Turning marketing on its head: The rise of Predatory Marketing

Predatory MarketingAll of us want our message heard. All of us want our message to impact our customers’ lives. All of us want to drive sales and boost profit margins.

But the brutal truth is, more than often, our messages are ignored and our perspectives – no matter how valuable — are being missed. Australians are bombarded with thousands of ads and calls-to-actions a day and the fact is: people are becoming desensitised by information overload.

Predatory Marketing is the answer to being heard above the noise. It’s a development that challenges any preconceptions we may hold about how organisations can expand their client base. To get a better understanding of how Predatory Marketing is helping companies, we sat down with 2015 TEC Speaker of the Year, Ashton Bishop, Head of Strategy at Step Change, to learn how his new tool is affecting the way companies communicate.

The new marketing reality

The way marketing is taught has followed a typical pattern for decades now – that it’s about meeting the needs of customers. But this is changing.

It’s no longer enough to assume that your target audience has needs that require fulfilling. The business world is advanced enough that most of your target audience is likely to be at least satisfied with the goods and services they already have access to. Today, the only predictable need that customers have is a need for less corporate ‘noise’ – communications that are overwhelming customers with too much information.

The challenge is now for business leaders to stop thinking about simply meeting customer needs and to target the weaknesses of their competition (more on this later). In other words, companies need to embrace Predatory Marketing.

Predator or prey?

Now that companies can no longer think solely about satisfying needs, they have to start asking, “Who has my money?” It’s a zero-sum game that businesses are operating in, and organisations now have to tailor their marketing practices to ensure they accommodate this new reality.

Failing to keep up with these changes will ultimately make it harder for companies to grow, especially as their competitors actively start trying to poach customers from their brand.

Cutting through the noise

In Australia, we spend roughly $13.3 billion on marketing per annum – translating into around a million branded messages that each of us see every year. That’s 3,000 every single day.

Of those 3,000, we will only notice 80 and react to 10. And of these 10, we instantly treat half as unwelcome intrusions into our lives – leaving only five messages a day we actually notice, react/respond positively to and absorb.

When crafting a message that can qualify as one of that handful, you also have to remember the five-ninths law. This law states that five-ninths of marketing messages will be misattributed to the leader of a market segment, rather than the company paying for the message.

For organisations that aren’t in this leadership position, they are essentially cementing the position of their leading competitor with their own marketing budget. Overcoming this gap, and crafting messages that actually move market share away from competitors is therefore key to building a successful Predatory Marketing campaign.

What does Predatory Marketing look like?

Whenever we work with clients who are looking to embrace Predatory Marketing, there are four key steps we advise them to take:

Step 1) Identify where the money would go if your company didn’t exist

Imagine your business didn’t exist – where would your customers’ money go? A competitor? Or would customers spend it on a completely different offering?

Asking these questions is the foundation of a competitor analysis. From just asking these questions, you’ll usually identify four or five competitor organisations that are offering a comparable product that your customers would gravitate towards.

From there, we are looking to narrow down the list to find a target. This means identifying a competitor that is very large or is perhaps a little lazy and isn’t meeting the needs of its customers. If you can find one of these, then you have the starting point of your Predatory Marketing campaign.

Step 2) What are the strengths of the opposition?

Now that you have a competitor lined up, you need to objectively evaluate their strengths. To do this, put yourself in the shoes of a customer or consider why a third-party would recommend them.

What you are looking at here is the natural language around what the company’s offering, rather than a slogan grounded in marketing jargon. When you can express in simple terms the strengths of your competitor, the next step is much easier: weaknesses.

Step 3) Find the weakness that comes from the opposition’s greatest strength

Within every strength is a hidden weakness. The challenge with Predatory Marketing is to find the specific weakness that arises from a particular strength and then explain it to the customers. The reality is that customers won’t necessarily notice this weakness by themselves, nor will they know that you can address this weakness – unless you tell them.

Step 4) Where are you strong?

The final step is to build your strengths to address this pain point and then convey this value to customers. You can be explicit here when communicating with prospective clients – acknowledge the strengths of a competitor before honing in on the weaknesses that your products and services can address.

Many business owners won’t have taken this step. They don’t to really understand where the value lies in their own product offering and how these match the weaknesses of their competitors.

Tailoring a Predatory approach to the market

These four steps represent the core of a Predatory Marketing campaign, but it’s also important, to tailor this offering to the specific market conditions that a firm is operating in.

