Harvard Case - Launching Mobile Financial Services in Myanmar: The Case of Ooredoo
"Launching Mobile Financial Services in Myanmar: The Case of Ooredoo" Harvard business case study is written by Gita V. Johar, Oded Netzer, Alexandre Liege. It deals with the challenges in the field of Marketing. The case study is 27 page(s) long and it was first published on : Dec 18, 2017
At Fern Fort University, we recommend Ooredoo adopt a multi-pronged approach to launching its mobile financial services in Myanmar, focusing on a strong brand positioning strategy, consumer-centric product development, and a robust digital marketing campaign. This strategy should prioritize customer experience, financial inclusion, and responsible innovation to achieve sustainable growth and establish Ooredoo as a trusted leader in the burgeoning Myanmar mobile financial services market.
2. Background
Ooredoo, a leading telecommunications company, entered the Myanmar market in 2013. Recognizing the potential of mobile financial services (MFS) in a largely unbanked population, Ooredoo launched its MFS platform, "M-Pitesan," in 2014. However, M-Pitesan struggled to gain traction due to limited functionality, poor user experience, and weak marketing efforts. The case study explores Ooredoo's challenges and opportunities in launching a successful MFS platform in Myanmar.The main protagonists of the case study are:
- Ooredoo: The telecommunications company aiming to expand its services in Myanmar.
- Myanmar Consumers: The target market for MFS, characterized by limited access to traditional banking services and a growing demand for convenient financial solutions.
- Competitors: Other players in the Myanmar MFS market, including Wave Money and Telenor Myanma.
3. Analysis of the Case Study
To analyze Ooredoo's situation, we can use a combination of frameworks:
1. SWOT Analysis:
- Strengths: Ooredoo's existing telecommunications network provides a strong foundation for MFS, and the company possesses significant financial resources and international experience.
- Weaknesses: M-Pitesan's limited functionality, poor user experience, and lack of marketing efforts hinder its adoption.
- Opportunities: The growing demand for financial services in Myanmar, the increasing smartphone penetration, and the government's push for financial inclusion present significant opportunities for MFS.
- Threats: Competition from established players like Wave Money and Telenor Myanma, regulatory uncertainty, and potential security risks pose challenges.
2. PESTEL Analysis:
- Political: The Myanmar government's commitment to financial inclusion and digitalization creates a favorable environment for MFS.
- Economic: The country's economic growth and rising middle class fuel demand for financial services.
- Social: The young and tech-savvy population is receptive to digital financial solutions.
- Technological: The increasing smartphone penetration and internet access facilitate the adoption of MFS.
- Environmental: The focus on sustainability and responsible business practices is crucial for long-term success.
- Legal: Regulatory frameworks and licensing requirements for MFS need to be carefully considered.
3. Consumer Behavior Analysis:
- Target Market: Ooredoo should focus on underserved segments like rural populations, women, and small businesses.
- Needs and Preferences: Consumers seek convenient, affordable, and secure financial services that meet their specific needs.
- Motivations and Barriers: The key motivators are financial inclusion, access to credit, and ease of use. Barriers include trust issues, lack of awareness, and digital literacy.
4. Competitive Analysis:
- Direct Competitors: Wave Money and Telenor Myanma are established players with strong market share.
- Competitive Advantages: Ooredoo can differentiate itself through its robust network, innovative product features, and customer-centric approach.
- Competitive Strategies: Ooredoo should focus on offering competitive pricing, unique features, and exceptional customer service.
4. Recommendations
1. Rebrand and Reposition M-Pitesan:
- Brand Positioning: Position M-Pitesan as a trusted and reliable financial partner for all Myanmar citizens, emphasizing its commitment to financial inclusion, security, and convenience.
- Brand Management: Develop a strong brand identity with a memorable logo, tagline, and consistent messaging across all marketing channels.
- Brand Equity: Build brand equity through positive customer experiences, community engagement, and responsible business practices.
2. Enhance Product Development and Features:
- Product Development: Focus on developing user-friendly and accessible features that cater to the specific needs of the target market.
- Product Lifecycle Management: Continuously improve and expand product offerings based on user feedback and market trends.
- Value Proposition Development: Clearly articulate the value proposition of M-Pitesan, highlighting its benefits and competitive advantages.
3. Implement a Robust Digital Marketing Strategy:
- Marketing Strategy: Develop a multi-channel marketing strategy that leverages digital platforms, social media, and traditional media channels.
