Harvard Case - What3words: Positioning the Company for Growth
"What3words: Positioning the Company for Growth" Harvard business case study is written by J. Robert Mitchell, Ramasastry Chandrasekhar. It deals with the challenges in the field of International Business. The case study is 10 page(s) long and it was first published on : Mar 28, 2018
At Fern Fort University, we recommend that What3words adopt a multi-pronged growth strategy focused on leveraging its unique value proposition and expanding its global reach. This strategy will involve a combination of organic growth through strategic partnerships, targeted marketing, and product innovation, alongside inorganic growth through strategic acquisitions and expansion into new markets. This approach will allow What3words to capitalize on its existing strengths while mitigating potential risks associated with rapid expansion.
2. Background
What3words is a revolutionary geocoding system that assigns a unique three-word address to every 3-meter square on Earth. This innovative approach addresses the limitations of traditional address systems, particularly in areas with poor or nonexistent infrastructure. The company has garnered significant traction, partnering with major players like Uber, Ford, and the United Nations. However, What3words faces challenges in scaling its operations, managing its global expansion, and maintaining its competitive edge.
The main protagonists of the case study are:
- Chris Sheldrick: CEO and co-founder of What3words, responsible for the overall strategic direction of the company.
- David Smith: Head of Global Business Development, tasked with forging strategic partnerships and expanding into new markets.
- The What3words team: A dedicated team of engineers, marketers, and business development professionals working to implement the company's vision.
3. Analysis of the Case Study
To analyze What3words's current position and potential for growth, we can apply the Porter's Five Forces framework:
- Threat of New Entrants: The threat of new entrants is relatively low due to the significant investment required to develop and maintain a global geocoding system. However, existing players in the mapping and navigation industry could potentially develop similar solutions.
- Bargaining Power of Buyers: The bargaining power of buyers is moderate. While What3words offers a unique value proposition, its customers have options for alternative geocoding solutions, particularly in developed markets.
- Bargaining Power of Suppliers: The bargaining power of suppliers is low. What3words relies on readily available data and technology, with no single supplier holding significant leverage.
- Threat of Substitutes: The threat of substitutes is moderate. While What3words offers a unique approach, traditional address systems and other geocoding solutions remain viable alternatives in certain contexts.
- Competitive Rivalry: The competitive rivalry is increasing as new players enter the market and existing players expand their offerings. However, What3words's unique value proposition and strong brand recognition provide a competitive advantage.
4. Recommendations
1. Global Expansion through Strategic Partnerships:
- Focus on Emerging Markets: Leverage What3words's unique value proposition to address the challenges of traditional address systems in emerging markets. Partner with local governments, NGOs, and businesses to promote adoption and build a strong foundation for future growth.
- Strategic Alliances with Key Players: Partner with leading technology companies, logistics providers, and transportation networks to integrate What3words into their platforms and reach a wider audience.
- Develop Customized Solutions: Tailor What3words's technology to meet the specific needs of different industries and regions, enhancing its value proposition and expanding its market reach.
2. Product Innovation and Development:
- Enhance Functionality: Develop new features and functionalities to further improve the user experience and expand the applications of What3words. This could include integration with voice assistants, augmented reality, and other emerging technologies.
- Expand Data Coverage: Invest in expanding the data coverage of What3words to include more remote and challenging environments, such as dense urban areas or disaster zones.
- Develop New Applications: Explore new applications for What3words technology beyond its core geocoding function. This could include applications in disaster relief, logistics optimization, and environmental monitoring.
3. Targeted Marketing and Brand Management:
- Develop a Strong Brand Identity: Strengthen What3words's brand image through targeted marketing campaigns that highlight its value proposition and demonstrate its impact on various industries and communities.
- Leverage Content Marketing: Create informative content, case studies, and testimonials to educate potential customers about the benefits of What3words and its applications.
- Utilize Social Media and Digital Marketing: Leverage social media platforms and digital marketing channels to reach a wider audience, build brand awareness, and engage with potential customers.
4. Strategic Acquisitions and Mergers:
- Acquire Complementary Technologies: Explore strategic acquisitions of companies with complementary technologies that enhance What3words's offerings or expand its market reach. This could include companies specializing in location-based services, data analytics, or mapping software.
- Expand into New Markets: Consider mergers with companies operating in new markets that align with What3words's strategic objectives. This could involve acquiring local businesses with established networks and expertise in specific regions.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations leverage What3words's core competency in geocoding technology and align with its mission to provide a universal and accessible addressing system.
- External Customers and Internal Clients: The recommendations address the needs of both external customers, such as businesses and individuals, and internal clients, such as partners and stakeholders.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate What3words through its unique value proposition, global reach, and strategic partnerships.
- Attractiveness ' Quantitative Measures: While specific financial projections are not provided in the case study, the recommendations are expected to drive growth and profitability through increased market share, revenue generation, and cost optimization.
6. Conclusion
By adopting a multi-pronged growth strategy that combines organic and inorganic growth initiatives, What3words can effectively capitalize on its unique value proposition and expand its global reach. This strategy will enable the company to overcome its current challenges, maintain its competitive edge, and achieve sustainable growth in the long term.
7. Discussion
Alternatives not selected:
- Focusing solely on organic growth: While organic growth can be a sustainable approach, it may not be sufficient to achieve the desired level of growth in a competitive market.
- Aggressive acquisition strategy: While acquisitions can be a powerful tool for growth, they also carry significant risks, including integration challenges and potential dilution of the company's core competencies.
Risks and Key Assumptions:
- Market acceptance: The success of What3words depends on the widespread adoption of its technology by businesses and individuals.
- Competition: The emergence of new competitors or the development of similar solutions could pose a threat to What3words's market share.
- Integration challenges: Acquiring and integrating other companies can be complex and time-consuming, potentially disrupting operations and diverting resources.
Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| Strategic Partnerships | Increased market reach, access to new technologies, cost-effective expansion | Dependence on partners, potential conflicts of interest |
| Product Innovation | Differentiation, enhanced value proposition, increased customer satisfaction | High development costs, risk of market rejection |
| Targeted Marketing | Increased brand awareness, improved customer engagement, lead generation | High marketing costs, potential for ineffective campaigns |
| Strategic Acquisitions | Rapid market expansion, access to new markets and technologies | Integration challenges, high acquisition costs |
8. Next Steps
- Develop a detailed implementation plan: Define specific timelines, milestones, and resource allocation for each recommended initiative.
- Establish key performance indicators (KPIs): Identify metrics to track the progress and success of each initiative, such as market share, revenue growth, and customer satisfaction.
- Build a strong team: Recruit and retain talented professionals with expertise in international business, marketing, technology, and finance to support the implementation of the growth strategy.
- Continuously monitor and adapt: Regularly review the progress of the growth strategy and make adjustments as needed to address changing market conditions and emerging opportunities.
By taking these steps, What3words can position itself for continued growth and success in the global geocoding market.
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Case Description
In mid-2015, the founders of what3words, a technology start-up in London, England, were eager to position their company for growth. After having financed their two-year entrepreneurial journey with the help of angel investors, they were preparing to meet with a strategic investor to finance the next level of growth. The strategic investor needed to know that the founders had a clear path to profitability and a strategy for continued growth in order to secure long-term business potential. How could the founders create an action plan to move the start-up from surviving to thriving?
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