Final Report on Digital Marketing Plan for EcoWheels Môn Digital Marketing | Trường Đại học Tài chính - Marketing

MINISTRY OF FINANCE
UNIVERSITY OF FINANCE – MARKETING ---- ---- GROUP REPORT
COURSE: DIGITAL MARKETING
ID COURSE: 2431910020401
DIGITAL MARKETING PLAN ECOWHEELS Student Name Student Id
1. Bành Gia Bảo 2221001923
2. Vương Thiệu Bân 2221001922
3. Nguyễn Tiến Nam 2221001938
Ho Chi Minh City – Semester 3, 2024
GROUP CONTRIBUTION Student Name Student ID
Percentage of Contribution 1. Bành Gia Bảo 2221001923 100% 2. Vương Thiệu Bân 2221001922 100% 3. Nguyễn Tiến Nam 2221001938 100% i
LIST OF TABLE
Table 1-1 Target Audience .......................................................................................................... 1
Table 2-1 Customer Persona .......................................................................................................7
Table 2-2 Targeting Process ........................................................................................................7
Table 4-1 Campaign Budget .................................................................................................... 18
LIST OF PICTURE
Figure 3.2.1.1 Tiktok Ads ........................................................................................................ 14
Figure 3.3.2.1 Post Engagement .............................................................................................. 16
Figure 3.3.3.1 Abandoned Cart Ads ......................................................................................... 17 ii
TABLE OF CONTENTS
PART 1 : SITUATION ANALYSIS ............................................................................................1
1.1 Company and Product/Service Overview .........................................................................1
1.1.1 About Company .........................................................................................................1
1.1.2 Target Audience .........................................................................................................1
1.1.3 Reason Why We Choose ............................................................................................1
1.2 Market Analysis ................................................................................................................2
1.2.1 The Overall GDP of Vietnam as of 2023 ...................................................................2
1.2.2 Interest Rate ...............................................................................................................2
1.2.3 Inflation Rate .............................................................................................................2
1.2.4 The Exchange Rate ....................................................................................................3
1.2.5 The Cost. ....................................................................................................................3
1.2.6 Cost of Living ............................................................................................................3
1.2.7 Trends. .......................................................................................................................3
1.2.8 Legal Issues ................................................................................................................3
1.2.9 Competitors ................................................................................................................4
1.2.10 Why Are They Competitors of EcoWheels? ............................................................4
1.3 SWOT Analysis ................................................................................................................5
1.3.1 Strengths ....................................................................................................................5
1.3.2 Weaknesses ................................................................................................................5
1.3.3 Opportunities ..............................................................................................................5
1.3.4 Threats........................................................................................................................6
PART 2 : TARGET AUDIENCE DEFINITION .........................................................................7
2.1 Customer Persona .............................................................................................................7
2.2 Targeting Process ..............................................................................................................7
2.3 Buyer’s Journey ................................................................................................................9
2.3.1 Awareness ..................................................................................................................9
2.3.2 Consideration .......................................................................................................... 10
2.3.3 Purchase .................................................................................................................. 10
2.3.4 Retention ..................................................................................................................11
2.3.5 Advocacy .................................................................................................................11 iii
PART 3 DIGITAL MARKETING STRATEGY ..................................................................... 12
3.1 Campaign Goals and Objectives .................................................................................... 12
3.1.1 Increase Customer Base ........................................................................................... 12
3.1.2 Enhance Customer Satisfaction With The Brand .................................................... 12
3.1.3 Increasing Revenue ................................................................................................. 12
3.1.4 Improving Operational Efficiency .......................................................................... 13
3.1.5 Expand Service Area. .............................................................................................. 13
3.2 Content Strategy............................................................................................................. 13
3.2.1 Tiktok ads ................................................................................................................. 13
3.3 Campaign Channels ....................................................................................................... 15
