Harvard Case - Closing the Sale: How Can Hair Club Grow Its Business?
"Closing the Sale: How Can Hair Club Grow Its Business?" Harvard business case study is written by Michael Brown. It deals with the challenges in the field of Marketing. The case study is 17 page(s) long and it was first published on : Nov 20, 2018
At Fern Fort University, we recommend Hair Club implement a multi-pronged growth strategy focusing on digital marketing, product innovation, and strategic partnerships. This approach will leverage Hair Club's existing brand recognition and expertise to attract new customer segments, expand into new markets, and solidify its position as a leader in the hair restoration industry.
2. Background
Hair Club is a leading provider of hair restoration services and products. Founded in 1976, the company has built a strong brand reputation based on its expertise and commitment to customer satisfaction. However, Hair Club faces challenges in a competitive market with evolving consumer preferences and technological advancements. The case study highlights the need for Hair Club to adapt its business model to remain relevant and achieve sustained growth.
The main protagonists of the case study are the Hair Club executives tasked with developing a strategy to address the company's growth challenges. They are faced with the need to attract new customers, expand into new markets, and develop innovative products and services to stay ahead of the competition.
3. Analysis of the Case Study
To analyze Hair Club's situation, we employ a SWOT analysis to identify internal strengths and weaknesses, and external opportunities and threats:
Strengths:
- Strong brand recognition: Hair Club has a well-established brand name and reputation for quality and expertise.
- Experienced team: Hair Club has a team of experienced professionals in hair restoration.
- Established customer base: Hair Club has a loyal customer base and a strong track record of successful treatments.
- Multiple service offerings: Hair Club provides a range of hair restoration services, catering to diverse needs.
Weaknesses:
- High pricing: Hair Club's services are relatively expensive compared to competitors.
- Limited digital presence: Hair Club's online presence is not as strong as some competitors.
- Lack of innovation: Hair Club has been slow to adopt new technologies and innovations in the hair restoration industry.
- Reliance on traditional marketing: Hair Club relies heavily on traditional marketing channels, which are becoming less effective.
Opportunities:
- Growing market: The hair restoration market is growing globally, driven by increasing awareness and acceptance of hair loss solutions.
- Technological advancements: New technologies are emerging in hair restoration, offering opportunities for innovation and product development.
- Digital marketing: Digital marketing channels offer a cost-effective way to reach new customers and build brand awareness.
- Expansion into new markets: Hair Club can expand its reach into new geographic markets and customer segments.
Threats:
- Increased competition: The hair restoration market is becoming increasingly competitive, with new entrants and established players vying for market share.
- Economic downturn: Economic downturns can impact consumer spending on non-essential services like hair restoration.
- Technological disruption: New technologies could disrupt the hair restoration industry, making existing services obsolete.
- Negative public perception: Negative publicity or customer experiences can damage Hair Club's brand reputation.
4. Recommendations
To address the challenges and capitalize on opportunities, Hair Club should implement the following recommendations:
1. Digital Marketing Transformation:
- Develop a comprehensive digital marketing strategy: This should include a strong website, social media presence, search engine optimization (SEO), and paid advertising campaigns.
- Leverage influencer marketing: Partner with relevant influencers in the beauty and wellness space to reach new audiences.
- Implement a content marketing strategy: Create valuable content like blog posts, videos, and infographics to educate potential customers and build brand authority.
- Develop a mobile-first approach: Optimize all digital assets for mobile devices to cater to the increasing use of smartphones and tablets.
2. Product Innovation and Expansion:
- Invest in research and development: Explore new technologies and innovations in hair restoration, such as non-invasive treatments, hair cloning, and advanced hairpieces.
- Develop new product lines: Expand product offerings to include affordable and accessible solutions, such as hair growth supplements, scalp care products, and hair styling tools.
- Partner with technology companies: Collaborate with technology companies to develop innovative solutions and integrate technology into existing services.
