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Solution to being Rich in the Golden Years

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Our brainchild in the MBA Marketing Research course at Sasin School of Management, the top business school in Thailand. Presenting the business model for a retirement consultant company, the ppt is equipped with the research we conducted + financial projections we estimated.
Any questions/comments, drop me a message!

* Names are censored to protect the confidentiality of my teammates

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Solution to being Rich in the Golden Years

  1. 1. Retirement Consultant Marketing and Consumption Team Hakuna Matata: Pattiya E610003 Prapaspon D610058 Kiattiyot E610010 Supasin E610017 Pichayuth E610020 Sobhark E610008 Ninatacha D610031 Karittha E610014 Poolperm D610046
  2. 2. Market Situation
  3. 3. 1. Thailand Demographics
  4. 4. 02. Retiring Poorly
  5. 5. 03. Increasing Healthcare Cost Thailand ageing society will drive healthcare costs up to 350% in the next 15 years Thailand Development Research Institute (TDRI)
  6. 6. 0.4 Ageing Transition Duration World Bank 2016 based on data from the UN (2015) and IPSS (2016) Thailand will less than 3 years to transition to an ageing society
  7. 7. 05. Thai Successful Ageing Rate Source: Institute for Population and Social Research (IPSR), Mahidol University, Rossarin Gray ● A study showed that only 15.5% has a successful ageing (LOW) ● N = 24,433 ● Age : 60-80+
  8. 8. 06. Fewer Babies Source : https://www.bloomberg.com/graphics/2019-thailand-baby-bust/
  9. 9. Thailand Situation Overview Thailand is entering ageing society in less than 3 years with over 10 million senior citizen. However, are we really prepared? Statistics show that Thailand is facing 3 major trends of increasing elder people, shrinking workforce and falling birth rate. Hence, with less tax money going towards health programs due to smaller workforce and increasing healthcare expense due to rising of ageing population, Thailand will face a higher risk of falling into poverty trap. ARE YOU PREPARED?
  10. 10. Consumer Analysis Perception Learning Motivation Attitude Personality Socio-Cultural-Class Data based on our interview with selective groups. Informant criteria is derived from our netography and field observation, which we further concluded that we want to focus on middle to upper class Informant criteria: age between 45-55 years old, living in urban area with an income of 150,000+
  11. 11. 01. Consumer Perception How does “retirement” means to you? “I created a legacy in my career so I worry about not creating any value after retirement. As my retirement approach and I do not have such a solid plan, I feel unsure about what to do next.” “I started to think about retirement and my biggest concern is my children. Since my children are relatively young, I do not have the confidence that I can support my children until they become independent.” 1. Opportunity to give back to society 2. No worry / no obligation 1. Concern about family 2. Fear of uncertainty “Living in the moment is important. I just want to do my best everyday to be happy. Having not worry about money is a blessing. Especially after retirement cause I don’t want to be working at age 70…” “I plan to retire when I’m 60 years old. It’s when we can do new things and possibly we can do lot of things too… Doing new things for me is doing things that I’ve been thinking to do such as travelling, volunteer work, charity work, studying Buddhism, all those stuff.”
  12. 12. 2. Consumer Motivation 1. Enjoying free time 2. Independent 3. Continuation of self-worth / self-esteem Pre-retirement motivations focus on the idea of belongingness (being independent/not being a burden), esteem needs (do something worthy) and self-actualization (using free time to do things that they always wanted to) What do you want after retirement? What is your goal? “My goal in life is to work while practicing Dharma. To be able to take care of my mom, enjoy my hobbies such as exercising, cycling, doing computer work, horse-riding.” “I consider retirement as a fresh start for my life, meeting new people in different social circles other than my professional life.” “My goal for retirement is to be able to do what I like. I want to raise goldfish and made some money out of it. I love to raise animals since I was young.” “The first priority after retirement is financial issue, but it is not a significant issue because I already planned for fund saving and no debt in the future. Especially, I do not have any child and I am single. I have no need to spend money for others and I already plan to stay at Chiang Mai province.”
