Harvard Case - Saregama India Ltd.: Repositioning the Value Proposition
"Saregama India Ltd.: Repositioning the Value Proposition" Harvard business case study is written by Rituparna Basu, Neena Sondhi. It deals with the challenges in the field of Marketing. The case study is 18 page(s) long and it was first published on : Oct 31, 2019
At Fern Fort University, we recommend Saregama India Ltd. adopt a comprehensive repositioning strategy focused on leveraging its rich legacy and expanding its digital presence to capture a wider audience. This involves a multi-pronged approach encompassing brand revitalization, product diversification, strategic partnerships, and a robust digital marketing strategy.
2. Background
Saregama India Ltd., a prominent Indian music company with a history spanning over a century, faces a challenging landscape. The company's core business, music recordings and distribution, is being disrupted by the rise of digital music platforms and changing consumer preferences. Saregama's iconic 'Carvaan' portable music player, while successful, has limited appeal to younger demographics. The case study highlights the need for Saregama to adapt and evolve its value proposition to remain relevant in the evolving music industry.
The main protagonists in the case study are:
- Saregama India Ltd.: A company with a rich history and a strong brand legacy but facing challenges in adapting to the digital age.
- Mr. Vikram Mehra: The Managing Director of Saregama, tasked with leading the company's transformation and navigating its future.
- The Indian Music Industry: A dynamic and competitive market with rapidly evolving consumer preferences and technology disruptions.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong brand legacy: Saregama enjoys a strong brand recognition and trust among older generations.
- Vast music catalog: The company possesses a vast library of classic and contemporary music, providing a rich source of content.
- Established distribution network: Saregama has a well-established distribution network for physical music products.
- Innovation: The company has demonstrated innovation with the Carvaan product, showcasing its ability to adapt to changing consumer needs.
Weaknesses:
- Limited digital presence: Saregama lags behind in digital music distribution and online engagement.
- Limited appeal to younger demographics: The company's current offerings struggle to attract younger audiences.
- Dependence on physical music sales: Saregama's revenue remains heavily reliant on physical music sales, which are declining.
- Lack of diversified product portfolio: The company's product portfolio is limited, primarily focusing on music.
Opportunities:
- Growing digital music market: The Indian digital music market is expanding rapidly, presenting significant growth opportunities.
- Emerging technologies: Saregama can leverage emerging technologies like AI and machine learning to enhance its offerings and personalize customer experiences.
- Strategic partnerships: Collaborating with other companies in the entertainment industry can expand reach and create new revenue streams.
- Global expansion: Saregama can explore international markets to diversify its revenue sources.
Threats:
- Competition from global streaming platforms: Saregama faces intense competition from global giants like Spotify and Apple Music.
- Piracy: Illegal music downloads and streaming pose a significant threat to revenue.
- Changing consumer preferences: Younger generations are increasingly consuming music through digital platforms and are less inclined towards physical formats.
- Technological disruptions: Rapid advancements in technology could render existing products obsolete.
Competitive Analysis:
Saregama faces competition from various players, including:
- Global Streaming Platforms: Spotify, Apple Music, Amazon Music, etc.
- Local Music Streaming Services: Gaana, JioSaavn, Wynk Music, etc.
- Physical Music Retailers: Local music stores and online retailers like Amazon.
- Independent Artists: Direct-to-consumer music distribution through platforms like YouTube and SoundCloud.
Consumer Behavior Analysis:
Saregama needs to understand the evolving consumer behavior in the music industry. This includes:
- Shifting preferences: Younger generations are more likely to stream music online and are less inclined towards physical formats.
- Personalized experiences: Consumers are increasingly demanding personalized music recommendations and curated playlists.
- Convenience and accessibility: Consumers expect easy access to music across multiple devices and platforms.
Product Lifecycle Management:
Saregama needs to consider the lifecycle of its products, particularly the Carvaan. While the product has been successful, it is approaching maturity. The company needs to develop new products and services to cater to different segments and maintain its market share.
Value Proposition Development:
Saregama needs to refine its value proposition to resonate with a wider audience. This can be achieved by focusing on:
- Nostalgia and heritage: Leveraging its rich history and vast music catalog to appeal to older generations.
- Digital accessibility: Offering a seamless digital music experience across multiple platforms.
- Personalized content: Providing curated playlists and recommendations tailored to individual preferences.
- Innovation: Developing new products and services that leverage emerging technologies and cater to evolving consumer needs.
4. Recommendations
1. Brand Revitalization:
- Reposition the brand: Saregama needs to reposition its brand to appeal to a wider audience, including younger demographics. This can be achieved by emphasizing its heritage, innovation, and commitment to providing a diverse and engaging music experience.
- Modernize branding: Update the company's visual identity, logo, and marketing materials to reflect its renewed focus on digital and innovation.
- Leverage brand ambassadors: Partner with popular artists and influencers to connect with younger audiences and promote the brand's new offerings.
