Harvard Case - Snap Inc.: Becoming a "Camera Company"
"Snap Inc.: Becoming a "Camera Company"" Harvard business case study is written by Neil Bendle, Ken Mark. It deals with the challenges in the field of Marketing. The case study is 8 page(s) long and it was first published on : Jun 3, 2019
At Fern Fort University, we recommend that Snap Inc. aggressively pursue its "Camera Company" vision by focusing on three key strategic pillars: 1) Expanding its camera platform with innovative features and AI integration, 2) Diversifying revenue streams through strategic partnerships and subscription models, and 3) Building a robust brand ecosystem that fosters user engagement and loyalty. This strategy aims to solidify Snap's position as a leader in the evolving visual communication landscape, drive sustainable growth, and overcome the challenges posed by its current business model.
2. Background
Snap Inc., the parent company of the popular social media app Snapchat, has faced significant challenges in recent years. Despite a large and engaged user base, particularly among younger demographics, the company has struggled to monetize its platform effectively. The case study highlights Snap's efforts to transition from a social media company to a 'Camera Company,' focusing on developing innovative camera technologies and expanding its product offerings beyond its core messaging app.
The main protagonists of the case study are Evan Spiegel, Snap's CEO, and the company's leadership team, who are grappling with the need to adapt their business model to a rapidly changing digital landscape. The case study explores their efforts to capitalize on the growing trend of visual communication and the potential of augmented reality (AR) technology.
3. Analysis of the Case Study
To analyze Snap's situation, we can utilize a framework combining SWOT analysis and Porter's Five Forces to understand the company's internal capabilities and the external competitive landscape.
SWOT Analysis:
- Strengths:
- Strong brand recognition and user engagement, particularly among younger demographics.
- Innovative camera technology and AR capabilities.
- Strong focus on mobile-first experiences.
- Large and active user base.
- Weaknesses:
- Limited monetization strategies beyond advertising.
- Dependence on a single platform (Snapchat).
- Competition from established social media giants like Facebook and Instagram.
- Concerns about user privacy and data security.
- Opportunities:
- Growing demand for visual communication and AR experiences.
- Potential to expand into new markets and demographics.
- Partnerships with other companies to leverage technology and reach.
- Development of new revenue streams beyond advertising.
- Threats:
- Increasing competition from social media platforms with similar features.
- Regulatory scrutiny and concerns about data privacy.
- Shifts in user behavior and preferences.
- Economic downturns impacting advertising spending.
Porter's Five Forces:
- Threat of new entrants: High, due to the low barriers to entry in the social media space.
- Bargaining power of buyers: Moderate, as users have many alternative platforms to choose from.
- Bargaining power of suppliers: Low, as Snap relies on a wide range of technology providers.
- Threat of substitute products: High, as users can easily switch to other social media platforms or communication tools.
- Rivalry among existing competitors: Very high, due to the intense competition within the social media industry.
This analysis highlights the significant challenges Snap faces in its quest to become a 'Camera Company.' The company needs to overcome its dependence on advertising revenue, diversify its product offerings, and differentiate itself from its competitors in a crowded market.
4. Recommendations
To achieve sustainable growth and solidify its position as a leader in the visual communication space, Snap Inc. should implement the following recommendations:
1. Expanding the Camera Platform:
- Focus on innovation: Develop new and engaging camera features, leveraging AI and machine learning for enhanced user experiences.
- Augmented Reality (AR) integration: Invest heavily in AR technology to create immersive and interactive experiences for users.
- Open platform strategy: Partner with developers and creators to build a vibrant ecosystem of AR experiences and applications.
2. Diversifying Revenue Streams:
- Subscription models: Introduce premium features and content accessible through paid subscriptions.
- Strategic partnerships: Collaborate with brands and businesses to develop AR-based marketing campaigns and experiences.
- E-commerce integration: Enable users to purchase products directly within the app through AR-powered try-on features.
3. Building a Robust Brand Ecosystem:
- Content creation and distribution: Develop original content and partner with creators to produce engaging visual experiences.
- Community building: Foster a strong sense of community through interactive features and events.
- Brand storytelling: Communicate Snap's vision and values through compelling marketing campaigns and brand activations.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Snap's core competency lies in its camera technology and its understanding of user behavior. The recommendations align with the company's mission to empower people to express themselves creatively and connect with the world.
- External customers and internal clients: The recommendations cater to the needs of both users and advertisers, offering engaging experiences and new opportunities for brand engagement.
- Competitors: The recommendations differentiate Snap from its competitors by focusing on innovation, AR technology, and a strong brand ecosystem.
- Attractiveness ' quantitative measures if applicable: While it's difficult to quantify the impact of these recommendations in the short term, they are likely to drive long-term growth and profitability by expanding Snap's user base, increasing engagement, and diversifying revenue streams.
6. Conclusion
Snap Inc. has a unique opportunity to become a leader in the evolving visual communication landscape. By focusing on innovation, diversification, and brand building, the company can overcome its current challenges and achieve sustainable growth. The recommendations outlined in this case study provide a roadmap for Snap to capitalize on the growing demand for AR experiences and solidify its position as a 'Camera Company.'
7. Discussion
Alternative strategies could include focusing solely on advertising revenue or pursuing acquisitions to expand into new markets. However, these options carry significant risks, such as dependence on a single revenue stream or integration challenges.
Key assumptions include the continued growth of the AR market, the ability to attract and retain users with innovative features, and the success of partnerships with brands and developers.
8. Next Steps
To implement these recommendations, Snap Inc. should take the following steps:
- Phase 1 (Short-term): Develop and launch new camera features and AR experiences, explore subscription models, and initiate partnerships with key brands.
- Phase 2 (Mid-term): Expand into new markets and demographics, invest in content creation and community building, and build a robust brand ecosystem.
- Phase 3 (Long-term): Continue to innovate and push the boundaries of AR technology, develop new revenue streams, and solidify Snap's position as a leader in the visual communication space.
By taking these steps, Snap Inc. can successfully navigate the evolving digital landscape and achieve its vision of becoming a 'Camera Company.'
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Case Description
In March 2018, Snap Inc. (Snap), based in Venice, California, and commonly known as Snapchat for its application that allowed users to send photos that disappeared, was looking for ways to grow its user base in the competitive social media platform industry and to differentiate itself from the other major platforms. To do this, it was trying to position itself as a "camera" company and to become relevant to a larger target market: adults aged 25 and older, a demographic that seemed already well-served by current social media platform options.
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