  13. 13. 03. Consumer Learning Where do seek advice/ information about your goal? Self-learn: Books Online courses, Seminar, Banks Word of Mouth: Friends, Family Technology, Internet, App “I learn by self-study. I gather information online, and take online courses. I’m a curious person by nature.” “I got advice from his wife who working in bank industries and also has insurance certification. And also he already learned wealth management in short course from leading bank.” “In terms of my finance, I don’t have any special consultation. Most of the times, I just listen to the bank - those who recommend me the pension investment, from Internet, and Facebook. If I have time, I’ll go and attend some events and seminars about investment.” “...we can find a lot of books about retirement where people who succeed in their work and life will share about how they manage things in life before retirement and what they plan to do after retiring, it is quite a good idea to adapt with my lifestyle.” { Finance { Health& Lifestyle
  14. 14. 04. Consumer Attitude What are your views on retirement? How do you prepare for your retirement? Affective Happiness and peace Behavioral Financially prepared Cognitive Burden vs. readiness “I don’t worry about being a burden as I’m already preparing myself right now for my retirement. I’m working hard in my jobs and taking good care of my body. I’m also reading spiritual books so it’s all come down to letting go about things I’m attached to.” “Retirement for me is to be healthy, happy, to laugh, to have enough money for my hobby and for my travel at least twice a year.” “ I do not worry about being a burden as I have already prepared for when I'm older. I have planned early since my late thirties. I got into studying Dharma and built a house in Chiang Rai for myself and my mom. I am a doctor so I don’t have to worry. I can take care of myself. I also sent my children abroad to enable them to get the best education.”
  15. 15. 05. Consumer Personality ● Health-conscious “I search internet for information on funds to invest in, what are the insurance options that are interesting. Mostly I’m not searching for retirement goals but the products. But I never ask my friends because I think each person probably have different goals.” ● Resourceful ● Independent“I don’t want to rely on other people. I want to rely on myself. They probably take care of me or help me when I need. But the worst case is I will go to the nursing home.” “My goal is all about living a healthy lifestyle so I have to choose the activity that I am really interested about because if you do what you like, you can do it for a long time, for example, I love to play badminton, now I just set up my time that I have to go to play badminton on my weekends so it can make me healthier”
  16. 16. 06. Socio-Cultural-Class Socio: Gen X “Probably health is my top priority after retirement. You can’t do anything if you are in bad health. Right now I try to run at least 3 days per week, just for an hour to keep myself active.” Quality of personal life, Job satisfaction, Individualistic Cultural: Thai-ness Importance of family + “Kraeng Jai” Class: Upper M & Lower U Prestige, Wealth “I worry about my kids the most and I married late and had them late. Right now, they are still quite young. I’m afraid that when they settle down, I won’t have the energy to help them. I don’t want to be a burden to them and the grandkids.” “Retirement for me is to be healthy, happy, to laugh, to have enough money for my hobby and for my travel at least twice a year.” “There’s no retirement for me because of my occupation. There’s no limit to being a doctor. My husband also doesn’t think that he has to retire. We will just keep on working till we won’t be able to.”
  17. 17. Preparation for good health and well-being prior to retirement will ensure that elderly people can maintain their independence and increase their social and economic participation in the society. With the technological advancement and infrastructure improvement, people are living longer and elder people are becoming a significant proportion of world’s population. By 2050, aging population will double while the trend of government support will decline. The demographic changes have strong implications and opportunities for our business, which focuses on helping people to plan and manage their retirement. Goal Target Achieve universal health coverage, including financial risk protection, access to quality essential health-care services and access to safe, effective, quality and affordable essential medicines and vaccines for all Financial and investment planning help to increase of health-care access and reduce financial risks Our Business By 2030, reduce by one third premature mortality from non-communicable diseases through prevention and treatment and promote mental health and well-being We provide preventive health-care planning that aim to increase mortality rate and quality of life with recreational activities Strengthen the prevention and treatment of substance abuse, including narcotic drug abuse and harmful use of alcohol Provide early planning for meaningful retirement => Less likely to get depression, loneliness, uselessness => Less reliance on substance use for their loneliness
  18. 18. Our Company Hakuna Matata Retirement Consulting Strive for what’s important
  19. 19. Our Business: Mission and Vision Vision A society where elderly can live happily and independently. Mission To prepare our customers for their retirement, worry-free.
