Harvard Case - SeatGeek
"SeatGeek" Harvard business case study is written by Robert F. Higgins, Sarah Mehta. It deals with the challenges in the field of Strategy. The case study is 19 page(s) long and it was first published on : Oct 22, 2018
At Fern Fort University, we recommend SeatGeek pursue a multi-pronged growth strategy focused on leveraging its technology and data analytics capabilities to expand into new markets and diversify its revenue streams. This strategy should prioritize strategic partnerships, targeted acquisitions, and innovative product development while maintaining a strong focus on customer experience, brand building, and sustainable growth.
2. Background
SeatGeek is a digital ticketing platform disrupting the traditional ticket-selling industry. Founded in 2009, the company utilizes a data-driven approach to provide users with a transparent and user-friendly experience for buying and selling tickets. SeatGeek's core strength lies in its proprietary technology that analyzes vast amounts of data to offer personalized recommendations, dynamic pricing, and real-time insights into ticket availability and value.
The case study focuses on SeatGeek's decision to expand into new markets, specifically the UK and Europe, while also exploring potential avenues for business model innovation and diversification. The main protagonists are Russ D'Souza, CEO of SeatGeek, and his team, who are tasked with navigating the challenges of international expansion, competition, and evolving customer expectations.
3. Analysis of the Case Study
Strategic Analysis:
- Porter's Five Forces: The ticketing industry is characterized by high competition from established players like Ticketmaster, StubHub, and Viagogo, as well as new entrants like Eventbrite and AXS. Low switching costs for customers and the increasing availability of alternative ticketing platforms further intensify competition. However, SeatGeek's unique technology and data-driven approach offer a potential competitive advantage by providing a more transparent and customer-centric experience.
- SWOT Analysis:
- Strengths: Strong technology platform, data analytics expertise, user-friendly interface, brand recognition in the US market.
- Weaknesses: Limited international presence, reliance on third-party ticket sellers, potential vulnerability to regulatory changes.
- Opportunities: Expanding into new markets, developing innovative products and services, building strategic partnerships with event organizers and venues.
- Threats: Increasing competition, regulatory scrutiny, potential for data security breaches, evolving customer expectations.
- Value Chain Analysis: SeatGeek's value chain encompasses data acquisition, analysis, and processing, product development, marketing and sales, customer service, and payment processing. The company's core competency lies in its ability to leverage technology and data analytics to create value for both buyers and sellers of tickets.
Financial Analysis:
- SeatGeek's financial performance is characterized by rapid growth, driven by increased user adoption and revenue diversification. However, the company also faces challenges in achieving profitability due to high operating costs and intense competition.
- Key financial metrics to consider include revenue growth, customer acquisition cost, churn rate, and profitability margins.
Marketing Analysis:
- SeatGeek's marketing strategy focuses on digital marketing channels, including social media, search engine optimization, and targeted advertising. The company also leverages strategic partnerships with event organizers and venues to reach a wider audience.
- Market segmentation is crucial for targeting specific customer segments with tailored marketing messages and promotions.
Operational Analysis:
- SeatGeek's operations are heavily reliant on technology and data analytics. The company needs to ensure scalability and reliability of its platform to handle increasing traffic and transaction volumes.
- Efficient operations are essential for managing costs and ensuring customer satisfaction.
Innovation and Disruptive Innovation:
- SeatGeek's data-driven approach and innovative features like dynamic pricing and personalized recommendations represent a disruptive innovation in the ticketing industry.
- The company can further leverage its technology to develop new products and services that enhance the customer experience and create new revenue streams.
4. Recommendations
1. Strategic Expansion:
- Target specific markets: Focus on expanding into high-growth, digitally-savvy markets with a strong demand for live entertainment, such as the UK, Germany, and France.
- Strategic partnerships: Partner with local event organizers, venues, and ticketing companies to gain market access and leverage existing customer bases.
- Localized product offerings: Adapt the platform and features to cater to the specific needs and preferences of local audiences.
2. Business Model Innovation:
- Diversify revenue streams: Explore new revenue opportunities beyond ticket sales, such as advertising, data analytics services, and premium subscriptions.
- Develop innovative products: Invest in research and development to create new products and services that enhance the customer experience and address unmet needs.
- Leverage AI and machine learning: Utilize AI and machine learning to personalize recommendations, optimize pricing, and improve customer service.
3. Mergers and Acquisitions:
- Acquire smaller ticketing platforms: Acquire companies with strong local presence and expertise in specific markets to accelerate expansion and gain access to new customer segments.
- Strategic acquisitions: Acquire companies with complementary technologies or services that enhance SeatGeek's offerings and competitive advantage.
4. Brand Management:
- Build brand awareness: Invest in marketing campaigns to increase brand awareness and recognition in new markets.
- Focus on customer experience: Prioritize customer satisfaction by providing a seamless and user-friendly experience across all touchpoints.
- Develop a strong brand identity: Communicate SeatGeek's values and mission effectively to resonate with target audiences.
5. Basis of Recommendations
- Core competencies and consistency with mission: The recommendations align with SeatGeek's core competencies in technology and data analytics, while also supporting its mission to provide a transparent and user-friendly ticketing experience.
- External customers and internal clients: The recommendations consider the needs and preferences of both ticket buyers and sellers, as well as the requirements of internal stakeholders.
- Competitors: The recommendations are designed to differentiate SeatGeek from competitors by leveraging its unique technology and data-driven approach.
- Attractiveness: The recommendations are expected to drive revenue growth, increase market share, and enhance profitability.
6. Conclusion
SeatGeek has a significant opportunity to become a global leader in the digital ticketing industry by leveraging its technology and data analytics capabilities to expand into new markets, diversify its revenue streams, and build a strong brand identity. By focusing on strategic partnerships, targeted acquisitions, and innovative product development, SeatGeek can continue to disrupt the traditional ticketing industry and create a more transparent and customer-centric experience for users worldwide.
7. Discussion
- Alternative Strategies: SeatGeek could consider focusing solely on organic growth within the US market or pursuing a more aggressive acquisition strategy. However, these alternatives may limit the company's potential for long-term growth and market leadership.
- Risks and Key Assumptions: The recommendations are based on the assumption that SeatGeek can successfully navigate the challenges of international expansion, maintain its technological advantage, and adapt to evolving customer expectations. Key risks include regulatory changes, competition from established players, and data security breaches.
8. Next Steps
- Develop a detailed strategic plan: Outline specific goals, timelines, and resource allocations for each recommendation.
- Conduct market research: Gather data on target markets, competitor analysis, and customer preferences.
- Identify potential partners and acquisition targets: Initiate discussions with potential partners and target companies.
- Allocate resources: Secure funding and allocate resources to support the implementation of the recommendations.
- Monitor progress and adjust strategy: Regularly track progress, analyze results, and make necessary adjustments to the strategy.
By implementing these recommendations, SeatGeek can position itself for sustained growth and success in the global digital ticketing market.
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Case Description
In late 2016, Russ D'Souza and Jack Groetzinger, co-founders of the online event ticketing platform SeatGeek, faced some difficult decisions. In the company's seven-year history, SeatGeek had positioned itself primarily as an aggregator, facilitating ticket transactions between sellers and buyers on the "secondary ticket market." But in early 2016, D'Souza and Groetzinger had decided to pursue the "primary ticket market"-contracting directly with the sports teams and venues that issued tickets to events, a space dominated by Ticketmaster. This move would require SeatGeek to confront Ticketmaster, an established incumbent, develop or acquire the back-end software necessary to enable primary market ticket sales, and establish partnerships with sports teams and event venues. Entering the primary market would also likely necessitate a Series D funding round.
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