For example, a firm that already occupies the dominant position within its sector usually shouldn’t be applying a Predatory Marketing approach towards its direct competitors. Instead, it’s generally smart to be using these same tactics to grow the market and bring customers into their category.

Challengers who aren’t in that dominant position will instead be looking for the competitor or class of competitor that is currently occupying that dominant position. In a very fragmented market, or one that is very generic or confused, it may even be that would be competitors are best to band together to shift a certain audience mindset.

Regardless of whether the target of a Predatory Marketing campaign is a single business, a group of businesses or potential customers, the process is relatively consistent.

Lastly, a Predatory Marketing campaign has to change with your business and with the market. Just as context is key to a great strategy, so too is it central to a Predatory Marketing campaign. If a Predatory Marketing campaign is so successful that a company has become the dominant force in their category, for example, the techniques that got them there may no longer be relevant.

It’s time to get Predatory

Customers don’t have needs anymore; their needs have been filled. We need to arm ourselves with new tactics that can help us rise above the noise of our competitors and ensure that our message is the one being heard. Predatory marketing is the best tool to disarm your competitors and will ensure your company is in a position of strength and ultimately boost your profits.

Apply Ashton Bishop’s Predatory Marketing to your business and ensure you are always ahead of your competitors and in your customers’ minds. Take action today and subscribe to Step Change’s blog to keep up with all the latest thinking around marketing, strategy, tactics and business insights. If you have any questions surrounding your own business strategy and how you can best incorporate Predatory Marketing, you can send them your enquiry here.

When you can’t go to the CEO, where do you go?

By TEC Chair, Dawn Russell

Succession-planning-key-executivesAs a key executive in an organisation, you want to make your mark. You want to contribute significantly to the overall mission and growth of the organisation and earn the respect of the CEO or Managing Director, as well as the respect of the people who report to you.

Chances are you’ll be shouldering considerable responsibility and making decisions that affect the future of the organisation and the lives of the people who work with you. And, as with any leadership position, there are always challenges.   The thing is, you can’t go running to the CEO every time there’s an issue. To start with, they’re more than busy enough without having to weigh into your issues; and secondly, what aspiring leader wants to be seen as incapable of handling situations that leaders face every day?

Perhaps you have a prickly staff member whose performance has dropped significantly over the last six months and you need to tackle an honest conversation with them. Perhaps you have a progressive idea for meeting your sales target, but want to test its robustness before you pitch it higher up. Perhaps one of your peers is making it difficult for your team to deliver to the expected standard and you need to “call” their behaviour. Or perhaps there’s a new process that is impacting negatively on your department, but challenging it is politically sensitive because its owner has the ear of the CEO.

Whatever the issue, you need a sounding board. As an influential CEO once said to me, “The worst decision I ever made was the one made by a committee of one – me!”

You need someone (or several someones) who will challenge your thinking and play Devil’s Advocate to help you see things from a different perspective. You need to tap into others’ experience when you’re faced with a situation you’ve never encountered before. It makes sense to call on the wisdom of others. The trouble is, whose wisdom do you call on?

You may decide to talk it through with your significant other or a family member. They may or may not have the necessary business acumen, but two things are for sure: they want you to succeed and they don’t want you to get hurt. But the trouble is, they have a natural bias. And because they love you, frequently they won’t tell you it the way it really is. They don’t want to hurt you; they don’t want to hurt your feelings. As a result, they’re not likely to really challenge your thinking or look for the flaws in your argument.

Alternately, you may feel safe enough bouncing ideas around with your colleagues…until the day something confidential finds it way into the greater populace at work, or until your idea is served up to the CEO by someone else as their own. And what will they think of you if you keep going to them for advice?

You may chat to your friends and mates outside of work about it, but do they really understand your role, your industry, your politics or the particular sensitivity of the issue? Besides, you won’t be considered such good company if they have to listen to you talking about work all the time!

Being in a leadership position is a challenge and it can be isolating. It’s also very easy to miss opportunities or reap a sub-optimal result when decisions are made by that “committee of one”. We are often best served by bouncing ideas around with others, but when you can’t go to the CEO, where do you go?

Find out more about KEY membership here

The 5 issues concerning CEOs the most

Every CEO encounters obstacles depending on their industry and the specific challenges their businesses are facing. But, while each business leader holds a unique position, there are similar issues that apply across every sector.

