Harvard Case - Obsidian: Product or Platform?
"Obsidian: Product or Platform?" Harvard business case study is written by Karim R. Lakhani, Kerry Herman, Julia Kelley. It deals with the challenges in the field of Operations Management. The case study is 7 page(s) long and it was first published on : Sep 16, 2019
At Fern Fort University, we recommend Obsidian pursue a platform strategy focused on becoming a comprehensive ecosystem for 3D printing enthusiasts and professionals. This involves expanding beyond its current product offerings to encompass a broader range of services, tools, and resources, ultimately positioning Obsidian as the central hub for the 3D printing community. This approach leverages Obsidian's existing strengths in product development, manufacturing, and customer service while capitalizing on the burgeoning 3D printing market's growth potential.
2. Background
Obsidian is a successful 3D printing company known for its high-quality, innovative products. However, the company faces increasing competition from established players like MakerBot and emerging startups. The case study focuses on Obsidian's CEO, Michael, who must decide whether to continue focusing on product development or pivot towards a platform strategy.
The main protagonists are Michael, the CEO, and his team, including the Chief Technology Officer (CTO), the Chief Marketing Officer (CMO), and the Head of Operations. They grapple with the challenges of navigating a rapidly evolving market and determining the best path for Obsidian's future.
3. Analysis of the Case Study
Porter's Five Forces Analysis:
- Threat of New Entrants: High - The 3D printing market is attracting new players due to its rapid growth and low barriers to entry.
- Bargaining Power of Buyers: Moderate - Customers have options for different 3D printers and materials, but Obsidian's high-quality products offer a competitive advantage.
- Bargaining Power of Suppliers: Low - The supply chain for 3D printing components is relatively mature, with numerous suppliers offering competitive pricing.
- Threat of Substitute Products: Moderate - Other technologies, like CNC machining, can be used for certain applications, but 3D printing offers unique advantages in prototyping and customization.
- Competitive Rivalry: High - The market is highly competitive, with established players like MakerBot and emerging startups vying for market share.
SWOT Analysis:
Strengths:
- Strong brand reputation for quality and innovation.
- Experienced team with expertise in product development and manufacturing.
- Strong customer service and community engagement.
Weaknesses:
- Limited product portfolio compared to competitors.
- Dependence on a single product category (3D printers).
- Potential for market share erosion due to competition.
Opportunities:
- Growing demand for 3D printing in various industries.
- Expanding applications for 3D printing beyond prototyping.
- Potential for platform-based business model to capture value across the ecosystem.
Threats:
- Increasing competition from established players and startups.
- Potential for technological disruption from new 3D printing technologies.
- Fluctuations in raw material costs and supply chain disruptions.
Key Insights:
- The 3D printing market is rapidly evolving, requiring constant innovation and adaptation.
- A product-centric approach may not be sustainable in the long term due to intense competition.
- A platform strategy can provide Obsidian with a competitive advantage by creating a valuable ecosystem for its customers.
4. Recommendations
Develop a Comprehensive Platform Strategy: Obsidian should focus on building a platform that connects users, designers, manufacturers, and developers within the 3D printing ecosystem. This platform should offer a range of services, including:
- Online marketplace: Facilitating the sale of 3D printed goods, designs, and materials.
- Design and prototyping tools: Providing software and resources for creating and sharing 3D models.
- Community forum: Fostering collaboration and knowledge sharing among 3D printing enthusiasts.
- Educational resources: Offering online courses, workshops, and tutorials on 3D printing.
- Manufacturing services: Providing access to 3D printing facilities and expertise for small-scale production runs.
- Data analytics: Collecting and analyzing data on user behavior and market trends to inform product development and platform improvements.
Invest in Technology and Analytics: Obsidian should invest in developing robust information systems and data analytics capabilities to support the platform's functionality and provide valuable insights. This includes:
- Cloud-based infrastructure: Ensuring scalability and accessibility for platform users.
- Data management and analytics tools: Collecting, processing, and analyzing user data to optimize platform performance and personalize user experiences.