3.3.1 SEO ......................................................................................................................... 15
3.3.2 Post Engagement ..................................................................................................... 15
3.3.3 Abandoned Cart Ads ............................................................................................... 16
PART 4 IMPLEMENTATION AND MEASUREMENT ......................................................... 18
4.1 Campaign Budget ........................................................................................................... 18
4.1.1 Awareness ............................................................................................................... 18
4.1.2 Consideration .......................................................................................................... 18
4.1.3 Purchase .................................................................................................................. 19
4.1.4 Retention ................................................................................................................. 19
4.1.5 Loyalty Expansion ................................................................................................... 19
4.2 Campaign Timeline ........................................................................................................ 20
4.3 Metrics and Measurement .............................................................................................. 21
4.3.1 Awareness Phase KPIs ............................................................................................ 21
4.3.2 Consideration Phase KPIs ........................................................................................ 21
4.3.3 Purchase Phase KPIs ............................................................................................... 21
4.3.4 Retention Phase KPIs .............................................................................................. 22
4.3.5 Loyalty Expansion Phase KPIs ............................................................................... 22
PART 5 CONCLUSION AND RECOMMENDATIONS ....................................................... 23
5.1 Summarize Digital Marketing Campaign Strategy ........................................................ 23
5.1.1 EcoWheels Marketing Strategy Summary .............................................................. 23
5.1.2 Key Strategies ......................................................................................................... 23 iv
5.2 Recommendations for Ongoing Campaign Optimization and Future Digital Marketing
Initiatives .............................................................................................................................. 24
5.2.1 Service Quality and Delivery .................................................................................. 24
5.2.2 Customer Experience .............................................................................................. 24
5.2.3 Continuous Improvement ........................................................................................ 24
5.2.4 Specific Recommendations for Tourists ................................................................. 24 v
PART 1: SITUATION ANALYSIS
1.1 Company and Product/Service Overview
1.1.1 About Company
EcoWheels is a sustainable mobility company that provides eco-friendly electric-assist
bike rental services specifically tailored for tourists visiting Ho Chi Minh City. We are
committed to offering a unique and sustainable way to explore the vibrant streets and hidden
gems of this bustling metropolis.
1.1.2 Target Audience
Table 1- 1 Target Audience Age 25-35 Gender Male, Female, LGBTQ+ Location HCM City Characteristic/Lifestyle
Active, Environmnetal conscious Pain Point Exhausted from air pollution Motivation Reduce the carbon footprint Income 5 - 15 million VND Buying Reference Technology Products
1.1.3 Reason Why We Choose
The reason behind our chosen demographic is due to several reasons, including:
These age groups are usually urban dwellers, with decent income as well as a
preference to technological advancement, namely, electric-assist bikes. In addition, this group
of customers tend to be more active as they prefer a healthy lifestyle such as outdoor
activities, exploring cities, and so on. And finally, these customers want comfortability in 1
their product, as well as awareness of environmental changes. Hence, the target audience for our company.
From the perspective of our company, We have noticed that our customer segment is
more concerned about their health because, with good health, they can work. In addition, we
want to create a "green traffic" culture to help make the environment cleaner. We provide
high-quality vehicles integrated with electric power assistance technology to optimize the customer experience.
1.2 Market Analysis
1.2.1 The Overall GDP of Vietnam as of 2023
Vietnam's GDP is currently growing steadily, with growth rates fluctuating around 5-
6% in 2023, despite challenges from the global economic downturn and volatility in major
markets such as the US and the EU. This growth has a positive impact on the electric-assist
bicycle industry. As people's incomes rise, demand for premium products and green
technology, such as electric bicycles, is also increasing, especially in major cities like Hanoi
and Ho Chi Minh City. The growing trend of green consumption is further driving the
popularity of electric bicycles in the context of urban environmental pollution.
1.2.2 Interest Rate
In 2023, interest rates in Vietnam are at a low level, fluctuating around 4-6%, creating
favorable conditions for the development of the electric-assist bicycle industry. Low interest
rates help reduce borrowing costs for businesses, allowing them to invest more in new
technology, research, and product development, thereby lowering prices and improving the
quality of electric bicycles. This also enables companies to maintain reasonable prices and
increase their competitiveness in the market.
1.2.3 Inflation Rate
Currently, inflation in Vietnam is maintaining at around 3-4%, a relatively low level
that helps stabilize prices and reduces pressure on consumer purchasing power. This low
inflation rate has a positive impact on the electric-assist bicycle industry. Although there may 2
be a slight increase in raw material costs, potentially raising production costs, businesses can
adjust to maintain reasonable prices without compromising product quality. The stability in
inflation helps sustain consumer purchasing power, thereby driving demand for electric
bicycles, especially as individual incomes rise.