As the world’s largest CEO membership organisation, we have identified the key issues keeping business leaders up at night. These issues are also among the most pressing for a CEO to address if they want to ensure they are leading the business in a way that supports ongoing growth.

1) Talent management – Are the right people working for you?

Most CEOs are well aware of the issues they face when it comes to talent management. As industries have become increasingly complex, the demand for individuals who can fill vital positions has increased.

It’s not just performance where talent management has become a major concern for CEOs – there is also the importance of finding staff with the right personality to match the culture of the organisation.

Regardless of whether these talent management efforts are aimed internally or at external experts, finding the right people that suit your businesses thinking is essential.

TEC speaker Trudy McDonald suggests employing Pareto’s 80:20 rule; devoting 80 per cent of the effort involved with talent management to upfront work defining what skills a business is looking for and the remaining 20 per cent to subsequent screening and interviews.

Making this step a priority can ensure hiring and promoting the right people who fit the company culture. Trudy also emphasises that great companies understand that people are their largest asset and a major factor for ongoing business growth.

2) Rate of change – Is your business meeting the technology standards of the future?

Digital disruption and new communication channels are now an engrained part of the business landscape. For leaders, this change presents a significant challenge as businesses look to adjust their performance in light of new threats to their business model.

Social media is just one example of this shift, and one that didn’t even exist a few years ago. Risk management has become increasingly difficult for companies to undertake as information can now be spread instantly by many users.

This only adds further fuel that technology is an increasingly dominant part of companies’ overarching strategies. With this rate of change continuing to increase, the scope for issues to arise for a company is going to rise in kind. However, the increasing rate of change also presents an opportunity for companies.

This was explored recently by consulting firm McKinsey & Company, which argued that companies in the future will build “digital hives” to manage this technological growth. These hives allow businesses to harness clusters of knowledge from multiple levels within a company and channel them towards broader organisational goals.

3) Globalisation of markets – Are you taking advantage of the global market?

The world has certainly become smaller in recent decades and overseas markets are now closer than ever before. With the Australian government entering into multiple free trade agreements in recent months, the scope for issues to arise with businesses is only going to increase with time.

As overseas companies have even-greater access to Australian companies, the challenge is now for businesses to be competitive on a global scale, not just a local one.

At the same time, local firms are now looking for new strategies to expand overseas in order to develop new growth potential.

This was underscored by the Australian International Business Survey, conducted by the University of Sydney and the AusTrade. The most recent edition of the study reported that 74 per cent of respondents are planning on expanding to two or more overseas markets in the next 24 months.

These twin challenges of globalisation – pursuing an international growth strategy while also preserving local market share from international competitors – are going to continue to shape the performance of Australian companies.

4) Innovation – Are you operating in an innovative mindset?

It used to be that product quality and customer service were the primary factors that separated an average business from a great one. Now, companies that are truly successful are also those that are innovative and can find new solutions to the issues they are facing.

However, the number of innovation-active businesses in Australia is actually declining. According to the Australian Bureau of Statistics, the number of companies pursuing new products and services declined between 2011-12 and 2012-13, from 46.6 per cent of firms to only 42.2 per cent.

Innovation cannot be overlooked, with new ideas and insights improving the efficiency and effectiveness of a business. The challenge is more than developing an innovative product or service; but finding a course in this new business environment and then adjusting course when necessary to set your business apart from the competition.

5) Decision-making – Are you making the most informed decisions on behalf of the business?

Finally, decision-making is one of the largest and most enduring issues that CEOs face. Having to make-or-break decisions everyday when it comes to running a business; even the smallest decisions have profound implications. There are a number of personal biases – how quickly a person makes a decision for example – that can influence how well a business leader performs.

Good decisions are made when CEOs equally weigh the pros and cons, rewards versus risks, and probability of success versus failure. Out-of-the box decisions can sometimes be a recipe for disaster.

Unfortunately, many leaders are in the box when they should be out of it; and out of the box when they should be in it.

These are certainly the issues that are weighing on the minds of CEOs – are they keeping you up at night?

From West to East: Australia’s Window into Asia

Introduction

The focus of the world has shifted east in recent years – the 21st century has been hailed as the ‘Asian Century’ and the center of trade for the world has moved from the Atlantic to the Pacific.

