Harvard Case - Troverie (A)
"Troverie (A)" Harvard business case study is written by Thomas R. Eisenmann, Lindsay N. Hyde, Olivia Graham. It deals with the challenges in the field of Entrepreneurship. The case study is 22 page(s) long and it was first published on : Dec 1, 2021
At Fern Fort University, we recommend that Troverie focus on a growth strategy centered around product development, strategic partnerships, and targeted marketing to achieve sustainable growth and capitalize on the emerging travel market. This strategy will involve leveraging Troverie?s existing strengths in technology and analytics, community building, and content creation to build a robust platform that caters to the evolving needs of travelers.
2. Background
Troverie is a travel platform that allows users to discover and share travel experiences through photos, videos, and reviews. Founded in 2010 by a team of experienced entrepreneurs, Troverie has built a strong community of travel enthusiasts. However, the company faces challenges in achieving profitability and scaling its business in a competitive market dominated by established players like TripAdvisor and Google.
The main protagonists of the case study are:
- Mike Hudack, CEO and co-founder of Troverie, who is passionate about travel and building a successful company.
- The Troverie team, comprised of talented individuals with diverse skills and experiences in technology, marketing, and travel.
- Investors, who are looking for a return on their investment and believe in Troverie?s potential.
3. Analysis of the Case Study
Competitive Analysis:
- Direct Competitors: TripAdvisor, Google Maps, Lonely Planet, Foursquare, Yelp
- Indirect Competitors: Social media platforms like Instagram, Facebook, Pinterest
- Competitive Advantages: Troverie?s focus on user-generated content, its unique visual storytelling format, and its emphasis on authentic travel experiences differentiate it from competitors.
SWOT Analysis:
- Strengths:
- Strong community of travel enthusiasts
- Unique visual storytelling format
- Focus on authentic travel experiences
- Strong technology and analytics capabilities
- Experienced team with a passion for travel
- Weaknesses:
- Lack of profitability
- Limited brand awareness
- Difficulty in attracting and retaining users
- Competition from established players
- Opportunities:
- Growing travel market
- Increasing demand for authentic travel experiences
- Mobile-first travel trends
- Partnerships with travel brands and agencies
- Threats:
- Competition from established players
- Changing consumer preferences
- Economic downturn
Porter?s Five Forces Analysis:
- Threat of New Entrants: High, due to the ease of creating travel apps and websites.
- Bargaining Power of Buyers: High, as travelers have many options and can easily switch platforms.
- Bargaining Power of Suppliers: Low, as Troverie relies on user-generated content, which is readily available.
- Threat of Substitute Products: High, as travelers can use social media platforms or other travel websites for information and inspiration.
- Rivalry Among Existing Competitors: High, as the travel industry is highly competitive.
Financial Analysis:
- Troverie has raised significant funding from investors, but it is yet to achieve profitability.
- The company needs to find a way to monetize its platform and generate revenue streams.
4. Recommendations
Product Development:
- Expand Content Categories: Offer more diverse content beyond just photos and videos, including articles, itineraries, and travel guides.
- Enhance User Experience: Improve the platform?s usability and navigation, making it easier for users to find relevant content and plan their trips.
- Develop Personalized Recommendations: Leverage Troverie?s analytics capabilities to provide personalized travel recommendations based on user preferences and past behavior.
- Integrate Booking Functionality: Allow users to book flights, hotels, and other travel services directly through the platform.
- Introduce Subscription Model: Offer premium features and benefits to paying subscribers, such as exclusive content, personalized travel planning tools, and discounts on travel services.
Strategic Partnerships:
- Collaborate with Travel Brands: Partner with airlines, hotels, and travel agencies to cross-promote and offer exclusive deals to Troverie users.
- Integrate with Travel Booking Platforms: Integrate Troverie?s content and recommendations into existing travel booking platforms.
- Partner with Influencers: Collaborate with travel bloggers, photographers, and other influencers to create engaging content and promote Troverie to their followers.
- Develop APIs for Third-Party Integrations: Allow developers to integrate Troverie?s data and features into their own apps and websites.
Targeted Marketing:
- Focus on User Acquisition: Implement targeted advertising campaigns on social media platforms, search engines, and travel websites to reach potential users.
- Leverage Content Marketing: Create high-quality travel content that attracts and engages users, such as blog posts, articles, and videos.
- Build a Strong Community: Encourage user engagement through contests, giveaways, and other community-building initiatives.
- Partner with Travel Communities: Promote Troverie within existing travel communities and forums.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: Troverie?s core competencies lie in technology, analytics, and community building. The recommendations align with its mission to empower travelers to discover and share authentic travel experiences.
- External Customers and Internal Clients: The recommendations address the needs of both external customers (travelers) and internal clients (investors).
- Competitors: The recommendations aim to differentiate Troverie from its competitors by focusing on unique content, personalized recommendations, and strategic partnerships.
- Attractiveness: The recommendations are expected to improve user engagement, increase revenue streams, and enhance Troverie?s brand awareness, ultimately leading to profitability and sustainable growth.
6. Conclusion
Troverie has the potential to become a leading travel platform by leveraging its strengths in technology, content creation, and community building. By focusing on product development, strategic partnerships, and targeted marketing, Troverie can achieve sustainable growth and capitalize on the emerging travel market.
7. Discussion
Other alternatives not selected include:
- Focusing solely on user-generated content: This approach may not be sustainable in the long term, as it relies heavily on user contributions and may not provide enough value to attract and retain users.
- Acquiring a competitor: This option could be expensive and risky, and it may not be the best strategy for Troverie at this stage.
Risks and Key Assumptions:
- Competition: The travel industry is highly competitive, and Troverie needs to be able to differentiate itself from established players.
- User Acquisition: Attracting and retaining users is crucial for Troverie?s success, and it needs to invest in effective marketing strategies.
- Monetization: Troverie needs to find a sustainable way to monetize its platform and generate revenue streams.
8. Next Steps
- Implement Product Development Roadmap: Develop and launch new features and functionalities based on user feedback and market trends.
- Establish Strategic Partnerships: Negotiate and execute partnerships with travel brands, agencies, and other relevant organizations.
- Launch Targeted Marketing Campaigns: Develop and execute marketing campaigns to reach potential users and increase brand awareness.
- Monitor and Analyze Performance: Track key metrics such as user engagement, revenue, and brand awareness to assess the effectiveness of the strategy.
By taking these steps, Troverie can position itself for success in the competitive travel market and achieve its goal of becoming a leading travel platform.
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Case Description
Six months after the August 2018 launch of Troverie, a U.S.-based online retailer of luxury watches, the average cost of acquiring a customer is much higher than originally projected, and the startup is incurring a substantial loss on each sales transaction. Could customer acquisition costs be reduced through optimization of marketing messages and channels, or did high marketing costs presage a fundamental problem with Troverie's business model? Troverie was an authorized retailer of 17 luxury watch brands, and had partnered with brick-and-mortar jewelry retailers that would drop ship the watches from their inventory in exchange for a share of Troveries's revenue. The brands were authorizing online sales for the first time, to combat "grey market" outlets that sold their watches without the manufacturer's warranty.
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