1.2.4 The Exchange Rate
In 2023, the exchange rate between the Vietnamese đồng (VND) and the US dollar
(USD) fluctuated between 23,900 and 24,400 VND/USD, driven by factors like inflation and
interest rate policies in Vietnam and the US. This fluctuation impacted the electric bike
industry in Vietnam, especially regarding the cost of imported components, which are usually priced in USD.
1.2.5 The Cost
The cost for a electric bike battery is around 1 million Dong to 1.3 million Dong
whereas electric motorbike battery is around 1.7 million Dong to 4 million Dong.
1.2.6 Cost of Living
According to GSO, in 2023, GDP per capita was 4.96 million Dong, an increase of
289 thousands Dong compared to previous year. Disposable expenses. 1.2.7 Trends
Due to the increasing awareness of the environment, many consumers decide to
switch from internal combustion engine vehicles to electrical vehicles such as electric-assist
bicycles in order to reduce carbon footprint. In addition, electric bikes priced between 10 to
20 million VND are suitable products that they can invest in. The current electric bike market
also includes electric assist bicycles, which are bicycles equipped with an additional motor kit
to assist with acceleration while moving, helping the rider avoid excessive fatigue. This
feature has addressed some issues with traditional bicycles, thereby increasing the demand for electric bikes 3
1.2.8 Legal Issues
Just like any other industry, electric bikes that let consumers rent must follow some set of regulations as well:
• Rental related laws: In accordance with “Article 78 of Traffic law 2024”
• Enterprise laws: “Laws on Enterprises 2020”
1.2.9 Competitors • Engwe • ADO • Xiaomi Himo • ZhenBu • Phoenix
1.2.10 Why Are They Competitors of EcoWheels?
1. Similar Target Market: All these brands target urban commuters and
environmentally conscious consumers, making them direct competitors in the e-bike segment.
2. Price Competition: Many of these brands offer competitive pricing, which can
influence consumers' purchasing decisions of our company.
3. Product Features: Our products provide similar features such as electric assistance,
portability, and smart technology, which are essential in attracting the same customer base.
4. Brand Recognition: Established competitors like Xiaomi and Engwe have significant
brand recognition and customer loyalty, posing a challenge for EcoWheels in attracting customers.
5. Distribution Channels: Many of these competitors utilize online sales channels
effectively, making them easily accessible to customers and increasing competition in the e-commerce space. 4
Based on the information, we want to be the 3rd in this market of electric bike as we
want to be a service provider of E-bike with relatively low price whilst providing excellent service quality.
1.3 SWOT Analysis 1.3.1 Strengths
• Eco-Friendly Product Offering: EcoWheels sells electric-assist bikes, appealing to
eco-conscious customers and on-trend.
• Innovative Product Characteristics: If EcoWheels' electric-assist bikes have
features that set them apart, such as a long-lasting battery or smart connectivity, these
attributes can be emphasized to attract a tech-savvy demographic.
• Strong Brand Story: The sustainable mission with a green brand narrative of
EcoWheels may resonate with eco-friendly shoppers.
• Budget Allocation: putting aside digital marketing budget allows pinpoint accurate
commercials, social media interaction and SEO initiatives to grow brand reach.
1.3.2 Weaknesses
• Limited brand recognition: EcoWheels, being a newer or lesser-known brand, may
have trouble gaining market share and could possibly spend more on marketing
• Lower demand: In cities, electric-assist bikes are very attractive; straight somewhere
else within the rural or downside community, they may be a lot less so.
1.3.3 Opportunities
• Growing Environmental Consciousness: EcoWheels greatly benefits from the
rising global emphasis on sustainability and sustainable solutions.
• Urbanization and Congestion: Urban congestion occurs too frequently, which
means that electric-assist bikes can provide a safer and greener alternative to regular transportation.