This is certainly not a new trend; however recent events have highlighted increasing strategic options for Australian SMEs to explore.

For instance the internationalisation of the Chinese Yuan is an example of the new economic strength that is found in the Asian region, with foreign companies now experiencing unprecedented access to Asian markets, and vice versa.

With the recent signing of the China-Australia Free Trade Agreement, after a 10 year negotiation period,  it is expected that trade will double from the existing levels as the local tariff barriers have been lifted between Australian exports and the Chinese Markets.

For Australian and New Zealand SMEs, this presents exciting new opportunities being the best-positioned, geographically and in business to make the most of this shift in the world economy.

Of course, with these opportunities comes a new set of challenges. Small businesses will need to start thinking internationally if they want to capitalise on the opportunities presented in coming decades. By being agile and taking the time to truly engage with the new powerhouse economies of the Asia Pacific, businesses will be well-placed to grow throughout the Asian Century.

Opportunities

In recent article released by ANZ, Mark Whelan Managing Director of Global Commercial Banking stated “all too often there is a difficulty in translating such a huge opportunity into success for individual firms or even industries. Today, only a small fraction of our small and medium-sized businesses in Australia export and a recent report by the Economist Intelligence Unit tells us only 19 per cent of businesses have taken advantage of recent FTAs”.

Without a doubt, Asia is the most dynamic and rapidly changing part of the world. Backed by almost half the world’s population, economies in the region are responsible for some of the highest expansion rates globally and will continue to be a major source of global growth into the future.

China is Australia’s largest export market of goods and services, accounting for approximately a third of total exports.

According to a recent report by PricewaterhouseCoopers (PwC), Asian countries will continue to see dramatic growth in coming decades; by 2028 the report suggests that China, which has already become the largest country in the world by purchasing power parity, will be overtaking the US in market exchange rate.


An Expert’s Insight

TEC BRIC Speaker David ThomasDavid Thomas, TEC Speaker and BRIC expert on global hotspots,  suggested  “the Australia-China relationship is about to enter a ‘Golden Phase’ with the signing of the China-Australia Free Trade Agreement, the visit to Australia by President Xi Jinping, and the increasing awareness of Australia’s agricultural resources and services capabilities in particular sectors”.

David regularly works with many wealthy Chinese entrepreneurs, investors and business leaders who are building links into Australia for a combination of business, investment and migration purposes. He highlighted that this is creating opportunities for local financial services providers (wealth managers, insurance brokers, accountants, banks, lawyers etc.) to provide support and services for them on the ground in all of our major cities and regional centres.

“Many arrive with limited or no knowledge of Australia’s complex tax, superannuation, insurance and business environment. Many of them are looking to set up local businesses, local companies, superannuation funds, bank accounts and to insure themselves against a combination of personal and business risks,”

“They also have to decide where to live, whether to buy or rent, where to send their kids to school and how to develop a local network of personal and professional contacts. This is creating enormous opportunities for local SMEs to provide the relevant services, support and advice, and to upgrade their capabilities, language and cross-cultural skills to service this lucrative and rapidly growing market,” said David.

“China’s ‘Going Out’ strategy is in full swing. Nearly half of China’s wealthiest people are planning to move to another country within the next five years and there is already evidence of a sharp increase in numbers, interest and motivation amongst those who have Australia in their sights,” Concluded David.

Clearly East Asia’s importance is only going to increase in the future. For SMEs, though, the question still remains: How can this expansion drive business growth locally?

Why SMEs need to get involved

The rise of new economic superpowers in Asia is going to create radical changes for SMEs in Australia and New Zealand. While the biggest changes will be for exporters that are looking to earn a share of new consumer demand for the Asian region, this change will affect businesses at every level.

Free trade agreements are just one example. The recent deals signed with Japan, South Korea and China – three of the largest economies in East Asia – means the door has already opened for enhanced trade and market access.

Of course these agreements and engagement is a two-way street. SMEs have greater access than ever before to these economies, businesses can now compete directly with local businesses.

This means that competitors are no longer confined to the same town or state. Now, competition is on a global scale, with many innovative Asian enterprises looking to unlock new opportunities throughout Australia and New Zealand.

Hitting the export trail

China is the world’s largest food and beverage consumer in the world with a population of 1.3 billion, capitalising on the ‘dining boom’ across Asia is an increasing trend for Australian businesses.

