Today we hosted our National Disability Insurance Scheme (NDIS) Industry Roundtable providing a forum for NDIS providers to explore the challenges and opportunities in becoming market-ready under the NDIS.
We have worked extensively with disability service providers and equipment suppliers in developing the marketing capability and capacity required for the market driven environment of the NDIS.
Attendees gained an understanding of the current NDIS context, the state of marketing within the NDIS and the elements required for a successful market readiness strategy. In particular there, is a need to utilise marketing governance to instil to successfully differentiate within a competitive market context.
The NDIS is an extremely competitive market, due to the high level of participant choice and potential possibilities that exist within specified NDIS supports. In a highly competitive market, price and brand are the main levers used to influence demand. Given that pricing controls currently exist within the NDIS, the only potential option for providers is to successfully differentiate through their brand. Building brand equity requires a strategic approach to marketing, with the ability to measure and strengthen awareness, attitudes and loyalty.
Marketing Governance provides the framework for NDIS providers to respond to the changing market conditions through the NDIS, through the strategic alignment between business and marketing outcomes, as well as the management of risk. Success within the NDIS requires marketing roles to be clearly defined so there is an understanding of how to measure marketing performance, as well as allocating the resources required to build and sustain market demand. Ultimately, this instils an outcomes based approach to marketing, with the ability measure marketing inputs and outputs across the chain of marketing activities.
Marketing Governance ensures the building of brand equity, by aligning strategic direction, understanding brand risks and by measuring and strengthening awareness, attitudes and loyalty.
The roundtable coincided with the launch of our NDIS Report: Challenges, Solutions and Market Readiness. Our research explores over 1000 National Disability Insurance Scheme (NDIS) registered providers to determine the level of market readiness as the NDIS continues to roll out across Australia.
Through this report, we identify the key challenges facing NDIS providers and the opportunities that exist in strengthening marketing capability and capacity as well as maximising their impact in an NDIS environment.
To download your copy of our report NDIS: Challenges, Solutions and Market Readiness, please visit www.synekamarketing.com.au/ndisreport
The Australia China Business Council (ACBC) is the peak business association for developing business and trade between Australia and China. The organisation has state-based branches operating across Australia to facilitate trade and business opportunities between the two countries.
This morning I was invited to deliver a workshop for the Perth Branch of the Australia China Business Council, where we discussed the marketing foundations required for Australian businesses to establish and develop a market presence in China. As a market, China is rapidly increasing in sophistication, meaning Australian businesses need to be strategic in how they enter China and build market demand.
Australian businesses need to adopt a good governance approach to marketing to instil the strategic rigour required to develop China as a potential market. Businesses need to manage potential risks by quantifying target markets, understanding purchase decisions and competitor intensity. Marketing roles need concise position descriptions to ensure there is suitable capability to develop new markets and opportunities. China’s population of 1.4 billion is significantly larger than Australia but requires segmenting and defining to build suitable target markets engaged through multifaceted marketing campaigns.
Developing new markets requires resources to build market potential. Marketing Governance embeds an understanding of the budgetary resources needed to develop new markets, as well as forecasting the potential return on investment. Australian businesses need to be aware of these factors to determine the potential results when entering China.
Understanding marketing metrics is imperative when entering a new market. Building awareness is the first stage in creating potential demand. Awareness activities consist of several marketing tactics that to build brand preference and purchase intent. The inputs that build brand awareness need to correlate to the output of purchase preference leading to outcomes in customer acquisition and potential re-purchase behaviour. Understanding the chain of activities required to build a customer base is essential to being able to measure progress and market penetration.
China is rapidly growing in sophistication and Australian businesses need to build their marketing capability and capacity to realise the market potential that exists across China.
The Aged and Healthcare Industry is experiencing rapid upheaval; demand drivers are changing through the introduction of demand-driven models of consumer-directed care, while government regulation is leading to increasing compliance costs.
Syneka Marketing, in partnership with next level consulting, delivered our industry roundtable exploring these challenges and the factors required to embed a market facing culture within aged and healthcare organisations.
The workshop guided participants through the five stages of market capacity, beginning with compliance requirements, into the building of organisational capability and maintaining visibility across business operations.
