MYOB, a pioneer in business management software, has long been recognized for its robust accounting solutions. With a focus on expanding understanding among SMEs, MYOB strives to showcase its comprehensive suite of tools that go beyond mere accounting, aiming to enhance operations and boost engagement in today's challenging economic landscape.
Connecting SME's to 'The Real OG'
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Brand Understanding
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New Audiences
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Website Engagement
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Signups vs. target
The Challenge
Small and Medium-sized Enterprises [SMEs] represent 97% of the workforce and 35% of Australia’s GDP. However, 2023's heightened interest rates, stubborn inflation, and weakened consumer demand meant that sadly, almost 400,000 Australian businesses exited the economy.
Business management software solutions to manage cashflow and mitigate these threats are essential to SMEs– and this booming industry is now worth over $7.5B AUD (+4.3% YOY).
As the category ‘O.G.’ in business management software, MYOBs brand awareness was enviably high. But the misconception that it was an accountancy-only solution was weakening consideration and sign-ups.
To set the record straight, MYOB needed to:
- Improve Understanding – improve SME perceptions that MYOB is more than ‘just accounting’
- Boost Consideration – lift consideration among new SMEs
- Improve MYOB online engagements – increased website sessions
Insights & Strategy
Analysis of MYOB’s 1 million+ customers, combined with iProspect’s consumer survey of 14,000 Australian respondents, led to the creation of the ‘MYOB OG audience platform’. This platform provided insights into over 70% of AU SMEs – it became an atlas of their needs, media consumption, and real-world behaviours.
We identified segments beyond established SMEs allowing us to tap into future demand generation. From aspiring entrepreneurs just beginning their SME journeys, to individuals who were not yet SMEs but showing the signals to become one within 12 months – we called this audience our ‘Fresh & Upcoming SMEs’.
Two key insights emerged against these segments, making them prime focal points for our activity:
- They were more receptive than other SMEs to new tech solutions.
- And more open to software switching - a key point of resistance amongst their more established counterparts.
Our strategy would be to engage these Fresh & Upcoming SMEs, improve their comprehension about the Real OG and help them grow the economy.
The Solution
Timings – Historical media spend vs intent modelling highlighted several points in the year where competition was reduced disproportionately to SME intent, presenting a key opportunity period to ensure cut through in a cluttered marketplace.
Location – we were able to map existing MYOB customers against our focus audience at a postcode level, driving efficiencies by identifying and targeting media to high opportunity – low MYOB customer penetration areas.
Media Touchpoints – Media Mix Modelling revealed which channels were boosting our impact. By understanding historical media channel ROI contributions on top of base sales, we identified potential powerhouse channels waiting to be unleashed. In combination with our SME consumption insights, we were able to assemble a powerful channel mix focused on attentive reach (vs traditional reach models).
Content – We leveraged dynamic content in-select OOH locations, adapting our creative to 334 screens across AU and NZ and adding a countdown to our material to elicit an immediate response. To optimize the stickiness of our messaging, neuro-analysis of our creatives against SMEs was used to boost future performances.
Partnerships – Message authenticity was key to further driving comprehension and consideration – we needed to keep it real. Partnering with industry-leading and audience favourite podcasts like 'Fear & Greed' and 'She's on the Money,' allowed MYOB to communicate platform solutions through trusted industry voices and authentic content.
Results
Small and Medium-sized Enterprises [SMEs] represent 97% of the workforce and 35% of Australia’s GDP. HowThis comprehensive, data-informed approach effectively allowed us to reach the right people, at the right time, with the right message - without spending top-dollar.
Over the five-month period our results had exceeded expectations – not just for our target of consideration, but all levels of the funnel:
- Understanding – +9% gain in SME’s perceiving us a brand that helped with more than ‘just accounting’
- Consideration – +31% growth across new audiences
- Engagement – We overdelivered by +87% on website session
- Action – sign ups overdelivered vs target by 12% - our target may have been consideration, but ultimately, we drove a tangible business outcome for MYOB.
We challenged assumptions and achieved impressive results in doing so. Previously dismissed channels were revitalized to become top performers. By focusing on brand building through broader reach channels, like OOH and Audio, we achieved two key wins:
- Lower overall customer incremental acquisition costs by 37%: Brand building not only increased awareness but also positioned the company more favourably, making it easier and cheaper to acquire new customers.
Boosted effectiveness of performance channels: A strong brand foundation amplified the performance of existing channels like search,ever, 2023's heightened interest rates, stubborn inflation, and weakened consumer demand meant that sadly, almost 400,000 Australian businesses exited the economy.
Business management software solutions to manage cashflow and mitigate these threats are essential to SMEs– and this booming industry is now worth over $7.5B AUD (+4.3% YOY).
As the category ‘O.G.’ in business management software, MYOBs brand awareness was enviably high. But the misconception that it was an accountancy-only solution was weakening consideration and sign-ups.
To set the record straight, MYOB needed to:
- Improve Understanding – improve SME perceptions that MYOB is more than ‘just accounting’
- Boost Consideration – lift consideration among new SMEs
- Improve MYOB online engagements – increased website sessions
Innovating to Impact
In a rapidly evolving economic landscape, Small and Medium-sized Enterprises (SMEs) are the backbone of the Australian economy. However, the challenges of 2023, including heightened interest rates, persistent inflation, and weakened consumer demand, have put immense pressure on these businesses. MYOB, Australia’s original business management software, faced the challenge of maintaining its strong brand awareness while shifting the perception that it was more than just an accountancy solution. This case study explores how iProspect partnered with MYOB and made an impact by reconnecting with SMEs, solidifying its position as a comprehensive business management platform, and drive tangible business outcomes.
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