  20. 20. Our Business Services Our business services includes 1. A full consultant service on retirement planning 2. Financial plan and guideline for both passive and active income 3. The ultimate guide to all kind of health and life insurance program that suit your lifestyle 4. Partnership with many private hospitals / clinics to ensure 24 hours accessibility 5. Post-retirement experience trial
  21. 21. Business Plan
  22. 22. Business Model Canvas ● Financial event ● Hospital event ● Online platform ● Youtube channel ● Website ● Offline Channel ● People who want a retirement plan “Strive for what’s important” A full retirement consulting service that focuses on your finance, health and wellness, as well as post- retirement activities concern. ● Experts that help you with retirement planning (finance, insurance, inheritance management, etc.) ● Providing advice on physical and mental health, nutrition requirements Resources of information and expertise in each aspect of retirement ● No concrete plan for life after retirement ● Does not want to be a burden to children / relatives ● Does not have a clear picture of what they need to retire comfortably Insurance, elderly home, Wellness center, fitness, companies’ offering employee retirement benefits ● Commission from partners ● Subscription fees ○ Annually ○ Session ● Sponsorships ● Human Resources ○ Experts ○ Admins ● Customer acquisition cost ● Operating cost ● Space and utility expense Pre-retirement individuals with following characteristics: ● Age 45-55 years old ● Single/Married ● High net worth individuals (income of 150,000+) ● Number of subscriptions ● Number of partners ● Revenue McKinsey of Retirement Consulting
  23. 23. Lifestyles ● Work hard, play hard lifestyle ● Busy with work and daily commitments ● Enjoy various hobbies such as travelling, exercising, recreation activities Occupation ● Professionals ● Freelancers ● Middle - High management employees ● Business owners Education ● At least undergraduate degree as these people are more focused on long- term oriented goals and more likely to use our service Age ● 45-55 years old (Pre-retirement phase)* ● Age 60+ (Post-retirement phase, which we will focus on this group in later phase) ● At least 150,000 baht/ month Marital Status ● Single ● Divorce ● Married with children ● Married without children Target Consumer Segment Income Marital Status
  24. 24. Market Positioning Preventive Specialized Curative Comprehensive Retirement Home Hospital Palliative center Bank Insurance Brokers Hakuna Matata Private Banking Wellness Centers
  25. 25. Competitive Analysis (indirect) Physical Health and Diet guideline Financial guideline Mental health guideline Specialized experts on sites Health and Fitness application Travel & recreation agencies Financial & planning seminar Hakuna Matata Consulting
  26. 26. Key Activities ● Personalized consultancy service ● “Post-retirement experience” - Trial tour ● Financial investment and insurance, financial management ● Health & Wellness - Improve physical health & nutrition ● Mental health consultancy Key Resources ● Expertise in investment planning - Financial & Insurance ● Expertise in wellness & nutrition ● Connection to medical and wellness centers
  27. 27. Partners ● Insurance companies ● Banks ● Private hospitals ● Recreation services ● Gyms ● Wellness Clinic ● Travel agency ● Nutritionists ● Real estate agents ● Non profit organizations / foundations ● HR that wants to offer Employee Retirement Benefits
  28. 28. 5P Marketing Mix Product Price Promotion Place Provide various Consultancy services including 5 categories 1. Financial & Insurance - Prepare for retirement period 2. Inheritance Management and Succession Planning program 3. Health & Wellness - Nutrition and fitness advisors 4. Physical and Mental Health - Develop level of wellbeing in term of total health care 5. Pre-retirement experience activities - Trial retirement activities such as dream jobs, interesting career/business opportunities, aspiring hobbies, community service activities People
