Harvard Case - Wallit
"Wallit" Harvard business case study is written by Andrew Isaacs, Kristin Schaefer. It deals with the challenges in the field of Entrepreneurship. The case study is 11 page(s) long and it was first published on : Aug 1, 2012
At Fern Fort University, we recommend Wallit pursue a strategic pivot towards a business-to-business (B2B) model, focusing on providing white-label wallet solutions to financial institutions and businesses. This strategy leverages Wallit?s existing technology and expertise while addressing the growing demand for digital wallets in the enterprise sector.
2. Background
Wallit is a promising fintech startup offering a mobile wallet solution with innovative features like social payments and loyalty programs. However, the company faces challenges in achieving profitability and market penetration in the highly competitive consumer-facing market.
The main protagonists are:
- David: The founder and CEO, driven by a vision of a seamless digital payment experience but struggling with strategic direction.
- Sarah: The head of product, advocating for a B2B focus to leverage Wallit?s technology and achieve faster growth.
- Mark: The head of marketing, concerned about the potential loss of brand recognition and customer base with a B2B shift.
3. Analysis of the Case Study
Competitive Landscape: The consumer mobile wallet market is crowded with established players like Apple Pay, Google Pay, and PayPal, making it challenging for Wallit to gain significant market share.
Value Proposition: Wallit?s core value proposition lies in its innovative features and user-friendly interface. However, these features are not unique enough to differentiate Wallit from competitors in the consumer market.
Financial Performance: The case suggests Wallit is struggling to achieve profitability despite significant funding. This indicates the need for a more efficient and scalable business model.
Strategic Analysis: Using Porter?s Five Forces framework, we can analyze the competitive forces affecting Wallit:
- Threat of New Entrants: High, due to the ease of entry in the mobile wallet market.
- Bargaining Power of Buyers: High, as consumers have many alternative payment options.
- Bargaining Power of Suppliers: Low, as the technology for mobile wallets is readily available.
- Threat of Substitutes: High, due to the availability of alternative payment methods like credit cards and cash.
- Competitive Rivalry: Very high, with numerous established players vying for market share.
Recommendation: Wallit should adopt a B2B strategy to address the challenges of the consumer market and leverage its strengths. This strategy aligns with the company?s core competencies in technology and innovation while targeting a less competitive market with higher potential for profitability.
4. Recommendations
1. Pivot to a B2B Model:
- White-label Wallet Solutions: Offer customized wallet solutions to financial institutions and businesses, allowing them to integrate digital payments seamlessly into their platforms.
- Focus on Enterprise Features: Develop features tailored to the specific needs of businesses, such as employee expense management, loyalty programs, and secure payment processing.
- Strategic Partnerships: Collaborate with banks, payment processors, and other relevant organizations to reach a wider B2B audience.
2. Enhance Product Development:
- Focus on Scalability and Security: Develop robust and secure solutions that can handle large transaction volumes and meet regulatory requirements.
- Integrate with Existing Systems: Ensure seamless integration with existing enterprise systems and platforms for easy adoption.
- Develop API-based Solutions: Offer APIs for developers to integrate Wallit?s functionality into their applications.
3. Redefine Marketing Strategy:
- Target B2B Audience: Shift marketing efforts to reach financial institutions and businesses, highlighting the benefits of using Wallit?s white-label solutions.
- Develop Case Studies and Testimonials: Showcase successful implementations of Wallit?s solutions within businesses to build trust and credibility.
- Attend Industry Events and Conferences: Participate in relevant industry events to network with potential B2B clients and partners.
4. Strengthen Leadership and Team:
- Build a B2B-focused Team: Recruit experienced professionals with expertise in enterprise software, financial services, and business development.
- Empower Sarah?s Leadership: Recognize Sarah?s expertise and empower her leadership in guiding the B2B strategy.
- Foster Collaboration and Communication: Encourage open communication and collaboration between departments to ensure a smooth transition to the B2B model.
5. Basis of Recommendations
1. Core Competencies and Consistency with Mission: The B2B strategy leverages Wallit?s existing technology and innovation capabilities while aligning with the company?s mission of creating a seamless digital payment experience.
2. External Customers and Internal Clients: By focusing on B2B, Wallit addresses the needs of financial institutions and businesses seeking secure and efficient digital payment solutions. This strategy also provides a clear path to profitability for the company.
3. Competitors: The B2B market is less competitive than the consumer market, allowing Wallit to establish a strong position and differentiate itself through its innovative solutions.
4. Attractiveness - Quantitative Measures: The B2B market offers higher average transaction values and recurring revenue streams, leading to greater potential for profitability and scalability.
Assumptions:
- Wallit?s technology is robust and scalable to meet the demands of enterprise clients.
- There is a strong market demand for white-label wallet solutions within the B2B sector.
- Wallit can successfully build strategic partnerships with key players in the financial services industry.
6. Conclusion
By pivoting to a B2B model, Wallit can leverage its existing strengths, address the challenges of the consumer market, and achieve sustainable growth and profitability. This strategy aligns with the company?s core competencies, addresses the needs of a growing market, and offers a clear path to success.
7. Discussion
Alternative Options:
- Maintain the Consumer Focus: This option carries high risks due to the intense competition and challenges in achieving profitability.
- Acquire a B2B Company: This option could provide immediate access to the B2B market but requires significant capital investment and integration challenges.
Risks and Key Assumptions:
- Technology Scalability: The success of the B2B strategy hinges on Wallit?s ability to scale its technology to meet the demands of enterprise clients.
- Market Demand: The assumption of strong demand for white-label wallet solutions needs to be validated through market research and customer discovery.
- Partnership Success: Building successful partnerships with financial institutions and businesses is crucial for achieving market penetration.
8. Next Steps
Timeline:
- Quarter 1: Conduct thorough market research and customer discovery to validate the B2B opportunity.
- Quarter 2: Develop a detailed B2B strategy, including product roadmap, marketing plan, and partnership strategy.
- Quarter 3: Begin building a dedicated B2B team and secure initial partnerships.
- Quarter 4: Launch the first white-label wallet solutions to pilot clients and gather feedback.
Key Milestones:
- Secure funding for B2B development and expansion.
- Develop a minimum viable product (MVP) for the B2B offering.
- Establish strategic partnerships with key players in the financial services industry.
- Achieve initial customer acquisition and generate positive revenue.
By taking these steps, Wallit can successfully transition to a B2B model, unlock new growth opportunities, and secure its long-term success in the fintech industry.
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Case Description
Wallit is a service platform that provides location-based virtual "walls" on which people can write via their smart phones, but only when they are near that wall. Wallit creates virtual walls along streets, in shopping malls, on or inside buildings, or in any other location. Individuals can write to the wall, put picture and video to the wall, view other's postings, click on links posted to the wall, and interact with the wall using their phone's camera. Wallit is an app company with a growing number of wall locations around the world in landmarks, popular locations along streets, shopping malls, on or inside buildings or sporting stadiums, etc. Wallit hoped to become the new means by which people will share their experience digitally at any location. The company has received funding by well-known venture capitalists and angels in Silicon Valley and its first product was launched through the Apple AppStore in early 2012, followed by a version for the Android platform in the Android market. The Wallit case study outlines the company's key decision points as it readies for launching the company and product in 2012. The key questions relate to which applications to focus on and what target market(s) to focus on.
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