Harvard Case - Online Marketing at Big Skinny
"Online Marketing at Big Skinny" Harvard business case study is written by Benjamin Edelman, Scott Duke Kominers. It deals with the challenges in the field of Information Technology. The case study is 13 page(s) long and it was first published on : Feb 8, 2011
At Fern Fort University, we recommend Big Skinny implement a comprehensive digital marketing strategy focused on leveraging data analytics, optimizing online channels, and building a strong brand presence. This strategy will involve a combination of paid advertising, content marketing, social media engagement, email marketing, and search engine optimization (SEO) to drive website traffic, generate leads, and ultimately boost sales.
2. Background
Big Skinny, a manufacturer of slim wallets, faced the challenge of transitioning from a successful brick-and-mortar business to a thriving online presence. The company had limited marketing experience and relied heavily on word-of-mouth referrals. This case study highlights the critical need for a structured approach to online marketing to achieve sustainable growth.
The main protagonists in this case are:
- David and John: The founders of Big Skinny, responsible for product development and overall business strategy.
- Marketing team: A small team tasked with developing and executing marketing campaigns.
- Customers: The target audience for Big Skinny products, primarily men seeking slim and durable wallets.
3. Analysis of the Case Study
This case study can be analyzed through the lens of the Marketing Mix (4Ps) framework:
Product: Big Skinny offers a unique product with a clear value proposition: slim, durable wallets. The company needs to leverage this unique selling proposition in its marketing efforts.
Price: Big Skinny's pricing strategy is competitive, but it needs to be strategically adjusted based on online market dynamics and customer expectations.
Place: The primary 'place' for Big Skinny is its online store. The company needs to optimize its website for user experience and ensure seamless online ordering.
Promotion: This is where Big Skinny needs to focus its efforts. The company needs to develop a comprehensive digital marketing strategy to reach its target audience effectively.
Key Findings:
- Lack of a defined marketing strategy: Big Skinny's marketing efforts were fragmented and lacked a clear vision.
- Limited online presence: The company relied heavily on word-of-mouth referrals and had a limited online presence.
- Ineffective use of data: Big Skinny was not leveraging data analytics to understand customer behavior and optimize marketing campaigns.
- Limited budget: The company had a limited budget for marketing, which restricted its ability to explore various channels.
4. Recommendations
1. Develop a Comprehensive Digital Marketing Strategy:
- Define target audience: Conduct thorough market research to identify and segment the target audience, focusing on their online behavior and preferences.
- Set clear marketing objectives: Establish measurable goals for website traffic, lead generation, and sales growth.
- Allocate budget strategically: Prioritize marketing channels based on their potential return on investment (ROI).
- Develop a content calendar: Create a consistent schedule for publishing engaging content across various platforms.
2. Leverage Data Analytics for Optimization:
- Track website traffic and user behavior: Use Google Analytics and other tools to monitor website performance and identify areas for improvement.
- Analyze customer data: Collect and analyze customer data to understand their preferences, purchase patterns, and engagement levels.
- Optimize marketing campaigns: Use data insights to refine ad targeting, personalize content, and improve campaign effectiveness.
3. Optimize Online Channels:
- Website: Enhance website design, navigation, and user experience to improve conversion rates.
- Search Engine Optimization (SEO): Implement SEO best practices to improve website ranking in search engine results pages (SERPs).
- Paid Advertising: Utilize platforms like Google Ads and social media advertising to reach a wider audience.
- Social Media Marketing: Develop a strong social media presence on relevant platforms and engage with followers.
- Email Marketing: Build an email list and use it to nurture leads, promote products, and share valuable content.
4. Build a Strong Brand Presence:
- Develop a consistent brand identity: Create a clear and memorable brand message across all channels.
- Engage with customers: Respond to inquiries, address concerns, and build relationships with customers.
- Foster a sense of community: Encourage customer engagement through contests, giveaways, and online forums.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with Big Skinny's core competency in manufacturing high-quality wallets and its mission to provide customers with a superior product.
- External customers and internal clients: The recommendations are designed to attract and engage external customers while empowering the internal marketing team to execute the strategy effectively.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate Big Skinny from its rivals.
- Attractiveness: The recommendations are expected to drive significant ROI through increased website traffic, lead generation, and sales growth.
6. Conclusion
By implementing a comprehensive digital marketing strategy, Big Skinny can effectively leverage the power of the internet to reach a wider audience, build brand awareness, and drive sustainable growth. The company's success will depend on its ability to adapt to the evolving online landscape and continuously optimize its marketing efforts based on data insights.
7. Discussion
Alternatives:
- Focus solely on paid advertising: This approach could be costly and may not be sustainable in the long run.
- Rely on organic growth: This approach may be slow and may not be effective in a competitive market.
Risks:
- Limited budget: The company may face challenges in allocating sufficient resources to implement the recommended strategy.
- Competition: The online wallet market is competitive, and Big Skinny may face challenges in standing out from the crowd.
- Changing consumer behavior: The online landscape is constantly evolving, and the company needs to adapt to changing consumer preferences.
Key Assumptions:
- The company is committed to investing in digital marketing.
- The marketing team has the skills and resources to execute the strategy effectively.
- The company will be able to adapt to changes in the online landscape.
8. Next Steps
Timeline:
- Month 1: Conduct market research, define target audience, and set marketing objectives.
- Month 2: Develop website and SEO strategy, implement Google Analytics, and set up social media accounts.
- Month 3: Launch paid advertising campaigns, create content calendar, and begin email marketing.
- Month 4: Monitor campaign performance, analyze data, and make adjustments as needed.
- Month 6: Evaluate overall strategy, refine tactics, and continue to optimize for growth.
Key Milestones:
- Increase website traffic by 20% within 6 months.
- Generate 1000 new leads within 6 months.
- Increase sales by 15% within 12 months.
By following these recommendations, Big Skinny can successfully navigate the digital landscape and achieve its growth objectives.
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Case Description
This case describes a wallet maker's application of seven Internet marketing technologies: display ads, algorithmic search, sponsored search, social media, interactive content, online distributors, and A/B testing. It provides concise introductions to the key features of each technology, and asks which forms of online marketing the company should prioritize in the future. Also discusses similarities and differences between online and offline marketing, as well as issues of marketing campaign evaluation.
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