In 2023, PMAX achieved a significant milestone in its ongoing success story by clinching the Agency of the Year award from Campaign Asia for the third consecutive year. From winning the Bronze award for Vietnam Independent Agency of the Year in 2021 to securing Bronze for the same category and Silver for SEA B2C Marketing Agency of the Year and SEA eCommerce Agency of the Year in 2022, PMAX emerged as the sole Vietnamese agency to be recognized as SEA Performance Agency of the Year in 2023.
Continuous Growth and Innovation Amidst Market Challenges
From 2021 to 2023, navigating through the uncertainties of the post-COVID-19 economic landscape, PMAX faced numerous challenges but swiftly adapted and progressed:
In 2021, despite the COVID-19 impact, PMAX didn’t retract or confine its business to traditional domains like Performance Marketing or Media. Instead, it shifted focus towards providing comprehensive Total Performance Marketing solutions. The aim was sustainable growth through service diversification, enhancing Net Promoter Score (NPS), and operational efficiency.
In 2022, the first year post-pandemic, PMAX encountered challenges from shifting consumer behaviors and market volatility. Continuous solution enhancements, customer experience refinement, and expansion into SME segments ensured remarkable growth, especially in the last two quarters of the year.
Entering 2023, amidst a global economic downturn and unpredictable macroeconomic influences, PMAX faced challenges such as marketing budget cuts from clients and rapid consumer behavior changes. However, relentless product development, technology updates, and talent acquisition strategies sustained PMAX’s growth momentum. Additionally, cost control measures, productivity improvements, and growth motivation expansion balanced and propelled PMAX’s development across multiple fronts in 2023.
Each passing year brought a myriad of challenges for PMAX. Yet, PMAX turned these challenges into opportunities, demonstrating market resilience and sustaining remarkable growth.
Growth Journey Through Strategic Decision-Making
In 2021, PMAX underwent substantial growth by building a robust growth engine through Business Development and Marketing team expansion. This initial decision facilitated client portfolio diversification and brand recognition expansion. PMAX restructured its strategy to optimize business cycles and reduce dependence on a few major clients. Additionally, PMAX extended product portfolios to 15 products, invested in strategy and creativity for customer retention, and implemented digital transformation with the introduction of new business models in global e-commerce.
In 2022, PMAX achieved impressive milestones: expanding the portfolio of large enterprise clients, developing a new business unit for SMEs, and launching Industry-based Development Programs. PMAX also increased NPS to 62.5% and enhanced organizational productivity through management training and product strategy development.
In 2023, PMAX continued expanding its portfolio with new large enterprise and SME clients, along with establishing a new business office in Hanoi. The company’s NPS increased to 68% in Q2, reflecting improved customer experience enhancement strategies. PMAX also executed Vertical Program development strategies and explored new sectors like Education, contributing to overall growth objectives.
Throughout the three-year period from 2021 to 2023, PMAX underwent relentless growth. Not only did it expand its portfolio with large enterprise and SME clients, but PMAX also made significant strides in customer strategy development and customer experience improvement. Despite challenges from the pandemic and global economic downturn, PMAX elevated its NPS, diversified products, and improved operational efficiency, showcasing its adaptability and sustainable development capabilities.
The relentless creative efforts have consistently delivered sustainable value for clients
In 2021, PMAX focused on creative innovation to establish enduring value for clients. Initially, PMAX restructured customer segments and reorganized its structure, grouping expertise by industry and solution to dominate each market segment. PMAX also introduced the Total Performance Marketing model and unveiled PAXY – a multi-channel marketing SaaS product, and Creative For Performance – a data-driven creative optimization solution, delivering efficiency gains of 5-10 times, affirming a new trend in Performance Marketing with the support of data and insights.
PAXY – A Multi-channel Marketing SaaS Product
In 2022, PMAX embarked on a journey of relentless innovation to deliver sustainable value to its clients through the development of a comprehensive brand strategy from awareness to conversion. PMAX leveraged technology and marketing automation to enhance efficiency and optimize costs. Furthermore, PMAX pioneered the implementation of PAXY and Creative For Performance, employing AI models to evaluate and optimize creative performance, thereby contributing to increased ROI. Additionally, PMAX developed a holistic growth strategy and the PMAX Academy to enhance the quality of talent in the Performance Marketing industry.
Creative For Performance
In 2023, PMAX continued its innovative efforts to provide comprehensive, customized marketing solutions for businesses, while preparing for the post-cookie era. PMAX developed ROI optimization strategies through holistic data analysis and real-time optimization. PMAX transitioned from cookie-based tracking to API-based tracking, seamlessly integrating data and utilizing Customer Data Platform (CDP) to segment customers and maximize Customer Lifetime Value (CLV). PMAX continuously experimented with new products and solutions to explore new sources of growth for its clients, emphasizing brand safety and fraud prevention.
PMAX’s total performance solutions
Additionally, PMAX adapted to changing consumer behaviors by creating innovative, cost-effective marketing solutions, especially in the increasingly competitive e-commerce landscape with limited budgets. The Product Development program was launched to update strategies and product development roadmaps. An expert team monitored and ensured quality control to deliver innovative solutions. From January to September 2023, PMAX successfully validated 79 innovations with 165 test cases. Collaborating with Meta, PMAX optimized the shopping feature on Messenger for the cosmetics brand Le Van Anh, resulting in significant growth. By improving productivity and optimizing costs, PMAX applied AI in operations, rapidly generating various creative content and sales materials.
PMAX’s E-commerce Solution
Conclusion
Over the three years from 2021 to 2023, PMAX demonstrated outstanding strength by winning prestigious awards from Campaign Asia, reflecting its adaptability and development in a challenging environment. PMAX redirected its strategy to address the COVID-19 pandemic, not only delivering services to large clients but also focusing on the SME segment and adapting to changing consumer behaviors and economic downturns. Continuous innovation and impressive growth in expanding the client portfolio also contributed to this success, demonstrating that PMAX not only overcomes challenges but also turns them into growth opportunities.
With the achievements attained, PMAX does not rest on its laurels. Looking ahead to 2024, PMAX will continue to thrive, growing even stronger, not only in terms of client portfolio but also in innovative creativity and business strategy. Unceasing effort and market adaptability will continue to be the keys to PMAX’s consolidation of its position and expansion of influence in the industry.
