ADAPT Podcast With Jorge Miguel Fonseca
In this episode our host, Luís Gonçalves, discusses with our guest how bringing innovative strategies into traditional business models can establish a true digital product organization. Our guest, Jorge Fonseca, is the chief marketing officer & partner of BF Group. BF is a marketing group created back in 1984 and since then has adapted their approach to the digital era successfully - thriving even more during the pandemic.
(2:05) Luis and Jorge start by discussing what the digital age really is. Digital age is a way to bring leverage to your potential customers. The effects on the digital market by the coronavirus pandemic situation and the challenges of staying ahead of the competition.
(04:00) What type of changes will the digital era impose on traditional businesses? How fast can we adapt to the changes of the marketplace?
(05:32) How can traditional business owners take advantage of the digital era? Jorge elaborates on how to use communication to eliminate the middlemen from traditional business practices.
(07:17) Jorge tells us how his kitchenware E-commerce brand is actually co-developing products with customers. They share examples of how to leverage your company’s specific knowledge. Sales is Marketing’s son, Marketing is Strategy’s son and Strategy is the child of your mission, your business.
(10:23) Luis and his guest discuss how the experience your product provides is more important than the product itself. The value of creating great experiences, great memories of food (they sell kitchenware) – discussion on how to create such experiences and how to adapt to new characteristics from new customers, younger crowd.
(13:00) Luis and Jorge discuss strategies on how to bring value to your company, by not limiting your skillset to your core business.
(15:00) Jorge shares how his traditional company adapted after the 2020 pandemic. From door to door selling and cold calling to home office. Jorge explains how he implemented tools to improve the general team performance and go through the hardest days.
(18:39) They talk about the upsides of the pandemic and how his company utilized this to their advantage, their strategy when it came to the biggest challenges of running multiple businesses.
(21:32) Luis discusses the need to change the traditional ways and to give in to newer methods of doing business, as well as the importance of keeping use of some specific traditional tools.
(23:45) Luis explains the misuse of MVPs (Minimum Viable Products) and how companies can use this tool to validate your digital product organization.
(24:50) Jorge explains the pillars to build a relevant digital product and the difficulties of changing a traditional business model and the traditional business leader mindset. They explain how some of these traditional companies have certain advantages that can be well applied to the digital market.Jorge mentioned growth loops as part of the strategy.
(30:28) Jorge explains how to structure your business and how the marketing funnel is actually dead. How to keep growth loops balanced and how to deliver value to your potential customer. Jorge share ideas to grow your business leverage.
(35:00) Luis develops on the business structure aspect and how departmentalization of organizations should be avoided and how to grow your business as a whole. He elaborates on organizational design and the educational value instead of using the sales funnels such as traditional advertising.
(38:23) Jorge reminds us about what the primary goal should be for a company to strive in the digital era. He elaborates on specific issues and the tools that can be used to inspire better performance.
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