B-school competitions are the first and foremost thing that the students are required to prepare for soon after they enter college. Let alone winning or losing, just by taking part in a competition and honestly putting efforts into research and data collection — which are the starting points of the competition can make one learn a lot. B-school competitions are an invaluable experience and an essential part of an MBA.
When it comes to choosing a team for a competition, it is important to remember that all of the members need not be the best in everything — this may work reverse bringing in a lot of rework and discussions that forever go on a loop instead of adding value to the team. A short description of our team for DigiBytes a digital marketing competition conducted by IIM Bangalore will help you get the perspective rightly. One of the team members is a good initiator. With an idea in hand, he knew from where to initiate and was able to give a face, body, and life to the idea. The second member of the team is good at crunching numbers, bringing in facts to support the idea, and draw out revenue plans and cost structures, in short, a person good with data interpretation and understanding numbers. Our third member is a person who is creative, good at presenting his ideas simply, and understandably without diluting the essence of all the efforts that the team has put into building the case solution. Having diverse members in a team helps in bringing different perspectives and formulating a unique winning strategy. Adding on to the above merits, dividing work among the team becomes easy when the team is diverse, which saves a lot of valuable time given our hectic MBA schedules.
The context of DigiBytes case was to launch a new product in a given set of industry sectors and market them organically on social media handles. We can break down our approach in the following steps. The first step is to understand the category (fitness, food and beverages, chocolates, etc.) in which you are competing, whether the category is already established or it is new and developing.
The second step is to identify your immediate competitors and other competitors. For example, for launching new chocolate, its immediate competitors would be other chocolates such as Dairy Milk, Snickers, Milky bar, etc. and other competitors could be native Indian confectioneries, cookies, cakes, etc.
The third step is to understand the offerings of the competitors, what are the benefits that the competitors are communicating to their target group. This process will help in finding white spaces where your product can cash in and win.
The fourth step is to list down a set of your potential target customers, prepare a discussion guide, and conduct in-depth interviews. The fifth step is to identify your final target customer group, define his/her characteristics in-depth by answering questions like who is he, what is his behaviour and why does he behave so. This will help not only in understanding your target group better but also enables you to find tension or say a need state for your target group that you will go on to fulfill with your product.
The sixth step is to create an effective communication strategy for your product which is in line with your brand strategy and purpose, which serves the need of your target group that you identified in the previous step. The final brand communication must be impactful and should guide your target group from their current state to the desired state. For example, the current state of the target group is “ I believe starting my day early is good and healthy, but doing so is difficult, and I don’t find a motivation to do so”. The desired state is “Winners and achievers wake up early and start working towards their goals, and results don’t come easily, one has to work hard to achieve one’s goals”. The brand communication for your product should act as a bridge that moves your consumer from his/her current state to their desired state. For example, “I want my target consumer to believe that A cup of Sleepy Owl coffee is the best possible way to start my day and stay active throughout the day”.
The next step goes on to developing creatives and running campaigns that will take this brand communication to the desired target group. Better content categorization can be done using a funnel approach. The success of this step depends on the impactfulness and creativity of the campaigns.
To conclude, working towards winning a B-school competition along with the regular academic rigour not only adds value to the CV but also sparks innovation, shows the competitive part of you that you never knew existed. Humans are competitive and have been competing over territories, food, mates, etc., for hundreds of years now, and competition makes you better in what you do. The high that you get from winning will push you towards expanding your limits and thrive more for success. All the best. Keep working towards a better tomorrow. The right idea, at the right time and the right place will definitely win.
Team Black Clover
Aravind R, Gaurav Gopal, and Vignesh M (MBA Batch 2019–21)
National Winners, DigiBytes organised by IIM Bangalore