Top 5 learnings from my MBA Marketing Strategy Course.
While working on PayMe Social Marketing Proposal
Presence of a CMO in our class: I have been working in the Marketing field for 10+ years and am now studying it as a subject in my MBA course — I couldn’t have been more excited. As we entered our class, we got greeted by our lovely professor Dr. Tingting Fan and the HSBC APAC CMO Mr. Suresh. It’s a reality across the globe — what we learn at school and the university doesn’t necessarily prepare us for the corporate world. Yes, we gain some of the knowledge, skills, and connections required to get ahead, but because the world is constantly changing, we also need to continually update our knowledge and skills.
The impressive part was that HKU bridged the gap between academic learning and the corporate world by letting a CMO co-teach us with the professor. We learned firsthand what it takes to be a CMO, what their day looks like, and the Magic they create at work while creating value for their consumers.
My Top 5 learnings from the Marketing Strategy course:
- Marketing Strategy Framework: 4Cs and 5Ps it never gets old!
The 5 P’s of Marketing — Product, Price, Promotion, Place, and People — are key marketing elements used to position a business strategically. The 5 P’s of Marketing, also known as the marketing mix, are variables that managers and owners control to satisfy customers in their target market, add value to their business, and help differentiate their business from competitors.
The “5 C’s” stand for Company, Customers, Competitors, Collaborators, and Climate. In a nutshell, a 5c analysis will help you evaluate the most important factors facing your business. It’s similar to a health checkup for your business. By focusing on the essential parts of your business and identifying what’s working well and what isn’t, you’ll be able to make better-informed and more profitable decisions.
2. Blue Ocean Strategy: In today’s environment, most firms operate under intense competition and try to do everything to gain market share. When the product comes under pricing pressure, there is always a possibility that a firm’s operations could come under threat. This situation usually comes when the business operates in a saturated market, also known as ‘Red Ocean’. When there is limited room to grow, businesses try and look for verticals or avenues of finding new business to enjoy uncontested market share or ‘Blue Ocean’. A blue ocean exists when there is potential for higher profits, as there is now competition or irrelevant competition. The strategy aims to capture new demand and make competition irrelevant by introducing a product with superior features. It helps the company make huge profits as the product can be priced a little steep because of its unique features.
3. Price Customization: The potential to set different prices to different consumer segments based on the different valuations of the sold product. It is important to recognize that some buyers view price customization as unfair when considering the strategies. While it should be evident that no pricing method should cross legal barriers, it is also critical to note that price customization itself is both fair and legal. There are three critical inputs to any value-pricing decision: The true economic value (TEV) of the product to the customer. The perceived value (PV) of the product to that same customer. The organization’s cost of goods sold (COGS). Marketers can take the help of market research, big data, and their instincts to set the price. Marketing’s key role is to justify the margin and create that value for their customers. Try out this link to test out the value pricing.
4. Marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
5. Web 3.0: A Web 3.0 environment enhances the user experience by providing rich and interactive advertising opportunities. This is a boon for marketers because they can now deliver more targeted ads to consumers. The advanced user experience capabilities of Web 3.0 marketing allow marketers to dive into a whole new world full of innovation in advertising and marketing. Web 3.0 is the next evolution of the web in which website content and users are interconnected through seamless interfaces and communication channels. For example, there would be decentralized apps called dApps, and there would be no centralized authority of the users’ data due to the decentralized structure of Web 3.0. Keep an eye on Blockchain, Metaverse, NFT as they will bring marketing revolution.
PayMe Project: We got a beautiful opportunity to take all our course learning and implement it into a live case. HSBC PayMe CEO briefed us about the project and threw our class a challenge to present marketing ideas that will help them gain market share and increase their revenue. PayMe is a mobile payment service (eWallet) from HSBC, currently available only for Hong Kong. Users can pay businesses to transfer money to one another using a mobile app linked to their credit card or bank account.
Our Marketing Proposal — PayMe Social: Our team crafted a marketing strategy targeted to attract GenZs to use the app daily. Building a community around the product is key, and that’s where our inspiration came for PayMe Social. It will help build experience and that platform for GenZs to engage and express themselves. To bring this to life, our marketing proposal has 5 stages:
- Build a Social platform
2. Drive engagement with InApp PayMeow game
3. Ride on the NFT hype with the PayMeow contest
4. Reward users with a loyalty program
5. Use technology to thrive
Marketing Proposal Result: Our team WON!!!! So proud of our team for giving their best and classmates for all the encouragement and lovely comments. Next up, our team will pitch it to the PayMe team and work with them to bring this to the market.
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