Harvard Case - The Cheezburger Network
"The Cheezburger Network" Harvard business case study is written by John Deighton, Leora Kornfeld. It deals with the challenges in the field of Marketing. The case study is 16 page(s) long and it was first published on : Feb 17, 2011
At Fern Fort University, we recommend that The Cheezburger Network (TCN) adopt a multifaceted growth strategy focused on diversifying revenue streams, expanding its global reach, and leveraging its strong brand equity to enter new markets. This strategy involves a combination of organic growth initiatives, strategic acquisitions, and a careful approach to brand extension. By carefully navigating these opportunities, TCN can achieve sustainable growth and maintain its position as a leading online entertainment platform.
2. Background
The Cheezburger Network, founded in 2007, rose to prominence through its popular website I Can Has Cheezburger' and its iconic LOLcat images. The company capitalized on the emerging trend of user-generated content and built a loyal following by providing humorous and relatable content. However, by 2011, TCN faced challenges in maintaining its growth trajectory and diversifying its revenue streams. The case study explores the company's options for future growth and its ability to navigate the evolving online media landscape.
The main protagonists of the case study are Ben Huh, the founder and CEO of TCN, and the company's leadership team. They are tasked with developing a strategy to address the company's challenges and ensure its long-term success.
3. Analysis of the Case Study
To analyze TCN's situation, we can utilize the SWOT framework:
Strengths:
- Strong Brand Equity: TCN enjoys a strong brand recognition and a loyal following built on humor and user-generated content.
- Large and Engaged Audience: The company boasts a substantial user base across its various platforms, providing a significant reach for marketing and advertising.
- Innovation in Content: TCN has consistently created new and engaging content formats, showcasing its ability to adapt to evolving trends.
- Digital Expertise: The company has a strong understanding of the digital landscape and possesses the technical capabilities to manage its online platforms effectively.
Weaknesses:
- Limited Revenue Streams: TCN's reliance on advertising revenue makes it vulnerable to fluctuations in the market.
- Lack of Diversification: The company's focus on humor-based content limits its potential to expand into other niches.
- Competition from Established Players: TCN faces stiff competition from established players in the online entertainment space.
- Dependence on User-Generated Content: TCN's reliance on user-generated content can lead to inconsistencies in quality and potential legal issues.
Opportunities:
- Expansion into New Markets: TCN can leverage its brand equity to expand into new markets, including emerging economies.
- Diversification of Revenue Streams: The company can explore new revenue models, such as subscriptions, merchandise, and licensing.
- Strategic Acquisitions: TCN can acquire complementary businesses to enhance its content offerings and expand its reach.
- Leveraging Social Media: The company can further capitalize on its strong social media presence to engage with its audience and promote its content.
Threats:
- Changing Consumer Preferences: The online entertainment landscape is constantly evolving, and TCN needs to adapt to changing consumer preferences.
- Competition from New Entrants: The emergence of new players in the online entertainment space poses a threat to TCN's market share.
- Technological Advancements: Rapid technological advancements could disrupt TCN's business model and require significant investments to stay competitive.
- Regulatory Changes: Changes in regulations related to online content and data privacy could impact TCN's operations.
4. Recommendations
TCN should pursue a multi-pronged growth strategy that addresses its weaknesses and leverages its strengths and opportunities. This strategy should include the following key elements:
1. Diversify Revenue Streams:
- Subscription Model: Introduce a premium subscription service offering exclusive content, ad-free browsing, and other perks.
- Merchandise: Develop and sell branded merchandise, such as apparel, accessories, and home goods.
- Licensing: Explore licensing opportunities for its content and brand to other companies, including media outlets, advertisers, and retailers.
- Partnerships: Collaborate with other businesses to offer co-branded products and services.
2. Expand Global Reach:
- Localize Content: Translate and adapt its content to resonate with audiences in different regions.
- Target Specific Markets: Identify and target specific markets with high growth potential, such as emerging economies.
- Develop International Partnerships: Partner with local companies to leverage their expertise and networks.
3. Strategic Acquisitions:
- Acquire Complementary Businesses: Identify and acquire companies that offer complementary content, technology, or distribution channels.
- Expand into New Niches: Acquire businesses that operate in new niches, such as gaming, music, or education.
4. Leverage Brand Equity:
- Brand Extensions: Explore opportunities to extend the Cheezburger brand into new product categories, such as mobile apps, video games, and physical events.
- Content Partnerships: Partner with other content creators to leverage their audiences and expand TCN's reach.
- Influencer Marketing: Collaborate with relevant influencers to promote TCN's content and brand.
5. Invest in Technology and Analytics:
- Improve Data Collection and Analysis: Invest in tools and technologies to collect and analyze user data to better understand consumer behavior and preferences.
- Personalize Content: Utilize data-driven insights to personalize content recommendations and improve user experience.
- Optimize Marketing Campaigns: Leverage data analytics to optimize marketing campaigns and increase ROI.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of TCN's strengths, weaknesses, opportunities, and threats. They align with the company's core competencies, including its expertise in digital media, its understanding of user-generated content, and its ability to create engaging and humorous content. The recommendations also consider the needs of TCN's external customers, who seek entertaining and relatable content, and its internal clients, who require a sustainable business model to support the company's growth.
Furthermore, the recommendations are designed to address the competitive landscape by diversifying TCN's revenue streams, expanding its global reach, and leveraging its brand equity to enter new markets. The attractiveness of these recommendations is supported by the potential for increased revenue, market share, and brand value.
6. Conclusion
The Cheezburger Network has the potential to achieve sustainable growth and maintain its position as a leading online entertainment platform. By adopting a multifaceted growth strategy that includes diversifying revenue streams, expanding its global reach, and leveraging its strong brand equity, TCN can navigate the evolving online media landscape and achieve its long-term goals.
7. Discussion
Alternative approaches to growth include focusing solely on organic growth through content creation and social media marketing, or pursuing a more aggressive acquisition strategy. However, these options carry higher risks and may not be as effective in achieving long-term sustainability.
Key assumptions underlying these recommendations include the continued growth of the online entertainment market, the ability of TCN to successfully execute its growth strategy, and the availability of suitable acquisition targets.
8. Next Steps
To implement these recommendations, TCN should take the following steps:
- Develop a detailed strategic plan: Define specific goals, timelines, and resource allocation for each element of the growth strategy.
- Conduct market research: Gather data on target markets, consumer preferences, and competitive landscape to inform decision-making.
- Build a strong team: Recruit and develop talent with expertise in digital marketing, content creation, international business, and strategic acquisitions.
- Invest in technology and analytics: Acquire and implement tools and technologies to support data-driven decision-making and personalized content delivery.
- Monitor progress and adjust strategy: Regularly track key performance indicators and make necessary adjustments to the growth strategy based on market conditions and business performance.
By taking these steps, The Cheezburger Network can position itself for continued success in the dynamic and evolving online entertainment landscape.
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Case Description
Cheezburger Network was a Web publisher of humorous, user-contributed content, using social media for dissemination, and selling advertising against the traffic of 1 billion page views per quarter. In January 2011, it raised $30 million in venture capital for the network of 50 websites that featured an entertaining array of user-generated content. Beginning with a site based on pictures of cats with whimsical captions, it had grown into a small but impressive digital empire, riding waves of viral content. CEO Ben Huh prided himself on his ability to go from idea to implementation in just a few days, but this just-in-time method made strategic planning difficult. Profitable from day one and with $5 million of revenue across 50 brand identities, Huh's challenge was to evaluate his growth to date, to look critically at the digital media landscape, and to figure out how to best to spend the $30 million.
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