Harvard Case - 66Agency: Building an Influencer Marketing Firm
"66Agency: Building an Influencer Marketing Firm" Harvard business case study is written by Matthew Philp, Ali Tezer, Anne-Frederique Tremblay. It deals with the challenges in the field of Marketing. The case study is 9 page(s) long and it was first published on : Jul 9, 2019
At Fern Fort University, we recommend that 66Agency prioritize a strategic approach to growth by focusing on building a strong brand identity, diversifying its service offerings, and leveraging technology and data analytics to optimize its influencer marketing campaigns. This will involve a combination of internal development, strategic partnerships, and targeted expansion into new markets.
2. Background
66Agency is a young influencer marketing firm founded by two entrepreneurs, Emily and Alex, who saw an opportunity to leverage the growing power of social media influencers to reach target audiences. The agency has experienced rapid growth, securing contracts with several major brands and building a strong reputation in the industry. However, they face challenges related to scaling their operations, maintaining profitability, and navigating a competitive landscape.
The case study focuses on the agency's current situation, including its strengths (strong team, established client base), weaknesses (limited resources, lack of formal processes), opportunities (growing influencer marketing market, potential for new services), and threats (competition, evolving market trends).
3. Analysis of the Case Study
To analyze 66Agency's situation, we can employ several frameworks:
a) SWOT Analysis:
- Strengths: Strong team with expertise in influencer marketing, established client base, positive reputation, agile and responsive approach.
- Weaknesses: Limited resources, lack of formal processes and systems, potential for burnout among team members, reliance on a single revenue stream.
- Opportunities: Growing influencer marketing market, potential for new service offerings (e.g., content creation, social media strategy), expansion into new markets, partnerships with technology companies.
- Threats: Intense competition, evolving market trends, potential for influencer marketing fatigue, challenges in managing influencer relationships.
b) Porter's Five Forces:
- Threat of new entrants: High - the influencer marketing industry is relatively easy to enter, with low barriers to entry.
- Bargaining power of buyers: Moderate - clients have options and can switch agencies, but 66Agency's strong reputation provides some leverage.
- Bargaining power of suppliers: Moderate - influencers have some bargaining power, but agencies can leverage their expertise and client relationships.
- Threat of substitute products: Moderate - other marketing channels (e.g., traditional advertising, digital marketing) can compete with influencer marketing.
- Rivalry among existing competitors: High - the influencer marketing industry is highly competitive, with numerous agencies vying for clients.
c) Marketing Mix (4Ps):
- Product: 66Agency's core product is influencer marketing services, including campaign planning, influencer selection, content creation, and campaign management.
- Price: The agency currently uses a project-based pricing model, but could consider value-based pricing or subscription-based models.
- Place: 66Agency operates primarily online, but could explore partnerships with other agencies or platforms to expand its reach.
- Promotion: The agency relies on word-of-mouth and its online presence for promotion, but could invest in more targeted marketing efforts.
4. Recommendations
To address the challenges and capitalize on the opportunities, 66Agency should implement the following recommendations:
a) Build a Strong Brand Identity:
- Develop a clear and compelling brand message that differentiates 66Agency from its competitors.
- Invest in branding elements such as a logo, website, and marketing materials that reflect the agency's values and expertise.
- Build a strong online presence through social media, content marketing, and search engine optimization (SEO).
b) Diversify Service Offerings:
- Expand beyond traditional influencer marketing to offer complementary services such as content creation, social media strategy, and data analytics.
- Develop specialized packages tailored to specific industry verticals or client needs.
- Leverage technology and automation to streamline service delivery and improve efficiency.
c) Leverage Technology and Data Analytics:
- Invest in data analytics tools to track campaign performance, measure ROI, and optimize influencer selection.
- Utilize AI and machine learning to automate tasks, improve campaign efficiency, and personalize client experiences.
- Develop a data-driven approach to influencer marketing, leveraging insights to inform campaign strategies and optimize results.
d) Strategic Partnerships:
- Partner with technology companies to access cutting-edge tools and platforms.
- Collaborate with other agencies or industry experts to expand service offerings and reach new markets.
- Explore co-branding opportunities with complementary businesses to increase brand visibility and reach.
e) Expansion into New Markets:
- Identify new markets with high growth potential for influencer marketing.
- Conduct thorough market research to understand local trends, consumer behavior, and competitive landscape.
- Develop localized marketing strategies and partnerships to effectively reach target audiences.
f) Foster a Culture of Innovation:
- Encourage experimentation and continuous improvement within the agency.
- Invest in employee training and development to enhance skills and knowledge.
- Create a culture of collaboration and knowledge sharing to foster innovation.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: 66Agency's core competency lies in influencer marketing, and these recommendations build upon that expertise while expanding its service offerings.
- External customers and internal clients: The recommendations focus on meeting the needs of both external clients and internal team members, ensuring client satisfaction and employee engagement.
- Competitors: The recommendations aim to differentiate 66Agency from competitors by focusing on innovation, technology, and a data-driven approach.
- Attractiveness: The recommendations are expected to drive revenue growth, improve profitability, and enhance 66Agency's competitive advantage.
6. Conclusion
By implementing these recommendations, 66Agency can position itself for sustainable growth and success in the dynamic influencer marketing landscape. The agency's focus on building a strong brand identity, diversifying its service offerings, leveraging technology and data analytics, and forging strategic partnerships will enable it to navigate the challenges and capitalize on the opportunities presented by the evolving market.
7. Discussion
Other alternatives not selected include:
- Focusing solely on organic growth: This approach could limit 66Agency's growth potential, as it would require significant time and effort to attract new clients and expand its service offerings.
- Acquiring a competitor: This option could provide immediate access to new clients and markets, but it also carries significant risks, including integration challenges and cultural clashes.
Key assumptions of the recommendations include:
- The influencer marketing market will continue to grow and evolve.
- 66Agency can successfully implement the recommended strategies and adapt to changing market conditions.
- The agency will be able to attract and retain talented employees.
8. Next Steps
To implement the recommendations, 66Agency should take the following steps:
- Develop a detailed strategic plan: This plan should outline the specific goals, strategies, and timelines for implementing the recommendations.
- Secure funding: The agency may need to secure additional funding to support its growth initiatives, such as hiring new employees, investing in technology, and expanding into new markets.
- Build a strong team: 66Agency should invest in attracting and retaining top talent, including individuals with expertise in data analytics, technology, and content creation.
- Monitor and evaluate progress: The agency should regularly monitor the progress of its initiatives and make adjustments as needed to ensure success.
By taking these steps, 66Agency can establish itself as a leading influencer marketing firm and achieve sustainable growth in the years to come.
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Case Description
Six years after its inception, Montréal-based social media marketing agency OVRGRND started a sister company, 66Agency, to tackle the growing need for brands to use Instagram influencers for their marketing needs. The new 66Agency acted as a facilitator between brands and influencers. However, the demands of managing people-the brands on one side and the influencers on the other-had become a burden that was distracting the agency from its original intention, which was be a social media marketing company. In May 2018, the company was looking for a creative business plan that would allow it to facilitate interactions between brands and high-quality influencers quickly and efficiently, while still ensuring that all parties were happy.
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