• Government Support: Initiatives from governments in favor of sustainable
transportation can promote the usage for electric-assist bike businesses. 5
• Technological Advancements: The development in battery technology and electric
motor systems can result in high-performing, more efficient electric-assist bicycles.
• Partnership Opportunities: EcoWheels can partner with hotels, travel agencies, and
local businesses to attract more customers and create alternative revenue channels. 1.3.4 Threats
• Economic Downturns: Economic slowdowns may decrease consumer holiday
shopping and impact sales of non-essential goods such as electric-assist bikes.
• Intense Competition: This has resulted in stiffer competition for electric-assist bikes
emerging from both new market entrants as well as larger established brands.
• Supply Chain Disruptions: Problems in the global supply chain can affect the
availability of components and raise production costs.
• Regulatory Changes: regulations, such as licensing requirements or traffic laws, may
impact the operations of electric-assist bike rental businesses should we not be careful.
• Negative Publicity: Bad occurrences or incidents involving electric-assist bikes can
significantly affect the brand reputation and customers' consideration. 6
PART 2: TARGET AUDIENCE DEFINITION
2.1 Customer Persona
Table 2- 2 Customer Persona Age: 25 - 35 Gender: Male, Female. LGBTQ+ Location: HCM city
Characteristic/Lifestyle
Active, Environmnetal conscious Pain Point: Exhausted from air pollution Motivation: Reduce the carbon footprint Income: 5 - 15 million VND
Buying Reference: Technology Products
2.2 Targeting Process
Table 2- 3 Targeting Process Online Revenue
Customer Lifecycle
Select online targeting
contribution for each targetin segment Not brand loyal
- Booking Platform Acquisition encourage trial
We integrate secure payment We will use online
Because when a product is gateways to facilitate online advertising, particularly
first launched, customers transactions for our social media, to reach
will not yet know who we customers. individuals who are likely to
are and what benefits we Marketing and Advertising be interested in electric bike bring to
them. In terms of promoting our rentals.
Understanding the need for service, we will utilize social Conversion
customers to experience a media to create ads that are We will offer clear 7
product before purchasing it tailored towards our targeted instructions on how to use to avoid disappointment segment. the electric bikes and after buying, we will allow navigate the rental process, customers to try out the
alleviating the hassle for the product along a designated customers when using our route during the product service. launch process. Hence, we Retention can receive direct feedback We want to offer tailored from customers to further recommendations based on develop our products in the customer preferences and future and enhance the usage patterns to ensure our customer experience. customers’ experience is personalized. Loyalty After the customers have been with us for a long time, we will reward loyal customers with points, discounts, or exclusive benefits specifically for them 8
2.3 Buyer’s Journey 9 2.3.1 Awareness
Picture 2- 1 Customer Journey Map
Timeline: 2 months (pre-launch and early launch phases).
Goal: Building initial brand recognition and attracting the attention of potential customers.
• Word of Mouth: Encourage sharing through engaging social media content and
partnerships with influencers.
• Online Display: We consider advertising our products on Google, Facebook, and
Tiktok to reach environmentally conscious audiences.
• PR: Collaborating with eco-friendly publications and blogs to feature EcoWheels.
• SEO content: EcoWheels is at the forefront of providing sustainable mobility
solutions with its premium range of electric assist bicycles, designed to meet the
demands of modern life. Equipped with advanced assist technology, each journey 10
becomes effortless and enjoyable, allowing you to conquer any terrain, from bustling
city streets to challenging hills, with ease.
• But EcoWheels goes beyond just making your commute easier. Our electric-assist
bicycles are also an environmentally conscious choice, helping to reduce carbon
emissions and conserve energy, ensuring you can travel sustainably without worrying
about negative impacts on the planet. With a sleek, modern design and outstanding
performance, EcoWheels is not only the choice for those who seek convenience but
also for those committed to a green and responsible lifestyle. Discover EcoWheels'
range of electric-assist bikes and experience the perfect blend of luxury, efficiency,
and comfort on every ride – whether it's your daily commute or an adventurous
exploration. EcoWheels – partnering with you to create a sustainable and sophisticated future.
2.3.2 Consideration
Timeline: 3 months (focusing on conversion).
Goal: Engage and inform potential customers, building trust and establishing EcoWheels as a top choice.
