Australian Government - Royal Australian Mint

Annual Report 2007-08

• Table of Contents
• Financial Reports

Section 3 - Management & Accountability (continued)

Marketing

A well planned and targeted marketing strategy is essential to sustaining the profitability of the Mint’s commercial activities. In 2007–08 the Mint invested considerably in developing a whole of life product and brand marketing strategy that includes market research, the development of numismatic themes, product development, advertising, forecasting and sales through both wholesale and retail channels and customer feedback which underpins a focus on continuous improvement within the Mint.

Significant progress was made during the year in developing the market research function and this has led to a greater provision of market information within the organisation. During 2007–08, customer geo-demographic studies have assisted with product development and promotional activity. Research was also undertaken at several coin and agricultural shows and in the Mint Shop to gain an understanding of who visits the various Royal Australian Mint displays and to measure awareness of the Mint and its activities.

A formalised project tracking system was introduced and has produced efficiencies and improved communications throughout the Mint. In addition, a product matrix has been developed that ensures that a clearly defined range of products is released throughout the numismatic calendar and that each coin is appropriate for the target customers, including coins for younger collectors.

The Mint’s principal points of sale are its wholesale distributors, call centre and shop. We have also attended local and international coin fairs and agricultural shows to increase the national and international awareness of our brand and products. Sales forecasting methods have been reviewed and improved. This has assisted production planning and call centre efficiency, and has resulted in reduced component wastage. Direct marketing tools are being applied to ensure that advertising for specific products is directed to the most appropriate customer demographics using the appropriate mediums.

Highlights of the numismatic program included the introduction of the Mint’s new signature numismatic coin, the Kangaroo at Sunset, which sold out in record time. In response to the rising price of gold and the subsequent increase in demand, the innovative “Little Dinkums” 1/25 oz gold coins were successfully introduced. The terminology for the highly popular mintmark $1 coins was reviewed. The terms “counterstamp” and “privymark” were introduced to the series to reflect the evolution and maturity of this successful product. Community groups were supported by promoting organisations such as Scouts Australia, the National Rugby League, the International Polar Year and the International Year of Planet Earth through coin issues and their associated launches.

The Mint participated in joint marketing arrangements with Australia Post, the Royal Mint and the Royal Canadian Mint. This involved the supply of Royal Australian Mint products for inclusion in joint packaging and marketing arrangements. Coins that were supplied as part of these arrangements are shown in Appendix E.