Company profile
Hustream has been a game changer in the manner that businesses interact with their clients on the internet. Founded in 2008, Hustream runs a video production agency, which offers a wide range of interactive video solutions by blending web-based technology, video wizardry, and human psychology to improve engagement of the viewers. Rather than engaging in the creation of commercials, Hustream’s business is strictly tied to the development of conversations. By and large, Hustream aims to offer businesses with professional-tailored videos that have a heightened engagement with the audience, with a net result of increased revenues. Hustream’s clients include Intel, Lenovo, Microsoft and Sage (Hustream Website, 2016).
Key management solution
Despite the success enjoyed by Hustream, the company is faced with a monumental management decision of transforming from a purely service-based company to a fully product-based company. The management of the company has come to realize that to achieve their growth strategy, a change in the business model of the company is indispensable. The company has taken various steps to achieve this plan including the hiring of management consultants to help with the transition. The drive behind this significant management decision is to make the product not only sellable but also predictable and enjoyable. In fact, Hustream has been able to develop a cloud-based platform through which clients can create personalized interactive content. However, the company needs to make some adjustments for the transition to take play adequately. For instance, the company needs to develop an audience, perhaps, through the use of a blog so as to utilize it as a marketing channel for the products. To a greater extent, the company serves only big clients, something that limits their creativity owing to the demands of an individual client. Nevertheless, the idea of building an audience would be ideal for the transition because the products will be standardized while still paying attention to the sophistication of interactive content. Also, the management needs to prepare the staff for the change by training them and educating them on the benefits that accrue from the transition (Warrillow, 2010). By so doing, the management will be assured that the revenues of the company will not shrink with the successful implementation of the monumental managerial decision.
Target Market
Hustream’s current target market is businesses. For a long time, businesses have been convinced that the use of commercials is a sufficient marketing strategy that will catapult revenues to new heights. However, it has become clear that it is dangerous to ignore the aspect of customer feedback, hence necessitating the acquisition of interactive content for companies that mean business. It is against this backdrop that Hustream bases its marketing efforts. By providing interactive videos to businesses, Hustream relieves them of the overwhelming traditional feedback methods, such email responses. The target market is being reached through the company’s website as well as the cloud-based platform.
New target market
Hustream is not acting in its capacity regarding the target market it covers. It is because the company seems to believe that it is only business entities that stand to gain from interactive content. Nevertheless, individuals also require interactive content for purposes which are outside of business, such as social purposes. As such, Hustream has an unexploited market opportunity for individuals rather than businesses. To penetrate into this new target market, Hustream could consider collaboration with competitors such as Skype, which is already established in the market to come up with sophisticated products for the clients. Moreover, the company ought to intensify its advertisement efforts upon venturing into the new target market.
References
Hustream Website. (2016). About. Retrieved from http://www.hustream.com/about/
Warrillow, J. (2010). ‘How to Turn a Service Business into a Product Business.’ Inc. Retrieved
