Winning Big in Asia Podcast with Dr Patrick Liew – 3 Mega Shifts in Marketing

Winning Big in Asia Podcast with Dr Patrick Liew – 3 Mega Shifts in Marketing


hello and welcome to today’s show we
have our invited with us today Dr. Patrick Liew. he’s the co-founder of GEX
Ventures in Singapore and he has a globalized business structure I’ll leave
you to Dr. Patrick to introduce himself. Sure, Hi everybody, thank you for having
me on this show and it’s a great honor and pleasure for me to share my small
little two cents worth of wisdom and insights I was very very blessed
I grew up among the poorest of the poor and because I grew up among the poorest
of the poor I was forced to be an entrepreneur investor since a very very
young age and I was very very thankful because many angels came around me
beside me behind me supporting me so I had a very very good run I was literally
promoted when I was an employee and I end up as the CEO of a multinational
multi-billion dollar company. I looked after the asia-pacific region and then I
became an entrepreneur and in my short little life journey I have listed more
than three companies, or I’ve had to list more than three companies in my lifetime,
first company in New York Stock Exchange second company in Australia Securities Exchange
and third company in Singapore Exchange Wow three companies three exchanges and a
very lucrative and a very interesting career sure I had a good time.
Dr. Patrick okay here we’ve talked a little bit about how to win big in Asia. Can you
tell me about what you have noticed recently and what’s changed. I think we
all know the business world is going through a sea change because of
globalization the world has become more and more interconnected more and more
interdependent which means that consumers are now more and more
intertwined with one another we are becoming more and more integrated
together we’ve become virtually like a networked village and because of this rise
of the networked village we are going through at least three mega shifts in
the way we run our business in the way we market our products and services and
if it’s ok with you I’d like to share you my three favourite mega shifts the first thing is that I think
marketing should not be relegated as in most cases to a department to a job or
to a function the Chartered Institute of Marketing basically defined marketing as
being as the management process of anticipating identifying and satisfying
customer needs profitably. But when we look at the definition of customers we don’t
just have one category of customers now we have three different categories of
customers we have what we call internal customers, your staff. Then you
have external customers and then we have what I call the stakeholder customers
which really has to do with your industry your market your community and
society at large and whether you like it or not these stakeholders you know will
make a major impact you know on your business so you need to serve these
three range of our customers and so today the job of marketing is the job of
everybody in your organization. Let me give you a specific example I think in
marketing we need to now go beyond traditional profit-making processes as
well as you know as well as the planning processes we need to create what I call
a Purpose Driven organization when I talk about a Purpose Driven
organization you need to ask yourself this question why should anybody work
for you what are the things that your
customers your market is looking for you to do why do they want you to exist what
do they want you to achieve what do they want you to impact in your world because
if you don’t serve a higher purpose and fulfill a higher calling you will never be
able to attract customers in this networked village. The second mega shift
has to do with serving the needs of the customer today we cannot say I’m only
interested in whatever my customer needs today you really need to serve what I call the
total needs of a customer because in a networked village you are more less
connected to your customers in a holistic in a balanced and in many sense
of the word, in a calibrated way so you need to look after their personal needs
their professional needs, their team needs your functional needs as well as the organization and business needs you need to also
understand not just the current needs as well as the future needs
why because today in the networked village you cannot see the customers as anything
other than a human with loved ones who serve their work in a community. So you
need to be connected to them in every sense of the word in a more intimate way.
And the Third Mega Shift has to do it the fact that we need to now provide what I
call you know on-demand services next change services what do you mean what do
I mean by next change services a lot of customers today don’t even know what
they are real needs are, they don’t even know what is happening in the real world so
as marketers, as entrepreneurs our job is to be able to help the customers
understand what their real needs are and educate them on your real needs I mean
we look at all the top entrepreneurs in the world where they Steve Jobs or Mark
Zuckerberg or whether it’s Steve or Jeff Bezos they don’t sell their product and services they sell products and services that
the customer doesn’t even know exists They don’t even know they need. Of course the
famous story is Steve Jobs you know decided to create product without any
keypads. How would a customer know they do need need a keypad. Prior to us now using
most devices without keypad so you need to understand as an entrepreneur, as
a marketer you need to now understand what their future needs what the future