Recent events in the F&B sector are providing more opportunities for Australian exporters than ever before.  China’s strong economy and wealthy cities are in demand of sanitary high quality meat, dairy, fruit and other products from Australian exporters.

One example of this is TEC member and Managing Director of Beerenberg Farms, Anthony Paech who has expanded his family business into a global operation, exporting an increased percentage of their products overseas. Their premium products are 100 per cent Australian, sourced directly from their farm in Adelaide. This particularly appeals to Asian customers and the five star hotels they supply.

Another shining example is award winning TEC member company Craig Mostyn Group, a leading diversified food and agribusiness with revenues in excess of A$310 million, who operate locally and throughout Asia. With close to 30 per cent of pork products exported to Singapore and the recent investment into abalone farming exporting over 95 per cent of its high value product into Japan and China.

Once you begin exporting into another country you are scaling your business to a much higher level, it is strongly advised to have a formal strategy in place. HSBC states that 73 per cent of Australia’s exports go to Asia and estimates that by 2020, it will increase to 80 per cent.

Many SMEs find it difficult to determine where the best point of entry for their products is. The best approach is to do your homework, undertake research and then approach Asian countries that have the right market conditions and infrastructure aligned to your products and services.

Risks and operational challenges

Cultural differences are also an important factor in effectively approaching business engagement in Asia. Even within a single country, markets conditions are incredibly diverse and present their unique operational challenges, having a strong cultural understanding will prove beneficial and minimise the risks.

According to TEC Chair Max Robertson, “the risks in most of Asia will be from the ‘unknown unknowns’ or the things you are oblivious to. SMEs need to get educated about the characteristics of the individual countries they are interested in. For example, within Indonesia, pork has a good market in Bali but not in Java due to the different religions in the two areas.”

“You need to be aware of the differences between countries and that most countries are not homogeneous. There are enormous cultural and linguistic differences you need to understand. You need to be sensitive and aware of the differences and how they can impact upon business opportunities.”

Cultural factors aren’t the only risks that organisations will need to overcome when approaching a foreign market either – there are also bureaucratic obstacles for companies to navigate.

Tax is just one example. Even as western taxation and accounting standards become widespread in the Asian region, these areas are still less developed than SMEs will be used to in Australia and New Zealand. The same is true for legal practices and many other structural factors that underpin a successful business.

“Get advice from accounting firms on tax and don’t make assumptions about the rule of law and payments. You can’t generalise.”

“There are terrific opportunities in Asia, but there are also major risks if you get the wrong joint venture. There can also be problems in some countries with repatriating profits, as some of the universities have found. Companies need to be acutely sensitive of how difficult it is to move money around,” explains Max.

TEC member and Managing Partner of WMS Chartered Accountants, Aaron Lavell is an example of how Australian expertise is training Malaysia’s accountants. “As Malaysia is currently rolling out the implementation of a new GST, we’ve found there is a market for Australian expertise and training on this topic,” Aaron explains. The training covers areas such as tax rules, legal requirements, cash flow and system issues that arise when a country transitions to a GST regime, as Malaysia will in April 2015.

Businesses looking to address strategic risks when entering Asian markets must remember to expect the unexpected. Often the best way around this is to build partnerships with local companies and embark on joint ventures in order to enter Asian markets.

Not only does this make financial sense for Australian companies, it is also a good strategy for reducing the risk posed by entering a new market.

Offshoring for cost reductions

The potential of Asian markets isn’t limited just to exports – SMEs can also benefit from moving their business processes to East Asian markets in order to become true multinationals.

Currently manufacturers have been the most prolific users of outsourcing to the Asian region, with mainland China firmly established as the ‘factory of the world’. However, the next step is going to involve moving services and other business processes to overseas markets in order to make the most of lower input costs.

While lower costs might be a major advantage, this shift in labour will also allow Australian companies to invest more in their local staff, keeping high-value processes in Australia, while moving low-skilled work overseas.

Many SMEs may never have considered the possibility of outsourcing their processes to another country, especially if they are still focusing on building a strong business. But, with cost pressures rising, it is now more important than ever to look for new growth opportunities.

Here are some of the core benefits:

  • Lower costs
  • Accessing skilled experts
  • Reduced overheads
  • Greater flexibility among staff
  • Increased efficiency

Shorter turnarounds

Of course, offshoring part of a business isn’t a process that can be completed overnight. SMEs in Australia and New Zealand will need to invest time in understanding everything that’s involved and finding partner organisations that can assist with their outsourcing efforts. As with any major development, a strong plan and comprehensive risk management strategy are essential.

