Early Engagement, Lasting Trust: Saarthi Visa's Breakthrough Strategy in Student Abroad Consultation
Prinkit Patel
McKinsey Forward Graduate l Go To Market Strategist | Esports & Luxury Goods | Consulting Team Lead @ MM ESCP
Digital marketing when used strategically can also act as a tool for short term competitive advantage. I would like to walk you through a case I worked upon, and am particularly proud of, a several years back.
Industrial Scenario:
Saarthi Visa, a nascent entrant in India's abroad career consultation sector, faced the daunting challenge of penetrating a market characterized by fierce competitive rivalry and a low threat of new entrants. Despite these challenges, the allure of the market, buoyed by a burgeoning trend of Indian students seeking education abroad, was undeniable. In such a saturated market, where some firms have carved out significant niches through experience, Saarthi Visa's lack of a sustainable competitive advantage, primarily due to resource constraints, necessitated an innovative approach to gain a foothold.
Digital Marketing Strategy as a Lever for Transient Competitive Advantage:
Our primary market survey unearthed a crucial insight: students' heavy reliance on consultancy services stems from an information asymmetry regarding procedures and opportunities abroad, making trust a pivotal value proposition. In the education sector, trust correlates directly with the perceived intimacy between a career counselor and a student, alongside the duration of their interaction. The challenge was to pre-empt our competitors by engaging with potential clients earlier in their decision-making process, thereby securing a marginal yet significant influence over their choices. Achieving this would grant us a temporary competitive edge until such time as our rivals might replicate our strategy.
The Eureka Moment:
The breakthrough came when we identified the necessity of connecting with our clientele at the outset of their customer journey, thereby establishing a foundation of trust unparalleled by our competitors. While most were concentrating their marketing efforts on students already contemplating study abroad options, our strategy focused on engaging students at the crucial juncture of weighing the merits of international education against domestic opportunities. This phase represented a golden opportunity to influence their decision-making process from the very beginning.
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Ideation & Development of the Foreign-O-Meter:
Central to our strategy was addressing the prevalent student query: "Is my profile suited for study abroad?" and "What are my chances of visa approval?" To this end, we developed the Foreign-O-Meter, an innovative online tool designed to assess the likelihood of a student's admission and visa approval for various countries based on a concise questionnaire. This tool not only served to engage students at a critical decision point but also allowed us to collect valuable data for further engagement and trust-building, well ahead of our competitors.
Segmentation, Targeting, & Positioning:
Our approach was meticulous in segmenting target groups based on their phase in the customer journey, from the initial awareness of dissatisfaction with domestic career prospects to the consideration of international opportunities, the decision to seek abroad career consultation, and finally, the action of applying. Unlike our rivals, who focused on students in the decision phase, our strategy homed in on those transitioning from awareness to consideration. We targeted students employing specific search queries reflective of their exploratory mindset. Consequently, we positioned the Foreign-O-Meter as a preliminary tool for these students, streamlining their research process and providing immediate, personalized insights into their potential for study abroad.
Outcome & Impact:
This strategic pivot yielded unprecedented success. Our growth hacking efforts significantly outpaced the competition, as evidenced by a dramatic reduction in lead acquisition costs( from 133 INR to 6.3 INR ) and a marked increase in the duration and quality of our engagements with potential clients. Within just two years of implementation, Saarthi Visa had not only secured a formidable market presence but also challenged the dominance of established players, leveraging our strategic insight into the importance of early engagement and trust-building in capturing market share.