2. Product Diversification:
- Expand digital music offerings: Develop a robust digital music streaming service with a focus on personalized content, curated playlists, and exclusive content.
- Develop new products: Explore new product categories beyond music, such as audio devices, smart speakers, and interactive music experiences.
- Leverage emerging technologies: Integrate AI and machine learning to enhance the user experience, personalize recommendations, and create new product features.
3. Strategic Partnerships:
- Collaborate with streaming platforms: Partner with global and local streaming platforms to expand reach and offer a broader music catalog.
- Form alliances with entertainment companies: Collaborate with film studios, television networks, and other entertainment companies to cross-promote content and create new revenue streams.
- Develop co-branded products: Partner with technology companies to develop co-branded devices and services that leverage Saregama's music catalog.
4. Robust Digital Marketing Strategy:
- Build a strong online presence: Develop a comprehensive website, social media presence, and mobile app to engage with consumers and promote digital music offerings.
- Targeted advertising: Utilize digital advertising platforms to reach specific target markets and promote new products and services.
- Content marketing: Create engaging content, including blog posts, videos, and podcasts, to showcase Saregama's music catalog and brand values.
- Social media marketing: Leverage social media platforms to connect with consumers, build community, and drive engagement.
- Influencer marketing: Partner with relevant influencers to promote Saregama's offerings and reach new audiences.
- Data-driven marketing: Utilize analytics to track campaign performance, understand consumer behavior, and optimize marketing strategies.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with Saregama's core competencies in music and its mission to provide engaging and diverse music experiences.
- External customers and internal clients: The recommendations address the needs of both existing and potential customers, as well as internal stakeholders.
- Competitors: The recommendations aim to position Saregama competitively in the evolving music industry by leveraging its strengths and addressing its weaknesses.
- Attractiveness: The recommendations are expected to drive revenue growth, improve profitability, and enhance brand equity, ultimately contributing to Saregama's long-term success.
6. Conclusion
Saregama India Ltd. has a unique opportunity to leverage its rich legacy and adapt to the changing music landscape. By embracing a comprehensive repositioning strategy focused on digital innovation, strategic partnerships, and a robust marketing approach, the company can capture a wider audience, expand its revenue streams, and secure a strong position in the future of music.
7. Discussion
Alternatives not selected:
- Focusing solely on physical music: This approach would be unsustainable in the long run due to the declining popularity of physical formats.
- Acquiring a digital music streaming service: This would be a costly and risky strategy, and Saregama may lack the expertise to manage a digital music platform effectively.
- Exiting the music industry: This would be a drastic measure and would not leverage the company's valuable assets and brand legacy.
Risks and key assumptions:
- Market acceptance: There is a risk that the new products and services may not be well-received by consumers.
- Competition: The music industry is highly competitive, and Saregama may face challenges from established players.
- Technological advancements: Rapid technological advancements could render existing products and services obsolete.
Options Grid:
| Option | Strengths | Weaknesses | Risks |
|---|---|---|---|
| Brand Revitalization | Leverages brand legacy, attracts new audiences | Requires significant investment | May not be successful in attracting younger demographics |
| Product Diversification | Expands product portfolio, caters to diverse needs | Requires significant investment and development | May not be successful in developing new products |
| Strategic Partnerships | Expands reach, creates new revenue streams | Requires careful selection of partners | May lead to loss of control over brand |
| Digital Marketing Strategy | Reaches wider audience, builds brand awareness | Requires expertise and investment | May not be effective in reaching target markets |
8. Next Steps
Timeline with key milestones:
- Year 1: Develop a comprehensive repositioning strategy, launch a digital music streaming service, and implement a digital marketing campaign.
- Year 2: Introduce new products and services, expand strategic partnerships, and refine the digital marketing strategy.
- Year 3: Evaluate the success of the repositioning strategy, adjust the strategy as needed, and continue to invest in innovation and digital growth.
By taking these steps, Saregama can successfully navigate the evolving music industry, secure a strong position in the digital age, and continue to provide engaging and diverse music experiences for generations to come.
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Case Description
Saregama India Limited (Saregama), a 117-year-old music company, was on a growth trajectory. Its third-quarter financial results in 2017-2018 had shown unprecedented growth. Over the previous three years, Saregama had converted its conventional copyrighted music into high-quality digital formats and made a rare stretch from the business-to-business (B2B) to business-to-consumer (B2C) market. The company had added new intellectual properties (IP) in audio and video. Then in 2017, Saregama launched Carvaan, a portable music player with 5,000 evergreen songs. Cleverly created to meet the needs of its older target audience, the Carvaan was largely responsible for the company's turnaround. Saregama's goal was to be a ₹20 billion IP content company in the next five years. To make that happen in the context of rapidly evolving technologies and consumer trends, the company needed sharply defined short- and long-term strategies that addressed content acquisition, its success with Carvaan, and its pursuit of B2B and B2C markets.
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