By Leon Gettler, Talking Business >>

MARKETING has changed completely because of the internet and the old ‘marketing funnel’ is no more, according to Lyndall Spooner, the founder and director of Sydney-based consultancy and advisory firm Fifth Dimension.

Ms Spooner said customers now have many more choices, so companies can no longer rely on the strength of their brand – and the companies that are the most challenged are the ones with the established business model.

She said the traditional marketing funnel, which was developed in 1898, has been completely disrupted by technology.

“Companies need to rethink where they are, how they talk and how they can connect with consumers,” Ms Spooner told Talking Business. “They need to be thinking not just about broad marketing strategies. 

“They need to think about the product or the purchase journey and they need to work out how they can get involved in that purchase journey.

“That becomes very difficult for companies that are used to living off the fact that they’ve got a big market share and they’re one of the top brands known in the market. They think their saliency is what’s going to get them into that consideration set when the reality is today, consumers can go online.

“No matter what we want, we can Google it and a whole lot of brands can come up that we’ve never ever heard of before, and it’s highly likely a consumer is going to consider those brands and potentially choose those brands if they’re better for their needs.”

CONSUMERS BECOME MORE SPECIFIC

Ms Spooner said when consumers are going through the purchase process, and looking at the brands, they are very specific in what they want – which means companies need to make sure they have a good offer, something that is compelling and stands up to whatever the competition has come out with.

“The second thing is you need to be present where the consumer is going to look for this information which is increasingly online,” Ms Spooner said.

“Twenty to 30 years ago when we were looking for brands, a lot of our decisions were really dictated by who we walked past, so it was all about physical presence. But today, it’s about having a very strong digital presence and a compelling offer,” she said.

Ms Spooner said it meant companies need to be there in various outlets, and not just social media.

CREATING ‘TRUSTED ADVISORS’

Companies should also rely on what she called ‘trusted advisors’.

For example, Fifth Dimension does a lot of work with the health insurance fund HCF. When consumers are looking to make important decisions in complex areas like health insurance or superannuation, they reach out to third party sources. This means companies offering complex offers need to have relationships with third parties to be seen as a recommended brand by a number of different agencies. 

Ms Spooner said this was particularly important in such areas as financial services where the consumer faces some risk entering that relationship. Hence the growth of mortgage brokers as an industry.

MORE COMPETITIVE OFFERINGS

For companies, this means going down the path where their offering is more competitive.

“So 20 years ago, you’d win a customer because you’re the bank on the high street,” Ms Spooner said.

“On the digital street, where people are looking now, any brand is within reach, so if you want to be recommended through a third party, you actually have to have a good compelling proposition.

“You just can’t avoid that today. So whether someone is going to go through a third party, or use social media, and where they are able to compare products very easily, they want something to stand up to say this is a good offer,” Ms Spooner said.

“And it doesn’t necessarily have to be the cheapest offer, but it’s the offer that will best meet their needs and ideally fits their budget.”

Ms Spooner said it means companies now need a network of marketing channels to reach their consumers.

“You can’t really rely on single channels,” she said. “You can’t really rely on your mass brand strategy any more.

“You really need to find out where your consumers are going in their decision process.”

www.fifth-dimension.com.au

www.leongettler.com

Hear the complete interview and catch up with other topical business news on Leon Gettler’s Talking Business podcast, released every Friday at www.acast.com/talkingbusiness

 

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ONE OF AUSTRALIA’s most recognised food manufacturers, Frosty Boy, and global stadium designers Populous have has been named as finalists in two categories of the Premier of Queensland’s Export Awards.

Frosty Boy Australia appears at the top of the list for two key categories, Manufacturing and Business Services. Another regular in the awards, stadium and venue designer Populous, is the only other company to make the finals in two categories, for Creative Industries and joining Frosty Boy in Business Services. 

Creating some of the industry’s most innovative tastes, the Yatala-based company has seen demand for its customised frozen dessert and beverage flavour solutions increase by nearly 50 percent across the business.

“We at Frosty Boy understand our clients, their market and their customers. We pride ourselves on our relationships with our clients and our international export success can be attributed to this. It’s why our clients keep coming back to us, and why their customers keep coming back to them,” Frosty Boy general manager for sales and marketing, Felipe Demartini said.

“This announcement is a real testament to our company, its culture and our ability to compete in the international market place and we are honoured to be finalists in these two categories.”

The Export Council of Australia has congratulated Populous, Frosty Boy and all finalists in the 2017 Premier of Queensland’s Export Awards

Export Council of Australia (ECA) chief executive officer Lisa McAuley said, “The Queensland Export Awards are about rewarding businesses that have shown a commitment and determination to grow their global business and who, against adversity, seek new innovative ways to compete on the international stage.

“The competition is extremely tough and we are thrilled to see a number of new names recognised for their tremendous efforts. It’s fantastic to also see the diversity of the companies that entered the awards this year.

“To acknowledge and celebrate the success of Queensland companies is an important part of encouraging more companies to think global and this year at the awards ceremony we will be celebrating and recognising the great opportunities emerging for Queensland companies in Latin America,” Ms McAuley said.

She said as Australia entered negotiations over a free trade agreement (FTA) with the Pacific Alliance, an great opportunity is emerging to place these countries top-of-mind among Australian companies evaluating new market and diversification opportunities.

“These negotiations come at an opportune moment given numerous positive developments in the Australia-Latin America relationship,” Ms McAuley said.

“We look forward to a great event that recognises our Queensland champions and looks at the new growth opportunities for the state this in this important region.”

The awards ceremony will be held on October 19 at the Brisbane Convention and Exhibition Centre South Bank. Queensland Premier Annastacia Palaszczuk  will attend along with Queensland Treasurer and Minister for Trade and Investment Curtis Pitt.

The 2017 Premier of Queensland’s Export Awards finalists are:

 

AGRIBUSINESS
AGT Foods Australia
Australian Country Choice
BNY Trading Pty Ltd
CJ Nutracon Pty Ltd

 

BUSINESS SERVICES
EarthCheck
Frosty Boy Australia
Populous
TAE Aerospace Pty Ltd


CREATIVE INDUSTRIES
Alt.vfx
Cutting Edge
Populous
UAP


DIGITAL TECHNOLOGIES
Clipchamp Pty Ltd
Opmantek Software
Skedulo
Statseeker

 

E-COMMERCE
ECO. Modern essentials
Evolve Skateboards
Grace Loves Lace
Opmantek Software

 

EDUCATION & TRAINING
Cairns College of English & Business
CQUniversity
Global Learner
GO1

 

ENVIRONMENTAL SOLUTIONS
Altus Renewables Limited
Clean Oil Services Pty Ltd
Core Resources
Verterra Ecological Engineering

 

HEALTH & BIOTECHNOLOGY
Cook Medical Australia
ECO. Modern essentials
LuinaBio
Wenross Holdings Pty Ltd

 

MANUFACTURING
EM Solutions Pty Ltd
Frosty Boy Australia
Noonan Race Engineering
Perfect Potion


MINERALS & ENERGY
Blast Movement Technologies
DINGO Software
Dynamics G-Ex Pty Ltd
NLT Australia Pty Ltd


REGIONAL EXPORTER
AGT Foods Australia
Dynamics G-Ex Pty Ltd
Evolve Skateboards
Wellcamp Airport


SMALL BUSINESS
Clean Oil Services Pty Ltd
Noonan Race Engineering
Tooletries Pty Ltd
Typefi Systems


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MANSFIELD QLD 4122