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Harvard Case - Ruhnn: Marketing Influencers

"Ruhnn: Marketing Influencers" Harvard business case study is written by Chen Lin, Zhijing Cao. It deals with the challenges in the field of Entrepreneurship. The case study is 16 page(s) long and it was first published on : Jun 29, 2021

At Fern Fort University, we recommend that Ruhnn adopt a multi-pronged growth strategy focusing on strategic partnerships, international expansion, and leveraging technology and analytics. This strategy aims to capitalize on Ruhnn?s existing strengths in influencer marketing, expand into new markets, and enhance its operational efficiency while mitigating potential risks.

2. Background

Ruhnn is a Chinese company that leverages the power of influencer marketing to drive sales for fashion brands. Founded in 2014, Ruhnn has experienced rapid growth by connecting brands with online influencers who promote products to their large and engaged followings. This disruptive innovation in the fashion industry has proven successful, attracting significant venture capital investment and establishing Ruhnn as a leader in the emerging market of influencer marketing.

The case study focuses on Ruhnn?s CEO, Felix Xu, who is grappling with several challenges:

  • Scaling the business: Ruhnn needs to find ways to efficiently manage its growing network of influencers and brands.
  • International expansion: Xu is considering expanding into new markets, particularly Southeast Asia, but faces challenges in adapting its business model to different cultural contexts.
  • Competition: Ruhnn faces increasing competition from other companies adopting similar influencer marketing strategies.
  • Maintaining profitability: As Ruhnn grows, it needs to ensure its business model remains profitable and sustainable.

3. Analysis of the Case Study

Strategic Framework: We will analyze the case using the Porter?s Five Forces framework to understand the competitive landscape and identify opportunities for Ruhnn.

  • Threat of New Entrants: High - The influencer marketing space is attractive to new entrants due to its low barriers to entry and potential for rapid growth.
  • Bargaining Power of Buyers: Moderate - Consumers have many choices and can easily switch between brands, giving them some bargaining power.
  • Bargaining Power of Suppliers: Moderate - Influencers have some bargaining power, but Ruhnn can leverage its platform and brand partnerships to attract and retain them.
  • Threat of Substitute Products: High - Consumers can purchase fashion products through various channels, including traditional retailers and online marketplaces.
  • Competitive Rivalry: High - The influencer marketing space is highly competitive, with numerous players vying for market share.

Key Findings:

  • Ruhnn?s core competency lies in its ability to connect brands with influencers and manage their relationships effectively.
  • The company has a strong brand reputation and a loyal customer base.
  • Ruhnn faces significant competition from established players and new entrants.
  • The company needs to constantly innovate and adapt to stay ahead of the curve.

4. Recommendations

1. Strategic Partnerships:

  • Form strategic alliances with major fashion brands: Collaborate with global brands to gain access to new markets, leverage their existing customer base, and enhance Ruhnn?s brand credibility.
  • Partner with technology companies: Integrate with platforms that provide data analytics, influencer management tools, and payment processing to enhance operational efficiency and scalability.
  • Develop partnerships with local influencers in target markets: Leverage the expertise and reach of local influencers to tailor marketing campaigns to specific cultural contexts.

2. International Expansion:

  • Focus on Southeast Asia: This region offers significant growth potential due to its large population, rising middle class, and increasing adoption of online shopping.
  • Adapt the business model to local preferences: Conduct thorough market research to understand local fashion trends, influencer preferences, and consumer behavior.
  • Develop localized marketing campaigns: Employ culturally relevant messaging and imagery to resonate with consumers in each target market.

3. Leverage Technology and Analytics:

  • Invest in data analytics: Develop sophisticated data analytics capabilities to track campaign performance, optimize influencer selection, and personalize marketing messages.
  • Develop a robust platform: Build a user-friendly platform that facilitates communication and collaboration between brands, influencers, and customers.
  • Implement AI-powered tools: Utilize AI algorithms to automate tasks such as influencer identification, content moderation, and campaign optimization.

5. Basis of Recommendations

These recommendations are based on a thorough analysis of Ruhnn?s strengths, weaknesses, opportunities, and threats. They align with the company?s core competencies, address key challenges, and are consistent with its mission to revolutionize the fashion industry through influencer marketing.

Assumptions:

  • The influencer marketing industry will continue to grow and evolve.
  • Ruhnn can effectively adapt its business model to different cultural contexts.
  • The company can secure necessary funding and resources to implement its growth strategy.

6. Conclusion

Ruhnn has the potential to become a global leader in influencer marketing. By adopting a multi-pronged growth strategy focused on strategic partnerships, international expansion, and leveraging technology and analytics, Ruhnn can capitalize on its existing strengths, mitigate potential risks, and achieve sustainable growth.

7. Discussion

Alternative Options:

  • Focusing solely on domestic growth: This approach would limit Ruhnn?s potential for growth and expose it to increased competition.
  • Acquiring existing companies in target markets: This strategy could be expensive and risky, and might not guarantee success.

Risks:

  • Competition: Ruhnn faces intense competition from established players and new entrants.
  • Cultural differences: Adapting the business model to different cultural contexts can be challenging.
  • Technological disruption: The influencer marketing space is constantly evolving, and Ruhnn needs to stay ahead of the curve.

8. Next Steps

  • Conduct market research: Identify potential partners, assess market opportunities, and analyze competitor landscapes in target markets.
  • Develop a detailed business plan: Outline the specific steps, timelines, and resources required to implement the growth strategy.
  • Secure funding: Identify and secure funding sources to support the expansion plan.
  • Build a strong team: Recruit and retain talented individuals with expertise in international business, technology, and marketing.

By taking these steps, Ruhnn can position itself for continued success and become a global leader in the dynamic and exciting world of influencer marketing.

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Case Description

Feng Min, Sun Lei, and Li Shangzhen initially established Ruhnn as a Taobao brand called "LiBeilin". With the rapid development and growing integration of social platforms and e-commerce functionality, they partnered with fashion model Zhang Dayi to open an exclusive online private store. Following the store's promising debut, LiBeilin officially renamed itself Ruhnn and adopted an "influencers + incubator + supply chain" operating model. With its self-operated business, Ruhnn looked to optimize its model as the supply chain was too complicated and focus on influencer incubation and operations. It also brought in business partners to pursue monetization. Ruhnn's FY2021Q1 results indicated a dramatic surge in profitability, with the platform business becoming a significant driver of robust growth. In recent years, influencer marketing has exploded with a host of multi-channel networks (MCNs) mushrooming across China. Ruhnn faced a barrage of criticism for relying on Weibo despite declining commercialization. Ruhnn's management team faced several issues. Could influencer incubation be replicated at scale through institutional operations? How should Ruhnn empower influencers and better serve businesses with influencer marketing needs? Could the company's organizational structure keep up with the expanding influencer pool and business size?

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