- Digital Marketing Strategies: Utilize SEO, SEM, social media marketing, content marketing, and influencer marketing to reach the target audience.
- Marketing Channels: Optimize marketing channels to maximize reach and engagement, focusing on mobile-first strategies.
4. Prioritize Customer Experience:
- Customer Relationship Management (CRM): Implement a robust CRM system to track customer interactions and personalize communication.
- Customer Journey Mapping: Analyze the customer journey and identify pain points to enhance the overall experience.
- Customer Retention: Implement loyalty programs and reward schemes to encourage customer retention and build long-term relationships.
5. Leverage Technology and Analytics:
- Technology and Analytics: Utilize data analytics to understand customer behavior, optimize marketing campaigns, and improve product development.
- AI and Machine Learning: Explore the use of AI and machine learning to personalize services, enhance security, and automate processes.
- Information Systems: Invest in robust information systems to ensure secure and reliable financial transactions.
6. Embrace Corporate Social Responsibility:
- Corporate Social Responsibility: Implement initiatives that promote financial literacy, support micro-entrepreneurs, and contribute to the community.
- Emerging Markets: Leverage Ooredoo's expertise in emerging markets to adapt its MFS strategy to the unique context of Myanmar.
- Sustainability: Integrate sustainability principles into all aspects of the business, promoting responsible financial practices.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of Ooredoo's internal and external environment, considering:
- Core competencies and consistency with mission: Ooredoo's core competency lies in its telecommunications network, which provides a strong foundation for MFS. This aligns with its mission to connect people and empower communities.
- External customers and internal clients: The recommendations prioritize the needs of Myanmar consumers, particularly those who are underserved by traditional financial institutions.
- Competitors: The recommendations aim to differentiate Ooredoo from its competitors by offering a unique value proposition, focusing on customer experience, and leveraging technology.
- Attractiveness ' quantitative measures if applicable: While specific financial metrics are not provided in the case study, the recommendations aim to drive growth and profitability by increasing market share, improving customer retention, and optimizing operational efficiency.
All assumptions are explicitly stated, including the growing demand for financial services in Myanmar, the increasing smartphone penetration, and the government's commitment to financial inclusion.
6. Conclusion
By adopting these recommendations, Ooredoo can successfully launch and scale its mobile financial services in Myanmar, becoming a trusted and reliable financial partner for millions of people. This will require a commitment to innovation, customer-centricity, and responsible business practices.
7. Discussion
Other alternatives not selected include:
- Focusing solely on traditional banking partnerships: This approach would limit Ooredoo's potential reach and control over the MFS platform.
- Ignoring the need for a strong brand and marketing strategy: This would result in low awareness and adoption rates.
- Failing to address the unique needs of the Myanmar market: This would lead to a lack of product relevance and customer satisfaction.
Key risks and assumptions include:
- Regulatory uncertainty: Changes in regulations could impact the MFS market.
- Competition: Existing players may aggressively compete for market share.
- Security risks: Cybersecurity threats could damage customer trust and disrupt operations.
- Digital literacy: The success of MFS depends on the adoption of digital technologies by the target market.
8. Next Steps
To implement these recommendations, Ooredoo should:
- Phase 1 (Short-term):
- Rebrand and reposition M-Pitesan.
- Enhance key product features and user experience.
- Launch a targeted digital marketing campaign.
- Conduct market research to gather customer feedback.
- Phase 2 (Mid-term):
- Expand product offerings and services.
- Build strategic partnerships to enhance reach and distribution.
- Invest in technology and analytics to improve efficiency and customer service.
- Implement a robust CRM system to track customer interactions.
- Phase 3 (Long-term):
- Expand into new market segments and geographic areas.
- Develop innovative financial products and services.
- Foster a culture of innovation and continuous improvement.
- Strengthen corporate social responsibility initiatives.
By following this roadmap, Ooredoo can successfully launch and grow its mobile financial services in Myanmar, contributing to financial inclusion and empowering communities.
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Case Description
In June 2013 Ooredoo was awarded one of two telecommunication licenses to operate in Myanmar-where cellphone penetration was less than 10%. Less than 18 months later, Ooredoo launched voice and data services. This case includes information on the global telecom industry, focusing on services unique to developing countries, and asks students to consider how and when Ooredoo should launch mobile financial services in the country.
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