  29. 29. 5P Marketing Mix Product Price Promotion Place People Hakuna Matata works in 4 easy steps Retirement Goal Completion 50% Annual Income Annual Savings 2. Complete our Retirement Calculator that allows you to see your retirement saving balance, yearly withdrawal and forecast when your retirement savings will run out 1. Examine wealth and health strategies (accumulation, retirement planning, estate planning, risk management, business planning, health profiling and concerns) and complete our retirement questionnaire 3. Create a fully integrated and comprehensive plan (which incorporates special deals from partners) that helps you to pursue your retirement goals and lifestyle that you desire. 4. Support your retirement goals by working together to simplify the complexity of retirement landscape and helping you to explore various opportunities with our post- retirement trial tour experience
  30. 30. 5P Marketing Mix Product Price Promotion Place People Hakuna Matata exists to offer value to our customer. Our pricing strategy is optimized around value-based pricing. Based on our interview with target customers, we offer our services based on two pricing models: Option 1: Subscription service Due to an evolving retirement landscape, individuals are now facing new challenges, complexity and risks in regards to change in broader government support, demographic changes and changing transitions into retirement. Subscription-based service allows individuals to pursue an ad hoc consulting, which offers a 360 degree strategic retirement planning. Option 2: Per session service We understand that the nature of our customers is consisted of being independent and resourceful. They enjoy the flexibility, and are ambitious and eager to learn new things. However, they want to accomplish things under their own term. Hence, we provide a one time consultancy service for our customer who seek for immediate recommendations.
  31. 31. 5P Marketing Mix Product Price Subscription pricing model categorized to 3 package *1 Post-Retirement Trial Experience Activity cover 4 Days per Month (On-Demand) **2 Can use this credit limit as a supplement to your regular health check up benefits from credit card/insurance Deduct monthly through credit card Services Silver Level (5,000฿/month) Gold Level (7,000฿/month) Platinum Level (10,000฿/month) Financial & Insurance ✓ ✓ ✓ Health & Wellness ✓ ✓ ✓ Mental Health ✓ ✓ ✓ Pre-retirement experience +5,000 ฿/activity* +3,000 ฿/activity* Unlimited activity Yearly Health Check-Up - Limit up to 10,000฿** Limit up to 20,000฿** Promotion Place People Most valuable!
  32. 32. 5P Marketing Mix Or consultancy service for 5,000 THB per session *Note : Also offer 0% installments for 3 months 1 Session = 1 Day (1 hour with Experts) Product Price Promotion Place People
  33. 33. 5P Marketing Mix PromotionProduct Place PeoplePrice Communication strategy: To communicate our retirement consultancy service to a pre-retirement individuals with income of at least 150,000 baht/month. The key objective of the communication strategy is to stimulate demand for Hakuna Matata service. As many people at this age are already aware of retirement planning and may at some level working towards their retirement plan, it is important for us to inform them the full spectrum of retirement planning (which is far more than just financial planning). Communication channels: 1. Email campaign 2. Events (at financial event, hospital/healthcare seminar) 3. Website and blog 4. Online ads: Google Ads (Keyword: retirement planning, pension, etc.), Remarketing 5. Online platform: YouTube channel, Facebook, other social media 6. Elderly home 7. Insurance brochure 8. Offline: pop up store, Hakuna Matata office, B2B (other companies’ offices)
