It seems they have now realised that the personnel within Family Insights have limited knowledge on how to market a product to the consumer and they have failed commercially with three attempts
The VPN, Family Insights and a book.
The business model has now been switched to data-generating - starting all over again with Frugl being the catalyst.
Apart from all the "wordy" announcement, it seems that the Frugl vehicle is now the priority.
Firstly they have to get the data from the consumer that package it to sell to retailers and suppliers. I would suggest it will take years before anything of substance is available as a viable data package to market as a commercially viable package.
They prattle on about the company data assets. Pity they cannot be specific with the shareholders re what data assets they currently have, that are of any use commercially in the market place.
So now we have a new appointee Alistair McCall - Chief Data Officer. He was at Vodafone for 2 years, Cellarmasters for approx 1 year, Woolworths for 6 years, MercerBell for 17 months and now Family Insights. Has also worked with Sean Smith in the past in Woolworths, who gave him a reference on Linkedin 2017. Has a Bachelor of Applied Science BASc, Business, Management,Marketing and related Support Services.
As a shareholder, what concerns me about the culture within this company, is the "concepts/technologies" that keep getting presented but are not of any commercial value.
Its seems like paid employees searching for a business to operate.
Another idea arrives, they invest shareholder funds to develop same and then they go to the customer.
The customer says sorry your offer is not what we want - its back to square one again. Then another relaunch is planned to get it right, then another. The consumer research comes at the end - its crazy.
It is very different ballgame from operating within the protected walls of a regular salary within a large organisation to being an entrepreneur taking a product/technology/service and cutting it in the outside world.
This company is not designed by an individual who has self-created any such product/technology or service. It's operating as a group of individuals paid by shareholders who are finding it difficult to grapple with the reality of commercial markets.
As a shareholder, we lurch from one lousy padded announcement to the next.
This latest move IMO is COMMERCIALLY soft and to me is a desperate attempt to resurrect the company - somehow.
Collateral damage the existing shareholders 50:1 dilution.
FAM Price at posting:
0.1¢ Sentiment: None Disclosure: Held