requirements are because it’s fast evolving and fast changing and be able
to meet not just today’s needs but tomorrow’s needs. To meet the needs of a future market,
which may not exist already. So the two question you have to ask themselves is this: What are tomorrow’s problems,
that you need to start resolving from today? What are tomorrow’s opportunities then you need to start capitalizing on from today? Dr Patrick, I can’t wait to get into a deeper conversation but before that and now
we’re gonna do a short roundup. Can you share with me in in a bit of a
detail any failures actually has you’ve experienced that have shaped the way you’ve
led your life? Thank you for asking this question I have to tell you this I wish
lay claim to being the number one failure in as far as my part of the
world is concerned. Because the Singapore government used to have an
award called the Phoenix award because they want to find an entrepreneur who
has failed badly and thankfully you know has risen from the ashes like a phoenix
and so my partner who is a much better speaker than me presented our life story
I wrote the story for him and and we actually won the Phoenix Awards so I can
actually tell you we won the award for being the number one failure I think
that’s very important because I wish to people if you don’t know how to fail
successfully you will never be able to succeed some of the best teachers are
Professor Pain Professor Sorrow and Professor Failure so
what am i right that’s right yeah it’s not a question of
being trained by professor failure it’s a question of whether you know you do
something about it you learn something for him from it and you leverage on your
failure to achieve the next level of growth. So what happened? I’m going to
tell you one of my failures one of my many failures during the Asian crisis
when the economy was you know taking a nosedive
you know I was conned and because of this I lost millions and millions and
millions and millions and millions and millions and millions of …. I need to
borrow your fingers and and plus my my fingers plus your toes and my toes
and that wouldn’t even add up to the amount of money that I lost but I’m always
eternally grateful for that failure because literally when I was going through a
piece of hell I was divinely inspired to create a totally new business model and
we call this love based business model Interestingly enough the National
University of Singapore actually a case study about our love based business
model and we all know that love is the most powerful force in the workplace as
well as in life but we never put love back into our business model. We never
incorporated love in as far as our business administration operations we never you know put back love in as far as the way
we serve our customers and yet we all know that love is very very important so
we create a love based business model where we say we want to love
ourselves our customers our colleagues our communities our country and though
many many other countries out there especially victims who suffer two
different natural crisis so because of this failure you know we were able to
rise from the ashes and because of this love based business model between 2004 and 2009, we ended up as being the fastest growing
company in my industry at least and by 2010 we were ranked number
one for productivity as measured by returns on equity as measured by the
Singapore 1000 & SME 500 studies. Wow that’s amazing
okay and do you see that has that brought you to even greater success
because of introducing love back in the business world
because of seeing business is just not a platform for creating profit you know
and having more & more customers we see businesses totally, as a totally
different instrument or being able to catalyze changes for good as business
can be a great platform to be able to make the world a much better place to
live in and I think if we have better entrepreneurs more and more and better
entrepreneurs & investors together with the government, universities and
charity organizations and all the other stakeholders I believe we can eradicate
poverty in our lifetime definitely these are stories that we need for Asia
because I think Asia as the greatest population and a lot of poverty in our
countries at the same time a lot of promise. That’s right! So if you can
summarize in one word okay what’s going to happen in Asia and why it’s going to be so
important what should our marketers and business owners listening in, what should
they be looking at? I tell people that the economic pendulum is swinging back
to Asia. Asia is going to be the fastest growing economic basin and arguably the
largest economic basin in the Fourth Industrial Revolution so my one word to everybody
is is this “Go for it!” three words but… I’II put a hash sign and
in both the social media world, a hashtag and #GoForIt to tell people if you know
there’s opportunity grab it. So it’s not just do it because just do it means you
do anything and everyt hing that comes along but #GOFORIT means if you know
that Asia is going to be a fastest growing basin please put a hashtag with the word
go for it because then all your people who are connected to you will be able to
see the message and know this is the next goldmine. With that I’m gonna end
this segment but I definitely I would love to hear a lot more about what we
have mentioned there’s three mega shifts and go into detail and to see where the
future is in Asia and over here we’re going to be talking to Dr. Patrick at
the Asia Marketing Summit so do watch out for it we’re signing off yeah and
we’ll see each other very soon see you then. Thank you

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