• Email: Email campaign with a series of messages about EcoWheels’ benefits and
features should be considered.
• Search and Paid Content: We will use Google Ads and promoted content to show up
in searches related to electric-assist bikes and sustainable commuting.
• Websites/Landing Pages/Direct Email: We will initiate a series of landing pages
with targeted information about EcoWheels’ sustainable impact, product
specifications, and customer testimonials to gain customers trust. 2.3.3 Purchase
Timeline: 2 months
Goal: Facilitate the buying decision and make it as seamless as possible. 11
• Mobile app: We want our customers to have a user-friendly purchasing experience on
mobile or online platforms, with financing options and customer support.
• Promotion: Providing customers with limited-time discounts or accessories to drive purchase decisions.
• Store & branch: Offering exclusive discounts for walk-in customers or bundle deals
to encourage immediate purchases. 2.3.4 Retention
Timeline: 3 months (focused on support and engagement post-purchase).
Goal: Delivering excellent customer service to ensure customer satisfaction and encourage repeat purchases.
• Chat: Live chat support 24/7
• Community: Create our community about EcoWheels through website forums or
groups where customers can share experiences and ask questions.
• Customer service: Provide dedicated customer service to address issues and inquiries. 2.3.5 Advocacy
Timeline: 2 months (post-purchase and ongoing)
Goal: Build customer loyalty and turn satisfied customers into brand advocates.
• Loyalty Program: rewards repeat purchases, referrals, and service packages.
• Offer to customer: Discount, events and encourage satisfaction. 12
PART 3 DIGITAL MARKETING STRATEGY
3.1 Campaign Goals and Objectives
3.1.1 Increase Customer Base
• Specific: Increase the number of monthly rentals by 20%.
• Measurable: Track the number of rentals per month, analyze the current data with the target.
• Achievable: Including targeted marketing campaigns, partnerships with local
businesses, and offering promotions to attract new customers.
• Relevant: We will expand the customer base aligns with the business's growth
strategy and increase revenue.
• Time-bound: within the next 4 months.
3.1.2 Enhance Customer Satisfaction With The Brand
• Specific: Increasing customer satisfaction rating from 4.0 to 4.5 on a 5-point scale.
• Measurable: we will conduct customer surveys and track online reviews regularly.
• Achievable: Improvement of bike maintenance, excellent customer service, and
implementation of a system for addressing customer complaints promptly.
• Relevant: Should customers be satisfied with the service, they will be more likely to
return and recommend the service to others.
• Time-bound: within the next 3 months.
3.1.3 Increasing Revenue
• Specific: Increase annual revenue by 15%.
• Measurable: Regular tracking of monthly revenue and give out comparison
• Achievable: Implementation of strategies like upselling additional services (e.g.,
guided tours, helmets), expanding operating hours, and optimizing pricing.
• Relevant: We hope increased revenue will be able to contribute to the overall
financial health of the business.
• Time-bound: within the next 6 months 13
3.1.4 Improving Operational Efficiency
• Specific: Reduction of operational costs by 10%.
• Measurable: Tracking monthly operational expenses
• Achievable: Implement efficient inventory management, optimize bike maintenance
schedules, and negotiate better deals with suppliers.
• Relevant: Reducing operational costs, thereby improving profitability for the business.
• Time-bound: within the next 4 months.
3.1.5 Expand Service Area
• Specific: Expand the service area to include two additional districts in Ho Chi Minh City.
• Measurable: Track the number of rental locations and the geographical coverage of the service.
• Achievable: We will consider conducting market research in order to identify suitable
locations, secure necessary permits, and establish partnerships with local businesses.
• Relevant: Expanding the service area attracting new customers and increasing overall revenue.
• Time-bound: within the next year.
3.2 Content Strategy
3.2.1 Tiktok ads
The content strategy that EcoWheels wants to utilize in order to approach a large
number of audiences will be via TikTok Ads.
• We believe that the usage of social media nowadays is increasing, especially among
youngsters and adults. Therefore, we want to advertise our product on social media
and have specifically chosen TikTok as our place for advertising. It allows us to
enhance engagement, showcasing features, emotional connection and visual appeal with our customers. 14