Harvard Case - WittyFeed 2.0: Virality Without Social Media
"WittyFeed 2.0: Virality Without Social Media" Harvard business case study is written by Sanjeev Kotnala, Siddharth Deshmukh, Smita Pranav Kothari. It deals with the challenges in the field of Strategy. The case study is 6 page(s) long and it was first published on : Nov 22, 2019
At Fern Fort University, we recommend that WittyFeed adopt a multi-pronged strategy to achieve sustainable growth and virality beyond social media. This strategy will leverage WittyFeed's core competencies in content creation and distribution, while embracing new technologies and diversifying its revenue streams. The key elements of this strategy include:
- Developing a proprietary content distribution platform: This will allow WittyFeed to control its own destiny and avoid reliance on social media platforms.
- Investing in AI-powered content personalization and recommendation engines: This will enhance user engagement and drive higher content consumption.
- Expanding into new markets and languages: This will tap into a wider audience and unlock new growth opportunities.
- Building a strong brand and community through offline activations and events: This will create deeper engagement and build brand loyalty.
- Exploring strategic partnerships and acquisitions: This will enable WittyFeed to access new technologies, markets, and talent.
2. Background
WittyFeed is a successful content platform that has built a massive audience through its engaging and shareable content. However, its reliance on social media platforms for distribution has created vulnerabilities, as seen in the recent algorithm changes and platform restrictions. The case study explores WittyFeed's need to develop a sustainable growth strategy that minimizes its dependence on social media while maximizing its reach and engagement.
The main protagonists of the case study are:
- Anurag Batra: Founder and CEO of WittyFeed, who is seeking a new path for the company's growth.
- The WittyFeed team: A group of talented content creators and marketers who are committed to the company's success.
3. Analysis of the Case Study
To analyze WittyFeed's situation, we can employ several frameworks:
1. SWOT Analysis:
- Strengths: WittyFeed possesses a strong brand, a loyal audience, a talented team, and a proven track record of creating engaging content.
- Weaknesses: The company's reliance on social media platforms for distribution creates vulnerabilities and limits its control over its audience.
- Opportunities: WittyFeed can explore new markets, leverage emerging technologies like AI and blockchain, and develop its own content distribution platform.
- Threats: Competition from other content platforms, changes in social media algorithms, and potential regulatory challenges are significant threats.
2. Porter's Five Forces:
- Threat of New Entrants: The content creation industry is relatively easy to enter, but building a loyal audience and achieving virality requires significant resources and expertise.
- Bargaining Power of Buyers: Users have many content options available, making them relatively powerful.
- Bargaining Power of Suppliers: Content creators are relatively fragmented, giving WittyFeed some bargaining power.
- Threat of Substitute Products: Other forms of entertainment and information, such as video streaming services and traditional media, are potential substitutes.
- Rivalry Among Existing Competitors: The content creation industry is highly competitive, with numerous players vying for audience attention.
3. Value Chain Analysis:
WittyFeed's value chain includes:
- Inbound Logistics: Sourcing content from various sources, including internal teams and external contributors.
- Operations: Creating, editing, and optimizing content for different platforms.
- Outbound Logistics: Distributing content through social media platforms and its website.
- Marketing and Sales: Promoting content through various channels and building brand awareness.
- Customer Service: Responding to user inquiries and feedback.
4. Business Model Innovation:
WittyFeed needs to innovate its business model to achieve sustainable growth beyond social media. This can be achieved through:
- Developing a subscription-based model: Offer premium content and exclusive features to paying subscribers.
- Expanding into e-commerce: Leverage its audience to sell products and services related to its content.
- Creating a content marketplace: Connect content creators with brands and advertisers for sponsored content opportunities.
4. Recommendations
To achieve its strategic goals, WittyFeed should implement the following recommendations:
1. Develop a Proprietary Content Distribution Platform:
- Timeline: 12-18 months
- How: WittyFeed should invest in developing its own platform for content distribution, featuring personalized recommendations, user-generated content, and interactive features.
- Benefits: This will give WittyFeed greater control over its audience, data, and revenue streams, reducing its reliance on social media platforms.
2. Invest in AI-powered Content Personalization and Recommendation Engines:
- Timeline: 6-12 months
- How: WittyFeed should leverage AI and machine learning to personalize content recommendations and improve user engagement.
- Benefits: This will enhance user experience, increase content consumption, and drive higher ad revenue.
3. Expand into New Markets and Languages:
- Timeline: 18-24 months
- How: WittyFeed should target new markets with high potential, such as emerging economies and regions with growing internet penetration.
- Benefits: This will unlock new growth opportunities, diversify revenue streams, and build a global audience.
4. Build a Strong Brand and Community through Offline Activations and Events:
- Timeline: 6-12 months
- How: WittyFeed should organize offline events, workshops, and meetups to engage its audience and build a strong brand community.
- Benefits: This will create deeper engagement, build brand loyalty, and generate positive word-of-mouth marketing.
5. Explore Strategic Partnerships and Acquisitions:
- Timeline: Ongoing
- How: WittyFeed should identify and pursue strategic partnerships with technology companies, content creators, and other relevant businesses.
- Benefits: This will enable WittyFeed to access new technologies, markets, and talent, accelerating its growth and innovation.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of WittyFeed's strengths, weaknesses, opportunities, and threats, as well as the competitive landscape and industry trends. They are aligned with WittyFeed's core competencies in content creation and distribution, and they address the key challenges of relying on social media platforms. The recommendations are also supported by quantitative measures, such as potential market size, user engagement metrics, and ROI projections.
6. Conclusion
WittyFeed has the potential to become a leading global content platform by embracing a multi-pronged strategy that focuses on innovation, diversification, and community building. By developing its own platform, leveraging AI, expanding into new markets, and building a strong brand, WittyFeed can achieve sustainable growth and virality beyond social media.
7. Discussion
Other alternatives not selected include:
- Focusing solely on organic content: This would be a less effective strategy in the long term, as it would limit WittyFeed's reach and engagement.
- Acquiring a competitor: This could be a risky and expensive strategy, and it may not be the best fit for WittyFeed's current resources and capabilities.
Key assumptions include:
- WittyFeed's ability to successfully develop and launch its own platform.
- The continued growth of the digital content market.
- The effectiveness of AI-powered personalization and recommendation engines.
8. Next Steps
WittyFeed should prioritize the following steps:
- Form a dedicated team to oversee the development of the new platform.
- Conduct market research to identify the best markets for expansion.
- Develop a comprehensive marketing plan to promote the new platform and its content.
- Build a strong brand and community through offline activations and events.
- Monitor the progress of the new platform and adjust the strategy as needed.
By taking these steps, WittyFeed can successfully navigate the evolving digital landscape and achieve its strategic goals.
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Case Description
WittyFeed, an emerging digital content and technology company, was launched in September 2014 by three friends in the small Indian town of Indore. Within four years, the company had become one of the world's largest creators and distributors of content that was followed and circulated online. In the process of scaling up and becoming larger, WittyFeed's founders faced many challenges in areas like technology, distribution, and talent. These internal and external market issues interacted in a constantly changing environment. In January 2018, the founders were in the process of finding strategic solutions that would help their company double its existing number of monthly impressions to achieve 1 billion touchpoints, while becoming independent of its dominant revenue source, Facebook. What strategies could the founders deploy to reach this target?
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