Harvard Case - Myanmar in 2020: Mobile Telecommunication and Mobile Financial Services
"Myanmar in 2020: Mobile Telecommunication and Mobile Financial Services" Harvard business case study is written by Gita Johar, Oded Netzer. It deals with the challenges in the field of Sales. The case study is 19 page(s) long and it was first published on : Sep 2, 2020
This case study solution recommends a comprehensive sales strategy for Telenor Myanmar to capitalize on the burgeoning mobile financial services (MFS) market. This strategy focuses on leveraging Telenor's existing customer base, expanding into new market segments, and optimizing sales processes for maximum revenue generation and customer acquisition.
2. Background
Telenor Myanmar, a leading mobile telecommunications operator, faces a unique opportunity in 2020. The country's mobile penetration is high, but financial inclusion remains low. This creates a fertile ground for mobile financial services, which can bridge the gap and provide essential financial services to the unbanked population. Telenor aims to leverage its existing infrastructure and customer base to become the dominant player in this market.
The case study focuses on Telenor's efforts to expand its MFS offerings, specifically its M-Pesa service. The company faces challenges in customer acquisition, particularly in rural areas, and needs to develop a robust sales strategy to achieve its ambitious goals.
3. Analysis of the Case Study
To analyze the case study, we can utilize the Porter's Five Forces Framework to understand the competitive landscape and identify key opportunities and threats:
- Threat of New Entrants: The market is attractive to new entrants due to the low barrier to entry, but Telenor's established network and brand recognition provide a significant advantage.
- Bargaining Power of Buyers: Customers have limited bargaining power due to the lack of alternatives, but Telenor must offer competitive pricing and value-added services to retain them.
- Bargaining Power of Suppliers: Suppliers have limited bargaining power due to the availability of alternative providers, but Telenor needs to ensure stable supply chains for its MFS platform.
- Threat of Substitute Products: Traditional financial institutions pose a threat, but their reach is limited in rural areas, giving Telenor a competitive edge.
- Competitive Rivalry: The market is becoming increasingly competitive with the entry of other mobile operators and fintech companies. Telenor needs to differentiate itself through innovative products and services.
Key Issues:
- Customer Acquisition: Telenor faces challenges in acquiring new customers, especially in rural areas with limited financial literacy.
- Sales Process Optimization: The current sales process is inefficient and lacks a structured approach for lead qualification, customer segmentation, and closing techniques.
- Value Proposition: Telenor needs to clearly articulate the value proposition of M-Pesa to target customers and address their specific needs.
4. Recommendations
1. Target Customer Segmentation and Value Proposition:
- Segment customers: Identify distinct customer segments based on demographics, financial needs, and digital literacy.
- Tailor value propositions: Develop targeted value propositions for each segment, highlighting the benefits of M-Pesa in their specific context.
- Focus on rural areas: Utilize existing agent networks and partnerships to reach underserved rural populations.
2. Optimize Sales Process and Sales Funnel:
- Develop a structured sales funnel: Implement a defined sales funnel with clear stages for lead generation, qualification, nurturing, and conversion.
- Improve lead qualification: Implement rigorous lead qualification processes to identify high-potential customers and prioritize sales efforts.
- Enhance closing techniques: Train sales staff on effective closing techniques, objection handling, and negotiation skills to increase conversion rates.
3. Leverage Technology for Sales Enablement:
- Implement CRM system: Utilize a comprehensive CRM system to manage customer data, track interactions, and optimize sales processes.
- Automate sales tasks: Employ sales automation tools to streamline repetitive tasks, freeing up time for sales staff to focus on high-value activities.
- Utilize data analytics: Leverage sales analytics to identify trends, measure KPIs, and optimize sales strategies.
4. Enhance Sales Training and Development:
- Provide product training: Ensure sales staff are well-versed in the features and benefits of M-Pesa to effectively communicate its value to customers.
- Develop sales skills: Invest in training programs to enhance sales skills, including prospecting, lead nurturing, presentation skills, and objection handling.
- Implement coaching and mentoring programs: Provide ongoing support and mentorship to sales staff to improve performance and drive continuous improvement.
5. Leverage Marketing and Communication Channels:
- Utilize digital marketing channels: Leverage social media, online advertising, and targeted content marketing to reach potential customers.
- Partner with local influencers: Collaborate with local influencers and community leaders to build trust and credibility in rural areas.
- Offer incentives and promotions: Implement targeted incentives and promotions to drive customer acquisition and adoption of M-Pesa.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Telenor's core competency lies in its mobile network infrastructure and customer base. This strategy leverages these strengths to expand into MFS, aligning with its mission to empower customers through technology.
- External customers and internal clients: The strategy focuses on understanding customer needs and developing tailored value propositions. It also empowers internal sales teams with the tools and training they need to succeed.
- Competitors: The strategy acknowledges the competitive landscape and emphasizes differentiation through innovative products, strong customer relationships, and efficient sales processes.
- Attractiveness – quantitative measures: The strategy aims to increase revenue generation, customer acquisition, and market share, ultimately contributing to Telenor's profitability and growth.
6. Conclusion
By implementing this comprehensive sales strategy, Telenor Myanmar can effectively capitalize on the growth potential of the MFS market. By focusing on customer segmentation, optimizing sales processes, leveraging technology, and enhancing sales capabilities, Telenor can achieve its ambitious goals and solidify its position as the leading provider of mobile financial services in Myanmar.
7. Discussion
Alternatives:
- Focusing solely on existing customers: This approach might limit growth potential and miss out on opportunities in new market segments.
- Aggressive pricing strategies: While attractive to customers, this could lead to lower profitability and unsustainable business practices.
Risks and Key Assumptions:
- Regulatory changes: The regulatory environment in Myanmar is dynamic and could impact the MFS market.
- Competition: The emergence of new competitors could intensify rivalry and erode market share.
- Customer adoption: The success of the strategy depends on customer adoption of M-Pesa, which may be influenced by factors such as financial literacy and trust.
8. Next Steps
- Implement a pilot program: Conduct a pilot program in a selected region to test and refine the proposed sales strategy.
- Develop a detailed implementation plan: Outline specific actions, timelines, and resource allocation for each aspect of the strategy.
- Monitor and evaluate progress: Regularly track key performance indicators (KPIs) to measure the effectiveness of the strategy and make necessary adjustments.
- Continuously improve sales capabilities: Invest in ongoing training and development programs to enhance sales skills and adapt to evolving market dynamics.
By taking these steps, Telenor Myanmar can successfully navigate the complex and dynamic MFS market, achieve its growth objectives, and contribute to financial inclusion in the country.
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Case Description
Licensed foreign telecom operators in Myanmar were required to also provide mobile financial services (MFS). Due to a lack of trust in the banking sector, the government believed the adoption of MFS would boost financial inclusion in the country by enabling seamless money transfers, bill payments, and more. As they entered the MFS market, foreign telecom operators Ooredoo and Telenor grappled with fundamental questions that would determine their launch and customer acquisition strategies.
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