Harvard Case - Performance Improvement Consulting and Hi-R-Me: Making Sales Calls
"Performance Improvement Consulting and Hi-R-Me: Making Sales Calls" Harvard business case study is written by Frank V. Cespedes, David Mattson. It deals with the challenges in the field of Entrepreneurship. The case study is 6 page(s) long and it was first published on : Aug 15, 2018
At Fern Fort University, we recommend Hi-R-Me focus on a growth strategy centered around business model innovation and disruptive innovation. This involves leveraging technology and analytics to create a more efficient and personalized sales process, while simultaneously expanding into new markets through strategic partnerships and international business ventures.
2. Background
Hi-R-Me is a startup founded by two entrepreneurs, David and Michael, who aim to revolutionize the way companies hire. Their platform uses technology and analytics to match job seekers with potential employers based on skills, experience, and cultural fit. The company is currently facing challenges in scaling their sales operations, specifically in generating leads and converting them into paying customers. They are also exploring the possibility of going public in the future, which requires demonstrating strong growth and profitability.
3. Analysis of the Case Study
Strategic Framework: Porter?s Five Forces analysis can be applied to understand the competitive landscape Hi-R-Me operates in.
- Threat of New Entrants: High, due to the ease of entry into the online recruitment space.
- Bargaining Power of Buyers: Moderate, as companies have multiple options for recruitment platforms.
- Bargaining Power of Suppliers: Low, as Hi-R-Me relies on readily available technology and talent.
- Threat of Substitute Products: High, with traditional recruitment agencies and other online platforms competing for market share.
- Rivalry Among Existing Competitors: High, with numerous established players vying for market dominance.
Financial Analysis: Hi-R-Me?s current business model relies heavily on bootstrapping and angel investing. While this has allowed for initial growth, it?s not sustainable for long-term expansion. To achieve scalability, Hi-R-Me needs to secure additional funding through venture capital or crowdfunding.
Marketing Analysis: Hi-R-Me?s current marketing strategy relies heavily on word-of-mouth and organic social media. This approach is not effective in reaching a wider audience and generating leads. A more robust marketing strategy is needed, including targeted advertising, content marketing, and social media marketing.
Operational Analysis: Hi-R-Me?s sales process is currently manual and inefficient. This leads to high customer acquisition costs and slow growth. Implementing technology and analytics to automate tasks, personalize outreach, and track performance is crucial for improving efficiency and scalability.
4. Recommendations
- Develop a Data-Driven Sales Strategy: Implement a CRM system to track leads, manage customer interactions, and analyze sales data. Utilize technology and analytics to personalize outreach, identify high-value prospects, and optimize sales processes.
- Expand into New Markets: Explore international business opportunities, particularly in emerging markets with high growth potential. Partner with local recruitment agencies or technology companies to facilitate market entry.
- Embrace Disruptive Innovation: Develop a minimum viable product (MVP) for a new product or service that addresses a specific pain point in the recruitment industry. This could include AI-powered candidate screening, skills-based matching, or gamified recruitment experiences.
- Strengthen Brand Identity: Develop a strong brand identity that differentiates Hi-R-Me from competitors. This includes crafting a compelling brand story, creating high-quality marketing materials, and engaging in strategic public relations.
- Secure Funding for Growth: Prepare a detailed business plan outlining the company?s vision, strategy, and financial projections. Pitch this plan to potential investors, including venture capitalists and angel investors, to secure funding for expansion.
- Build a Strong Team: Recruit experienced executives with expertise in sales, marketing, technology, and finance. Foster a culture of innovation and collaboration within the team.
5. Basis of Recommendations
These recommendations are based on:
- Core competencies and consistency with mission: Hi-R-Me?s core competency lies in its technology and analytics capabilities. This recommendation leverages these strengths to enhance the sales process and develop innovative products.
- External customers and internal clients: The recommendations focus on improving the customer experience by providing a more personalized and efficient service. They also address the needs of internal clients by providing them with the tools and resources to be successful.
- Competitors: The recommendations aim to differentiate Hi-R-Me from competitors by focusing on disruptive innovation, international expansion, and a strong brand identity.
- Attractiveness - quantitative measures: Implementing a data-driven sales strategy and expanding into new markets will lead to increased revenue and market share. This will improve Hi-R-Me?s financial performance and attractiveness to potential investors.
6. Conclusion
By implementing these recommendations, Hi-R-Me can achieve sustainable growth, improve profitability, and position itself for a successful IPO. The company?s focus on business model innovation, disruptive innovation, and strategic partnerships will enable it to stand out in a competitive market and become a leader in the recruitment industry.
7. Discussion
Alternatives:
- Focusing solely on organic growth: This approach would be slower and less scalable, making it difficult to compete with established players.
- Acquiring existing recruitment platforms: This could be a faster way to gain market share, but it would require significant capital investment and integration challenges.
Risks:
- Competition: The recruitment industry is highly competitive, with established players constantly innovating. Hi-R-Me needs to stay ahead of the curve to remain relevant.
- Technology: Rapid advancements in technology could render Hi-R-Me?s platform obsolete. The company needs to invest in continuous research and development to stay ahead.
- Execution: Implementing these recommendations requires strong leadership, a skilled team, and effective execution.
Key Assumptions:
- The recruitment industry will continue to grow in the coming years.
- Hi-R-Me?s technology and analytics capabilities will remain competitive.
- The company will be able to secure funding for its growth initiatives.
8. Next Steps
- Develop a detailed implementation plan: This should include timelines, milestones, and resource allocation for each recommendation.
- Recruit key personnel: Hire experienced executives with expertise in sales, marketing, technology, and finance.
- Secure funding: Initiate discussions with potential investors and prepare a compelling pitch deck.
- Develop a minimum viable product (MVP): Begin prototyping and testing a new product or service that addresses a specific pain point in the recruitment industry.
- Implement a CRM system: Select and implement a CRM system that meets Hi-R-Me?s specific needs.
By taking these steps, Hi-R-Me can successfully navigate the challenges of scaling its business and become a leading player in the recruitment industry.
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Case Description
This case study focuses on a professional services firm ("Performance Improvement Consulting") and its sales calls on Hi-R-Me, a potential client. The case is supplemented by videos showing the initial contact call, a follow-up discovery call, and a face-to-face meeting. Then, students view alternative ways of making each call. The materials are intended to build skills and awareness relevant to personal selling and, in particular, to the role and importance of "up-front contracts" in structuring productive sales calls.
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