3. Strategic Partnerships:
- Collaborate with healthcare providers: Partner with dermatologists, trichologists, and other healthcare professionals to expand reach and credibility.
- Form strategic alliances with retailers: Partner with retailers to expand distribution channels and reach new customer segments.
- Explore joint ventures: Consider joint ventures with companies in related industries, such as beauty and wellness, to leverage complementary expertise and resources.
4. Pricing Strategy:
- Offer tiered pricing options: Introduce different pricing tiers to cater to diverse budgets and needs.
- Develop subscription models: Offer subscription-based services to provide customers with ongoing access to hair restoration treatments.
- Promote value-added packages: Bundle services and products to create attractive packages and increase customer value.
5. Customer Relationship Management:
- Implement a robust CRM system: Track customer interactions, preferences, and purchase history to personalize communications and enhance customer experience.
- Develop loyalty programs: Reward loyal customers with exclusive discounts, offers, and personalized services.
- Provide exceptional customer service: Train staff to provide personalized and empathetic service to build customer trust and loyalty.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with Hair Club's core competencies in hair restoration and its mission to provide customers with solutions for hair loss.
- External customers and internal clients: The recommendations address the needs of both external customers seeking hair restoration solutions and internal clients, such as Hair Club employees and franchise owners.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate Hair Club from competitors by leveraging innovation, digital marketing, and strategic partnerships.
- Attractiveness: The recommendations are expected to be attractive based on their potential to increase revenue, market share, and customer satisfaction.
6. Conclusion
By implementing these recommendations, Hair Club can achieve sustainable growth by attracting new customers, expanding into new markets, and solidifying its position as a leader in the hair restoration industry. The company's focus on digital marketing, product innovation, and strategic partnerships will enable it to adapt to evolving consumer preferences, leverage technological advancements, and remain competitive in a rapidly changing market.
7. Discussion
Other alternatives not selected include:
- Merging with a competitor: This could provide access to new markets and resources but risks diluting Hair Club's brand identity.
- Focusing solely on traditional marketing: This would be less effective in reaching new customers and could lead to declining market share.
- Ignoring technological advancements: This would put Hair Club at a disadvantage in a rapidly evolving industry.
Key risks associated with the recommendations include:
- High initial investment: Implementing the recommendations will require significant investment in digital marketing, product development, and strategic partnerships.
- Competition: Hair Club will face intense competition from established players and new entrants in the market.
- Technological disruption: New technologies could disrupt the hair restoration industry, rendering existing services obsolete.
Key assumptions include:
- Consumer demand for hair restoration services will continue to grow.
- Technological advancements in hair restoration will continue to emerge.
- Hair Club will be able to effectively implement its digital marketing and product innovation strategies.
8. Next Steps
To implement the recommendations, Hair Club should establish a timeline with key milestones:
- Year 1: Develop a comprehensive digital marketing strategy, launch a new product line, and establish strategic partnerships.
- Year 2: Expand digital marketing efforts, invest in research and development, and explore new market opportunities.
- Year 3: Optimize digital marketing campaigns, launch innovative products, and solidify strategic partnerships.
By focusing on these key milestones, Hair Club can achieve its growth objectives and secure its future in the hair restoration industry.
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Case Description
In 2016, the hair-loss solutions company Hair Club conducted a review of its business practices and identified issues with its sales operations. Although Hair Club had some very satisfied customers, it struggled to convert potential customers into regular, paying clients resulting in a loss of revenue. To address the issues identified in the review, Hair Club hired Marcus Wright, a sales professional in the healthcare and beauty industries, as its vice president of sales operations. He was tasked with analyzing Hair Club's sales process to determine how the company can turn more potential customers into paying clients who will also refer their friends and family. Wright and Hair Club considered how to improve the quality and number of potential clients who set up a meeting with a consultant and how to modify the consultation process and follow-up to increase Hair Club's sales.
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