OneNet is a Full-Service Digital Agency Based in Canada - Management Assignment Help

Assignment Task

EXECUTIVE SUMMARY
OneNet is a full-service digital agency, based in Canada and servicing B2B (business to business), SaaS (Software as a Service) for technology and mobile segments. Their clients are based across Canada and the USA, and include reference clients with strong name recognition, including Google, Facebook, XBOX and LinkedIn. OneNet are operating in a highly competitive market, that is faced with external and internal challenges. Social attitudes towards data privacy combined with legal and regulatory changes that are an evolving challenge for both customers and agencies involved in digital marketing. The COVID crisis created opportunities for increased digital marketing initiatives, but has required fast, flexible and innovative thinking from digital marketing agencies. Economic conditions during COVID is driving growth now, however digital agencies need to anticipate changes in consumer behaviour and customer demand post covid. Innovations in technology are also creating increased opportunity, but challenge digital agencies, with limited resources, to remain current with technology trends and select the correct technologies to invest in.
The growth of mobile technologies, and especially social, has made digital marketing the primary marketing medium in the US. This has led to double digit growth in digital marketing spend. However, this growth has increased the number of digital agencies competing in the US and attracted the large consulting firms. Increased competition means every agency is challenged to get greater visibility with the customers and justify their unique selling proposition. For the digital agencies that are successful in increasing visibility and increasing revenue, they then have the challenge of scaling. Scaling requires innovative engagement models to generate stable cashflow and acquiring and retaining the best talent. The challenge presented is to assist OneNet by futureproofing their service offering and positioning.
Through detailed environmental, market and competitor analysis, this report identifies and defines three strategic opportunities to combat the challenges and maximise opportunities available to OneNet. The first opportunity is to future proof the OneNet service offering by creating a secure re-occurring revenue stream, developing productised offers, and utilising alliances for services not aligned to OneNet core capabilities. The second opportunity is focused on uplifting the OneNet positioning, pricing and engagement model to increase revenue. The third opportunity is focused on improving OneNet’s visibility with existing and new clients to increase revenue. A recommended execution approach is presented with the critical first step requiring OneNet to undertake a detailed discovery to baseline existing services and capabilities, and to set targets for each recommendation. With the appropriate resources, governance and executive support, it’s realistic to expect the entire change can be executed within 12 months, enabling OneNet to achieve their goal of futureproofing their service offering and positioning.

ACKNOWLEDGEMENT
This report was created by Bryan Dunne, Sotiria Kontouli, Daniel Sammut and Lydia Sandercock who form the RMIT EMBA OneNet Group. We acknowledge the guidance and assistance of Dr Panos Piperopoulos and the RMIT EMBA program. We thank Dylan Touhey, Founder and CMO of OneNet, for the opportunity to work with, and provide value to, OneNet.
 

INTRODUCTION
The purpose of this consulting report is to recommend opportunities to enable OneNet to navigate a competitive and dynamic market. The challenge presented is to assist OneNet by futureproofing their service offering and positioning. Analysis, insights and the understanding of the issues that affect the digital marketing industry will provide basis for what is required to remain ahead of the OneNet competitors. This report includes an environmental analysis, market study and competitor analysis that are driven by external research. Three strategic recommendations are provided to best position OneNet for the next five years. Digital marketing is an increasingly lucrative and competitive market that is currently worth $170bn a year in the USA, with digital marketing agencies servicing $17.2bn of that spend (IBISWorld 2020). However, the ever-changing landscape of digital marketing and an increasing number of competitors joining the industry are forcing OneNet to review how it currently operates in order to develop an understanding of its industry worth. While COVID-19 and other environmental factors have driven double digit growth in the industry (EY 2020), and has allowed OneNet to thrive, Dylan Touhey, Founder and CMO of OneNet, believes this demand may be short lived, and that without an improved strategy, OneNet will struggle to keep up with the growing number of competitors and external factors that are dictating the industry landscape.
The approach taken in this report is to perform a detailed industry analysis, including environmental, market and competitive analyses. The environmental analysis identifies how certain factors, such as political, technological, legal and environmental factors, will influence the operating model, service offering and legislative requirements of the digital marketing industry, and specifically OneNet. The market analysis offers an overview of, and insights into, what the current state of the industry is and what trends are developing. It details the current demands in service offering, what consumers of digital marketing agencies consider to be valuable, the different industries that are encroaching in the digital marketing space, and common challenges this industry faces. Challenges range from differing revenue models, how to sustain growth while being able to scale up or down at particular times, as well as finding and keeping talent and staying ahead of what is a transforming space. The competitor analysis gives insight into where OneNet is positioned against their three closest competitors in service offering, positioning and the segments they target. Utilising the outcomes of this analysis, combined with OneNet’s existing positioning and capabilities, three recommended opportunities and an implementation strategy are presented to OneNet to achieve their goal of futureproofing their service offering and positioning. The report contains primary research (Appendix D) and industry reports that are primarily sourced from MarketLine, IBISWorld, Ernst & Young and Deloitte, combined with desktop research and industry analyst articles as sources of information. All reports and sources are referenced.

BACKGROUND
OneNet approached RMIT EMBA students in their final subject of Executive Consulting to assist with a business challenge. Using EMBA students allows OneNet to get expertise not only from students who have successfully navigated the EMBA program, but also students who have a minimum of ten years of leadership experience and hold leadership positions within successful organisations. The EMBA OneNet group skill sets range from technical and operational to strategical, with many years of experience within these areas. OneNet identified the need to futureproof their service offering and positioning against an increasingly dynamic and competitive market. To successfully synthesise opportunities and enable OneNet to navigate success, a detailed company profile was created that defined OneNets service catalogue, engagement approach, sales pipeline, web presence and customer segmentation. With this information and research in environmental factors, market analysis and competitor analysis, the OneNet EMBA group is able to identify trends and challenges and then provide three strategic opportunities.
OneNet Company ProfileOneNet’s company profile has been collated using information provided by OneNet via the Riipen project brief, interviews and correspondence with Dylan Touhey and reviews of OneNet’s web and social presence. OneNet is a full-service digital agency servicing B2B (business to business), SaaS (Software as a Service) for technology and mobile segments. OneNet services clients across Canada and the USA, and has strong reference client name recognition, including Google, Facebook, Xbox and LinkedIn. OneNet has a team of twenty-two, mostly based in Canada; however, has a history of utilising global resourcing and partners where specific expertise is required. OneNet has a strong culture, identifying as a lifestyle company with a targeted six-hour working day leading to high staff retention. OneNet has created a successful business to a defined market segment using specific customer engagement models, and their engagements are 100% project based, that are fixed-priced. Revenues for 2021 are forecasted at $7.3m. Dylan Touhey advised that OneNet does not engage with RFTs (request for tenders) and their sales pipeline is relationship based and heavily dependent on him. Organisation culture, Google partnership certifications and expertise in leading enterprise technologies of Salesforce, AWS (Amazon Web Service) and Google Cloud are differentiators, as is their VR (virtual reality) and AR (augmented reality) experience.


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