving sustainable profitability and growth before considering an IPO.
- Preserve Core Values: WAK should ensure that going public does not compromise its commitment to quality, community, and creativity.
- Strategic Partnerships: WAK can explore strategic partnerships with established companies in the craft industry to gain access to resources and expertise.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: WAK?s core competencies lie in its ability to create high-quality products, build a strong community, and leverage digital marketing. The recommendations align with these strengths and support the company?s mission to inspire creativity and connect people through craft.
- External customers and internal clients: The recommendations address the needs of both external customers, who seek high-quality products and a sense of community, and internal clients, who are looking for growth opportunities and a sustainable business model.
- Competitors: The recommendations aim to differentiate WAK from its competitors by focusing on product innovation, community building, and strategic acquisitions.
- Attractiveness ? quantitative measures: The recommendations are expected to lead to increased profitability through higher sales, improved efficiency, and lower costs.
- Assumptions: The recommendations assume that WAK can successfully execute its growth strategy, maintain its brand identity, and navigate the competitive landscape.
6. Conclusion
We Are Knitters has the potential to become a leading player in the global craft industry. By focusing on organic growth, strategic acquisitions, and a cautious approach to going public, WAK can achieve sustainable growth and profitability while maintaining its unique brand identity and commitment to its community.
7. Discussion
Alternative options not selected include:
- Aggressive expansion: WAK could pursue rapid expansion through acquisitions and new product launches, but this could lead to dilution of its brand identity and operational challenges.
- Focusing solely on organic growth: While organic growth is important, it may not be sufficient to achieve the desired growth rate in a competitive market.
- Delaying going public: Delaying an IPO could limit access to capital and hinder growth potential.
Risks and key assumptions:
- Execution risk: WAK needs to ensure that it can successfully execute its growth strategy, including product development, acquisitions, and international expansion.
- Competition: The craft industry is becoming increasingly competitive, which could impact WAK?s market share.
- Consumer preferences: Changing consumer preferences could affect WAK?s product offerings and marketing strategies.
8. Next Steps
To implement these recommendations, WAK should take the following steps:
- Develop a detailed strategic plan: This plan should outline the company?s growth objectives, target markets, and key initiatives.
- Allocate resources: WAK needs to allocate resources to support its growth strategy, including product development, marketing, and acquisitions.
- Build a strong management team: WAK should recruit experienced professionals with expertise in product development, marketing, finance, and international business.
- Monitor progress and adjust strategy: WAK should regularly monitor its progress and make adjustments to its strategy as needed.
This multi-pronged approach will allow We Are Knitters to navigate the challenges and opportunities of the evolving craft industry and achieve its full potential as a global leader in the creative space.
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Case Description
Many people thought of knitting as a hobby for grandmothers, but the time-honored craft had evolved into a booming business with loyal, passionate, and interactive customers worldwide. The Spanish e-commerce business We Are Knitters (WAK) spent the last decade growing into what investors called the "world leader in online knitted kit sales," a segment of the global $100 billion knitting industry. WAK's sales soared by 240 per cent between April 2019 and April 2020 due to the arrival of the COVID-19 pandemic in early 2020. By February 2021, while WAK's co-founders were still grappling with pandemic-related challenges, ahead of WAK's 10-year anniversary, they also started to look ahead to consider plans for further growth and internationalization while maintaining their business model and competitive advantages.
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