Developing these core capabilities enhances profitability within an increasingly competitive market environment.
There is a need for aged care providers to embed marketing metrics to effectively measure brand equity, given the low levels of differentiation that exist within the sector. Embedding marketing metrics, with the ability to measure the chain of marketing activities enables organisations to have a greater degree of clarity and alignment with their vision and purpose.
Building capability and capacity in the aged care sector will help providers to embed a market facing culture that can measure the return from marketing investment.
On the 8th of February, I had the honour of being recognised as one of the Top 100 Future
leaders of 2018. GradConnection and Fusion Graduate Consultancy partner each year to
assess, test and interview thousands of university students from around Australia to find the
next best 100 leaders. 10 Students from 10 different industries were selected, I was proudly
elected for marketing.
After completing a lengthy application form detailing my grades, experience and passions in
September 2017, I underwent a series of tests designed to identify my strengths,
weaknesses and compatibility with leadership positions. This included a video interview and
a selection of psychometric tests which were conducted over the final 3 months of 2017.
Last Thursday, myself and 99 other selected Top 100 Future Leaders were flown to Sydney
to participate in an assessment process run by GradConnection at the University of
Technology Sydney. It was a demanding day intended to test time management, teamwork
and public speaking and among other skills required for leaders.
The experience filled me with pride, it is a tremendous feeling to be recognised in your field.
But more than that, it was exhilarating to be surrounded by students of all ages that were as
passionate and dedicated to their work as I am.
Although I have been always been diligent and studious, I know I owe much of my good
fortune to the education I have received from RMIT University and the opportunity to
develop my knowledge and skills to Syneka Marketing.
Simon Sinek promotes that “it’s not how or what you do, it’s why you do it that is
important.” I study hard at university because I love learning and I work hard at Syneka
because I am passionate for marketing. I believe I was recognised by GradConnection and
Fusion Graduate Consultancy because I am both dedicated to constantly bettering myself
and the world around me.
The introduction of the NDIS is reshaping the delivery of disability services by introducing a demand-driven model to encourage choice between services and providers.
Disability service providers that traditionally rely on block funding need to build revenue certainty in an environment that now encourages choice and competition. As a consequence, there is an urgent need to build marketing capability and capacity for disability service providers.
Syneka Marketing has been working with for-profit and not-for-profit disability providers to enhance market readiness within this uncertain environment. On the 22nd March, we will be presenting our report into the current state of market readiness within the NDIS and the steps to strengthen marketing capability and capacity.
We invite disability providers of all sizes to attend our NDIS Industry Roundtable where we will be presenting and workshopping the findings from this report. If your organisation is looking for ways to remain viable and sustainable, then attend this event and learn how to safeguard the future of your future.
Time: 12:00pm to 2:00pm
Location: Kelvin Club, 14 Melbourne Place, Melbourne CBD
Register through www.synekamarketing.com.au/ndisreport
To celebrate the year ahead, for 2018 and the Year of the Dog, we held our Welcome Back Drinks in the company of our clients, business partners and associates. Our guests bring their own business journeys and it was fantastic to see Pat Slattery at our event, who was one of our first clients from almost ten years ago.
Our focus on Marketing Governance continues, with our work ensuring organisations can measure marketing outcomes, along with providing clarity for roles and delegations. It is increasingly apparent that the Australian Marketing Institute, which in theory, is the peak body representing the marketing profession, is absent from the policy and advocacy activities needed to define the role and purpose of marketing.
We are filling this void, with an emphasis on industry research for the year ahead. Industry events are planned for aged care and disability providers to assist organisations in utilising marketing to overcome increasing business uncertainty.
Our small business consultancy, Business Growth Partners, is developing industry-leading research on the critical success factors for startups and growing businesses. The statistic that nine out of ten new businesses fail in the first twelve months, should not be considered as a fait accompli, rather we should be exploring the toolsets necessary to stimulate business growth.
The lack of barriers to entry into the marketing profession results in unqualified advice that creates a punitive cost to businesses and not-for-profit organisations. It is the role of Marketing Governance to provide the right marketing information to encourage decisions that build and sustain market presence.
Thank you for joining us on this journey and we look forward to working with you in the year ahead.