There are clearly obstacles that organisations will need to undertake, regardless of whether they are looking to export to Asian markets or outsource their business processes. However, companies in Australia and New Zealand are better placed than many in other countries to capitalise on the coming Asian Century.

For those who commit to this process and truly engage with these markets, the potential for future growth is virtually limitless.

About the Author

David is well known in Asia Pacific for his experience, credibility and passion for identifying, building and facilitating business and investment relationships between developed and emerging countries. David brings personal insights, anecdotes, stories and observations to every presentation to show business leaders and forward thinking organisations how to profit from a fast changing world.

Identifying opportunities in the Asian Century

Asia has experienced rapid growth in the 21st century, which has driven a need for goods and services as its burgeoning middle class begins to expand.

Australia is well placed to take advantage of this growth. In fact, the country has already enjoyed a steep rise in demand for its natural resources over the last decade, helping to strengthen the mining sector.

However, as the resources boom begins to taper off, Australian companies must shift their efforts in order to continue benefiting from the multitude of opportunities available in Asia.

A 2012 whitepaper by PricewaterhouseCoopers (PwC) noted that while the majority of Australia’s trade is with Asia, the country only spends 6 per cent of its overseas direct investment in the region.

PwC said this figure is far too low for businesses to take full advantage of potential growth opportunities.

Similarly, a Deloitte report last month urged organisations to become ‘first movers’ rather than ‘fast followers’ when it comes to commercial deals abroad. This means firms must establish themselves as innovators rather than settling for second best.

Selwyn D’Souza, lead strategy partner at Deloitte, said: “Strengthening our already strong relationships with the new global giants such as China and India will become more important than ever as we seek to establish a stronger presence in their markets and their companies continue to enter ours.”

Opportunities in Asia

According to Deloitte, a billion people are expected to enter the middle-class globally within the next 20 years – and a significant proportion will be in Asia.

The OECD estimates 66 per cent of middle-class people will be Asian by 2030, compared with just 28 per cent in 2009.

This increase in consumption provides opportunities to Australian companies across a wide range of sectors, particularly financial services, telecommunications and retail.

Businesses that seek cross-sectoral collaboration between other companies, governments and non-profit organisations are likely to perform better, as this creates a greater social impact.

“It will be the forward-looking Australian businesses that proactively take opportunities to innovate and serve the needs of low-income consumers in the Asia-Pacific region which will enjoy the benefits of increased market share, profit growth and brand differentiation,” Ms D’Souza stated.

However, PwC said organisations must be willing to invest in Asia to have the best chance of gaining market share and forging ongoing relationships with businesses in the region.

Australian CEOs will also require a keen understanding of the many different Asian cultures in the region. The conflict between Western and Eastern values could be a stumbling block unless enterprises are adequately prepared.

Building an Asian presence

Despite the challenges businesses will face growing market share in Asia, the positive outcomes and expansion opportunities are significant.

Here are some strategies that PwC noted could help your company make the transition a little easier.

Invest in human capital: Recruiting or promoting people with extensive Asia expertise is vital.

Not only will this help your business to better understand the marketplace, it also facilitates relationships with Asian firms, which are typically built in person rather than over long distances.

Assess market potential: Review your existing growth strategy through an Asian perspective and identify the best opportunities for your particular business.

Isolate risks, re-evaluate existing brands and products, and strengthen any existing ties you may have in Asia.

Select appropriate market entry options: Entering new international markets can be a challenge, so consider different investment vehicles.

Whether you opt for a joint venture, export-only model, licensing arrangement or other operating structure will depend on your specific commercial objectives.

What next?

Given that the resources sector is already beginning to slow in Australia, the need to build further economic drivers in other sectors becomes more apparent.

Organisations that fail to cater to growing Asian demand could find themselves struggling to succeed against more forward-thinking competitors.

However, CEOs must move fast. These changes are already underway and building for the future must begin as soon as possible, particularly when it comes to attracting and retaining the right staff to excel in new market conditions.

“While many organisations understand the need to recruit resources with the necessary skill set, the demand for this key talent far outweighs supply,” PwC stated.

“It is imperative that companies start planning now how to position their organisations and their people for the Asian Century.”