Harvard Case - Friendster (A)
"Friendster (A)" Harvard business case study is written by Mikolaj Jan Piskorski, Carin-Isabel Knoop. It deals with the challenges in the field of Strategy. The case study is 22 page(s) long and it was first published on : Sep 14, 2006
At Fern Fort University, we recommend that Friendster adopt a multi-pronged strategy to revitalize its platform and regain its position as a leading social networking site. This strategy involves a combination of product innovation, strategic partnerships, targeted marketing, and aggressive expansion into emerging markets.
2. Background
Friendster was a pioneer in the social networking space, launching in 2002 and quickly gaining popularity. However, the company failed to adapt to the changing landscape of the internet and lost its market share to competitors like Facebook and MySpace. The case study focuses on Friendster's struggles in 2007, highlighting its declining user base, limited revenue streams, and lack of a clear strategic direction.
The main protagonists of the case study are:
- Jonathan Abrams: Friendster's CEO, who is tasked with turning the company around.
- Peter Thiel: A prominent venture capitalist and Friendster's investor, who provides guidance and resources.
- The Friendster team: The employees who are responsible for developing and executing the company's strategy.
3. Analysis of the Case Study
To analyze Friendster's situation, we can utilize several frameworks:
a) SWOT Analysis:
- Strengths: Friendster's existing user base, brand recognition, and early mover advantage in the social networking space.
- Weaknesses: Lack of innovation, outdated platform, limited revenue streams, and declining user engagement.
- Opportunities: Growing demand for social networking in emerging markets, potential for new product features and services, and partnerships with other companies.
- Threats: Intense competition from established players like Facebook and MySpace, changing user preferences, and evolving technology landscape.
b) Porter's Five Forces:
- Threat of new entrants: High, due to the low barriers to entry in the social networking space.
- Bargaining power of buyers: High, as users can easily switch between platforms.
- Bargaining power of suppliers: Low, as Friendster relies on readily available technology and infrastructure.
- Threat of substitute products: High, as there are numerous alternative social networking platforms available.
- Rivalry among existing competitors: Very high, as the social networking industry is highly fragmented and competitive.
c) Value Chain Analysis:
Friendster's value chain can be broken down into the following primary activities:
- Inbound logistics: Acquiring and managing user data.
- Operations: Developing and maintaining the platform, providing user support.
- Outbound logistics: Delivering content and services to users.
- Marketing and sales: Attracting new users and promoting the platform.
- Customer service: Providing support and resolving user issues.
d) Business Model Innovation:
Friendster needs to innovate its business model to compete effectively. This can be achieved through:
- Diversification: Expanding into new markets and product offerings, such as online gaming, e-commerce, or mobile apps.
- Strategic alliances: Partnering with other companies to leverage their resources and expertise.
- Value proposition refinement: Developing a clear and compelling value proposition that differentiates Friendster from its competitors.
4. Recommendations
Friendster should implement the following recommendations to revitalize its platform and regain its position in the social networking market:
a) Product Innovation:
- Develop a user-friendly and engaging platform: Invest in modernizing the platform, improving its user interface, and adding new features that cater to user needs.
- Focus on niche markets: Target specific demographics or interests with specialized features and content.
- Embrace mobile: Develop a robust mobile app that provides a seamless user experience.
- Integrate social gaming: Offer engaging social games and virtual experiences to increase user engagement.
b) Strategic Partnerships:
- Partner with content providers: Collaborate with media companies, artists, and influencers to provide exclusive content and experiences.
- Integrate with other platforms: Allow users to connect with their accounts on other social networking sites.
- Develop strategic alliances with businesses: Offer targeted advertising and marketing solutions to businesses.
c) Targeted Marketing:
- Utilize social media marketing: Leverage existing social media platforms to promote Friendster and reach new users.
- Develop targeted advertising campaigns: Utilize data analytics to identify and target specific demographics.
- Partner with influencers: Collaborate with popular social media personalities to promote the platform.
d) Aggressive Expansion into Emerging Markets:
- Identify high-growth markets: Focus on emerging markets with a large and growing internet population.
- Adapt the platform to local cultures: Translate the platform and customize features to appeal to local users.
- Develop partnerships with local businesses: Collaborate with local companies to promote Friendster and reach new users.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Friendster's core competency lies in connecting people. The recommendations focus on enhancing this core competency by providing a better user experience, expanding into new markets, and creating new opportunities for user interaction.
- External customers and internal clients: The recommendations address the needs of both external customers (users) and internal clients (employees). They aim to improve user experience, attract new users, and create a more engaging and rewarding work environment for employees.
- Competitors: The recommendations are designed to differentiate Friendster from its competitors by focusing on niche markets, offering unique features, and expanding into emerging markets.
- Attractiveness: The recommendations are expected to be attractive to investors and stakeholders due to their potential to increase user engagement, generate revenue, and enhance the company's brand value.
6. Conclusion
Friendster has a unique opportunity to revitalize its platform and regain its position as a leading social networking site. By embracing innovation, forging strategic partnerships, targeting specific markets, and expanding into emerging markets, Friendster can capitalize on the growing demand for social networking and create a sustainable business model.
7. Discussion
Other alternatives not selected include:
- Merging with a competitor: This option could provide access to resources and a larger user base, but it could also lead to cultural clashes and loss of brand identity.
- Focusing solely on niche markets: While this could lead to a loyal user base, it could also limit growth potential.
- Adopting a purely advertising-based revenue model: This could lead to a cluttered user experience and alienate users.
Key risks and assumptions:
- The success of the recommendations depends on the company's ability to execute them effectively.
- The recommendations assume that users are willing to switch platforms and that Friendster can attract new users.
- The recommendations assume that the company can secure the necessary funding and resources to implement the changes.
8. Next Steps
To implement the recommendations, Friendster should:
- Develop a detailed strategic plan: Outline the specific actions, timelines, and resources required to implement the recommendations.
- Secure funding: Raise capital to support the development and marketing of the new platform.
- Build a strong team: Recruit and retain talented individuals with expertise in social networking, technology, and marketing.
- Monitor progress and make adjustments: Regularly track key metrics and make adjustments to the strategy as needed.
By taking these steps, Friendster can successfully navigate the competitive landscape of the social networking industry and achieve sustainable growth.
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Case Description
In January 2006, the president of Friendster needs to choose between two strategic options to revive the company. Friendster started the social networking industry in 2003, but has been overtaken by MySpace and Facebook. The two options are: 1) offer new features to help members enhance their offline lives, such as arranging events with their friends; and 2) offer features, such as the ability to import friends' blogs, pictures, recommendations, and feeds, to help members manage their experiences with their online friends. The two choices have very different value propositions and have very different competitive implications. Also describes the dynamics of relationships inside Friendster and discusses how these dynamics prevented Friendster from maintaining its leadership position. As such, allows for integration of organization and strategy in an entrepreneurial setting, and should be taught with LinkedIn (A) to facilitate cross-case comparisons.
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