- Artificial intelligence (AI) and machine learning (ML): Leveraging AI and ML to automate tasks, personalize recommendations, and improve the platform's overall functionality.
Expand Product Portfolio: Obsidian should continue developing innovative 3D printers while expanding its product portfolio to include complementary products and services. This could include:
- 3D printing materials: Offering a wider range of materials for different applications.
- Software and accessories: Developing software for 3D printing workflows and offering accessories like filament spools and cleaning tools.
- 3D printing services: Providing on-demand 3D printing services for prototyping and small-scale production.
Strengthen Customer Relationships: Obsidian should prioritize building strong relationships with its customers by:
- Providing excellent customer support: Offering responsive and helpful support channels.
- Engaging with the community: Actively participating in online forums and events to foster a sense of community among users.
- Collecting customer feedback: Regularly soliciting feedback from customers to improve platform features and services.
Strategic Partnerships: Obsidian should explore strategic partnerships with other companies in the 3D printing ecosystem to expand its reach and access new markets. This could include:
- Collaboration with software developers: Integrating with popular 3D modeling software.
- Partnerships with educational institutions: Offering discounted products and services to schools and universities.
- Joint ventures with manufacturers: Expanding into new markets by collaborating with companies specializing in specific applications.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Obsidian's core competencies in product development, manufacturing, and customer service are well-suited for a platform strategy. This strategy aligns with the company's mission to empower individuals and businesses through 3D printing.
- External customers and internal clients: The platform strategy addresses the needs of both external customers (3D printing enthusiasts and professionals) and internal clients (Obsidian's employees) by providing a comprehensive ecosystem for innovation, collaboration, and growth.
- Competitors: The platform strategy differentiates Obsidian from its competitors by creating a unique value proposition based on a comprehensive ecosystem rather than just a single product.
- Attractiveness: The platform strategy offers significant potential for growth and profitability. The 3D printing market is expected to continue growing rapidly, and Obsidian's platform can capture a significant share of this market by providing a comprehensive solution for users.
6. Conclusion
By transitioning from a product-centric approach to a platform-based strategy, Obsidian can establish itself as a leading player in the rapidly evolving 3D printing market. This strategy leverages the company's existing strengths, addresses the competitive landscape, and positions Obsidian for long-term success.
7. Discussion
Alternatives Not Selected:
- Continuing with a product-centric approach: This would likely lead to continued competition and potential market share erosion.
- Acquiring a competitor: This could be a risky and expensive option, requiring significant capital investment and integration challenges.
Risks and Key Assumptions:
- Technology disruption: New technologies could emerge that disrupt the 3D printing market, requiring Obsidian to adapt its platform strategy.
- Competition: The platform strategy could attract new competitors, requiring Obsidian to continuously innovate and differentiate its offerings.
- Customer adoption: The success of the platform strategy depends on customer adoption and engagement.
Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| Platform Strategy | Growth potential, competitive advantage, ecosystem development | Technology investment, competition, customer adoption |
| Product-Centric Approach | Focus on core competencies, established market | Limited growth potential, intense competition, market share erosion |
| Acquisition | Rapid market expansion, access to new technologies | High cost, integration challenges, potential for disruption |
8. Next Steps
- Develop a detailed platform strategy: Define the platform's features, services, and target audience.
- Invest in technology and analytics: Build a robust information system and data analytics infrastructure.
- Expand product portfolio: Develop new products and services to complement the platform.
- Strengthen customer relationships: Implement strategies for customer support, community engagement, and feedback collection.
- Explore strategic partnerships: Identify potential partners for collaboration and market expansion.
Timeline:
- Phase 1 (Year 1): Develop platform strategy, invest in technology, launch core platform features.
- Phase 2 (Year 2): Expand product portfolio, build community, explore strategic partnerships.
- Phase 3 (Year 3): Optimize platform performance, expand market reach, monitor industry trends.
By taking these steps, Obsidian can successfully transition to a platform-based business model and position itself for long-term success in the dynamic 3D printing market.
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