Harvard Case - WillowTree: Product Driven with a Project Mindset (B)
"WillowTree: Product Driven with a Project Mindset (B)" Harvard business case study is written by Ryan Nelson, Ryan Wright. It deals with the challenges in the field of Strategy. The case study is 9 page(s) long and it was first published on : Jan 17, 2024
At Fern Fort University, we recommend that WillowTree adopt a hybrid business model that balances its project-based approach with a more product-driven strategy. This will involve developing and launching its own software products while continuing to offer its existing consulting services. This approach will leverage WillowTree's core competencies in product development, technology and analytics, and strategic alliances to achieve sustainable growth and competitive advantage in the rapidly evolving digital landscape.
2. Background
WillowTree is a successful digital product agency specializing in mobile app development and digital strategy consulting. The company has a strong track record of delivering high-quality products for clients across various industries. However, WillowTree faces challenges in achieving sustainable growth due to its project-based business model, which is susceptible to cyclical market fluctuations and client-specific dependencies.
The case study focuses on the company's internal debate regarding its future direction. Some executives advocate for maintaining the existing project-based model, while others push for a more product-driven approach. This internal conflict highlights the need for a strategic decision that addresses both short-term profitability and long-term growth objectives.
3. Analysis of the Case Study
To analyze WillowTree's situation, we can apply a combination of frameworks:
a) Porter's Five Forces:
- Threat of new entrants: High due to the low barriers to entry in the digital product development space.
- Bargaining power of buyers: High due to the availability of numerous service providers and the increasing sophistication of clients.
- Threat of substitutes: High due to the constant emergence of new technologies and alternative solutions.
- Bargaining power of suppliers: Moderate, as WillowTree relies on specialized talent and technology platforms.
- Rivalry among existing competitors: High, with numerous agencies and technology companies competing for clients.
b) SWOT Analysis:
Strengths:
- Strong technical expertise and product development capabilities.
- Proven track record of delivering high-quality products.
- Strong client relationships and a positive reputation.
- Skilled and experienced team.
Weaknesses:
- Dependence on project-based revenue model.
- Limited control over product ownership and long-term value creation.
- Potential for client churn and cyclical market fluctuations.
Opportunities:
- Growing demand for digital products and services.
- Emergence of new technologies and platforms.
- Potential for developing and launching own software products.
- Expansion into new markets and industries.
Threats:
- Increasing competition from other agencies and technology companies.
- Rapidly evolving technology landscape.
- Potential for economic downturn and reduced client spending.
c) Value Chain Analysis:
WillowTree's value chain consists of the following key activities:
- Research & Development: Identifying and developing new technologies and solutions.
- Product Development: Designing, building, and testing digital products.
- Consulting Services: Providing strategic guidance and technical expertise to clients.
- Marketing & Sales: Generating leads and securing new clients.
- Project Management: Managing the development and delivery of projects.
- Customer Support: Providing ongoing support and maintenance for products.
d) Business Model Innovation:
WillowTree needs to innovate its business model to achieve sustainable growth. This can be achieved through a combination of:
- Product Development: Developing and launching its own software products that address specific market needs.
- Strategic Alliances: Partnering with other companies to expand its reach and market share.
- Diversification: Entering new markets and industries to reduce dependence on existing client base.
- Vertical Integration: Acquiring or partnering with companies that provide complementary services, such as marketing or data analytics.
4. Recommendations
To achieve sustainable growth, WillowTree should implement the following recommendations:
a) Hybrid Business Model:
- Develop and launch its own software products alongside its existing consulting services.
- Focus on creating products that leverage its core competencies and address specific market needs.
- Utilize its existing client relationships and network to validate product ideas and generate initial user base.
b) Product Development Strategy:
- Identify high-growth market segments with unmet needs and potential for recurring revenue.
- Develop a portfolio of products that cater to different market segments and customer profiles.
- Leverage its expertise in technology and analytics to create innovative and user-friendly products.
- Utilize agile development methodologies to ensure rapid iteration and product improvement.
c) Strategic Alliances:
- Partner with complementary companies to expand its reach and market share.
- Collaborate with technology providers to integrate new technologies into its products and services.
- Seek strategic alliances with companies in other industries to cross-sell products and services.
d) Marketing and Sales Strategy:
- Develop a comprehensive marketing strategy that targets both existing clients and new customer segments.
- Leverage digital marketing channels to reach potential customers and build brand awareness.
- Utilize content marketing to educate potential customers about its products and services.
- Develop a strong sales team with expertise in selling software products and consulting services.
e) Organizational Structure and Design:
- Create a dedicated product development team with the necessary skills and experience.
- Establish clear roles and responsibilities for product development, marketing, and sales.
- Foster a culture of innovation and collaboration across the organization.
5. Basis of Recommendations
These recommendations consider the following factors:
- Core competencies: Leverage WillowTree's expertise in product development, technology and analytics, and strategic alliances.
- External customers and internal clients: Address the needs of both existing and new customers, while empowering internal teams to innovate and create value.
- Competitors: Differentiate WillowTree's offerings by focusing on product development and strategic alliances.
- Attractiveness: Develop products with high growth potential and recurring revenue streams, enhancing profitability and long-term sustainability.
6. Conclusion
By embracing a hybrid business model and focusing on product development, WillowTree can achieve sustainable growth and competitive advantage in the rapidly evolving digital landscape. This approach will leverage the company's core competencies, address market opportunities, and mitigate existing threats.
7. Discussion
Alternatives:
- Maintaining the existing project-based model: This would limit growth potential and expose WillowTree to market fluctuations.
- Focusing solely on product development: This would require significant investment and could alienate existing clients.
Risks:
- Product development failure: Developing successful products requires significant investment and expertise.
- Competition: The digital product market is highly competitive, and WillowTree needs to differentiate its offerings.
- Market acceptance: New products may not be readily accepted by the target market.
Key Assumptions:
- WillowTree has the necessary resources and expertise to develop and launch successful products.
- The market for digital products is expected to continue growing.
- WillowTree can successfully navigate the competitive landscape and differentiate its offerings.
8. Next Steps
- Develop a detailed product roadmap: Identify target market segments, define product features, and set development timelines.
- Secure funding for product development: Explore options such as venture capital, angel investors, or internal investment.
- Build a dedicated product development team: Recruit and retain skilled engineers, designers, and product managers.
- Develop a marketing and sales strategy: Target potential customers, build brand awareness, and generate leads.
- Launch the first product and iterate based on user feedback: Monitor product performance, gather user insights, and make necessary adjustments.
By taking these steps, WillowTree can successfully transition to a hybrid business model and achieve sustainable growth in the digital product market.
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Case Description
This case, a follow-up to "WillowTree: Project Driven with a Product Mindset (A)" (UVA-S-0338), examines WillowTree, a digital products company that is navigating the implications of employees returning to the office after the COVID-19 pandemic lockdowns and also coping with increased employee desire to continue working from home. It explores the shift in client contract preferences toward more flexible, team-oriented models and the subsequent adjustments in team formation and collaboration strategies. The case also delves into how WillowTree measured and responded to client and team sentiment, and the effect transitioning back to office work had on WillowTree's employee satisfaction and organizational culture. The case highlights the resilience and adaptability of digital businesses that previously relied on colocated teams to develop and deliver its products. The managerial dilemma posed by this follow-up case is: What is an optimal policy for returning to work in the office? This decision will define the company's future.
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