  34. 34. 5P Marketing Mix Promotion ● Giving a 1 month free trial by co-promotion and partner with: 1. Privilege bank customer (Infinite WISDOM,PRIVATE BANKING) 2. Platinum membership in fitness/Golf course (RBSC, Polo Club) 3. Top Hospital members 4. Top management level in leading company 5. Partnership with investment & insurance company ● Coordinate with HR department to provide a free 1 session and B2B price (30% discount) ● Referral program (refer any new customer to enjoy another free month) ● 10% discount on any partnership insurance company for platinum level ● Free hospital upgrade (upon availability) Product Place PeoplePrice Most new clients comes through word-of-mouths, events, and our website and we focus all of our promotion efforts to drive more traffic to it. Our promotional mix is as follows: ● Search engine optimization ● Paid traffic ● Social media marketing ● Content marketing ● Email marketing
  35. 35. 5P Marketing Mix Place Consulting Head Office will be in downtown Bangkok, with close proximity to ● RBSC Polo Club - where most of our target clients are there -> they can use our services prior to or after they visit the club ● Easy access to highways - target client’s primary mode of transport are cars ● Public transports - Transportation option for visit to our office during peak hours ● Restaurants and malls - if they utilize the amenities and conduct their necessary businesses there (eg. banking, shopping) prior to or after the visit at our office Product PeoplePrice Promotion Where clients utilize and see our services: ● Consulting head office ● Facebook fanpage ● Line official account ● Call center ● Pop-up booth at privilege lounge in various bank ● B2B channels (Companies) ● Providing employee retirement benefits to HR and offer our service as additional offering ● Financial event booth (Temporary) ● Pop-up booth at leading hospital (Temporary) *1 Activity cover 8 Days per Month (On-Demand)
  36. 36. 5P Marketing Mix Place ● Professional, friendly and lively staff member ● 24 hours customer service ○ With experts: Platinum clients ○ With non-expert staff: Silver & Gold clients ● 24 hours emergency call accessible ● Real expertise (minimum 10 years experience) in each field Product PeoplePrice Promotion
  37. 37. COnsumer journey Evaluation POS Material Websites How-to’s Organic Search E-com info Etc Influences Conversio n Office STC E-com Retail Social retail Etc Product Fulfilment Office Home Delivery On-the- go Click & collect Etc Product Experience Usage website How-to’s Utility Properties Native Editorial Etc Advocacy Word of mouth User UGC Ratings & reviews Blogs Etc Awareness TVC Online Video Newsfeed Video Online Display Web Series Events & spaces - gyms/hospitals Opinions Word of mouth Ratings & reviews UGC Images Vloggers Experts Etc Actions “I want a fulfilling, secure retirement” Triggers
  38. 38. Brand Life Cycle Stage ● New business model in the introduction stage ● Additional services/ service scope expansion
  39. 39. Introduction Stage Phase 1 Build Awareness Phase 3 Acquire & Grow Phase 2 Trial & Experience Target group Channel Promotion Key Actions Top management & Entrepreneur (Early Adopter) Top management & Entrepreneur (Early Adopter) High level income employee - Investment events (Especially Bank industry) - Social Medias (Linkedin, FB, Twitter) -Free-Trial* (1 Month) -50% Discount for 6 months - Referral discount (50%) - Free 1 sessions for first time customers - Online Display (google ad/facebook ad) - Influencer in social (investor’s youtuber, blogger) - Privilege membership (Credit card, Gym, Hospital) - Word of mouth - Customers review via social media (FB,pantip, blogger) - Promote roadshow / event - Offer free trial and use of referral program -Online advertisement - Offer service trial and promotion - Build subscription base - Use of online influencer - Offer referral promotions -> Top-down word-of-mouth to subordinates
  40. 40. The customer become the colleague Post-retirement Pre-retirement Pre → Post-retirement Post-Purchase Phase 4 Increase customer engagement
  41. 41. Finance Market size estimation *Wealth: Those who earn an income of at least 150,000 baht per month
  42. 42. Finance - Revenue and Cost driver *24 hours services consultant may not include all services
  43. 43. FullFinancialStatement
  44. 44. Marketing Expenses Co-Promotion
  45. 45. Finance - Year to Year performance
  46. 46. THANK YOU

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