Harvard Case - Proday: Calling the Right Play
"Proday: Calling the Right Play" Harvard business case study is written by Lindsay N. Hyde, Thomas R. Eisenmann, Tom Quinn. It deals with the challenges in the field of Entrepreneurship. The case study is 15 page(s) long and it was first published on : Jan 10, 2023
At Fern Fort University, we recommend Proday pursue a strategic growth path focused on international expansion through a combination of organic growth and strategic partnerships. This strategy leverages Proday?s existing strengths in technology and analytics, product development, and marketing, while mitigating risks through strategic partnerships and market research.
2. Background
Proday is a successful startup founded by two entrepreneurs with a passion for sports analytics. Their innovative web and mobile applications provide valuable insights for athletes, coaches, and teams. Proday?s success is driven by its strong technology and analytics capabilities, user-friendly interface, and growth hacking strategies. However, the company faces a critical decision: whether to pursue going public or focus on international expansion.
The main protagonists are Matt and Chris, the founders of Proday, who have different perspectives on the company?s future. Matt favors going public to access venture capital and accelerate growth. Chris prefers international expansion to diversify revenue streams and build a global brand.
3. Analysis of the Case Study
Proday?s current situation can be analyzed using the Porter?s Five Forces framework:
- Threat of New Entrants: High - the startup ecosystem is competitive, with new players entering the market regularly.
- Bargaining Power of Buyers: Moderate - Proday caters to a niche market, but customers have alternatives.
- Bargaining Power of Suppliers: Low - Proday relies on readily available technology and resources.
- Threat of Substitute Products: Moderate - other sports analytics companies and free resources exist.
- Rivalry Among Existing Competitors: High - the market is fragmented, with several players vying for market share.
Financial Analysis:
- Proday?s current financial performance is strong, with positive revenue growth and profitability.
- Going public could provide significant funding, but also increase regulatory burdens and investor pressure.
- International expansion requires significant investment, but offers potential for long-term growth and diversification.
Marketing Analysis:
- Proday?s marketing strategy has been successful in targeting niche markets.
- International expansion requires adapting marketing campaigns to different cultures and languages.
- Partnerships with local sports organizations can facilitate market entry and increase brand awareness.
4. Recommendations
- Focus on International Expansion: Proday should prioritize international expansion over going public at this stage. This strategy offers a more sustainable and controlled growth path, leveraging existing strengths and minimizing risks.
- Strategic Partnerships: Proday should establish strategic partnerships with local sports organizations, technology companies, and distributors in target markets. These partnerships will provide access to local expertise, distribution channels, and marketing resources.
- Market Research and Adaptation: Proday should conduct thorough market research in target countries to understand local preferences, competitive landscape, and regulatory environment. This research will inform product adaptation, pricing strategies, and marketing campaigns.
- Phased Approach: Proday should adopt a phased approach to international expansion, starting with a pilot launch in one or two key markets. This allows for testing and refining the strategy before scaling to other regions.
- Build a Global Team: Proday should invest in building a diverse and experienced team with expertise in international business, marketing, and technology. This will ensure effective implementation of the expansion strategy.
5. Basis of Recommendations
- Core Competencies and Consistency with Mission: International expansion aligns with Proday?s mission to become a global leader in sports analytics. It leverages the company?s existing strengths in technology, product development, and marketing.
- External Customers and Internal Clients: International expansion expands Proday?s customer base and provides new opportunities for growth. It also creates opportunities for internal growth and development.
- Competitors: Proday?s competitors are already expanding internationally. By entering new markets, Proday can gain a competitive advantage and establish a global presence.
- Attractiveness ? Quantitative Measures: The potential for significant revenue growth and market share in international markets makes this strategy attractive. While initial investments are required, the long-term return on investment is expected to be high.
6. Conclusion
Proday should focus on international expansion through a strategic approach that combines organic growth and strategic partnerships. This strategy leverages the company?s existing strengths, minimizes risks, and positions Proday for long-term success in the global sports analytics market.
7. Discussion
Alternatives:
- Going public: While attractive for rapid growth, it carries significant risks, including increased regulatory burdens, investor pressure, and potential dilution of ownership.
- Mergers and Acquisitions: Acquiring existing companies in target markets could accelerate expansion, but requires significant capital and integration challenges.
Risks and Key Assumptions:
- Market acceptance: The success of international expansion hinges on market acceptance of Proday?s products and services.
- Competition: Intense competition in target markets could hinder Proday?s growth.
- Cultural and language barriers: Adapting marketing and product offerings to different cultures and languages can be challenging.
8. Next Steps
- Market Research: Conduct thorough market research in target countries to identify potential partners, competitors, and market opportunities.
- Partnership Development: Initiate discussions with potential partners in target markets to explore collaboration opportunities.
- Product Adaptation: Develop a plan for adapting Proday?s products and services to meet local needs and regulations.
- Pilot Launch: Launch Proday?s services in one or two key markets to test the strategy and refine operations.
- Team Expansion: Recruit and train a team with international expertise to support the expansion strategy.
This phased approach allows Proday to test and refine its international expansion strategy, minimizing risks and maximizing the potential for long-term success.
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Case Description
Sarah Kunst knew the elements of a successful startup from her tenure at venture capital firms. In April 2018, however, her own app - Proday, a home fitness platform featuring exercises filmed by professional sports stars - was floundering. Kunst theorized that Facebook algorithm changes had ruined her marketing plan, but needed to be confident in her diagnosis before allocating resources to a solution. She thought back to Proday's launch two years earlier to see if she could pinpoint where it all went wrong.
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