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1. THE BEGINNING
This innovation came to life when…
We’re passionate about helping our customers find smarter financial solutions. When we noticed more and more of our customers were looking for an easier way to invest in gold and silver, we realised there was a gap in the Australia market for a service that would make investing in gold and silver cost-effective, simple, and rooted in traditional principles of saving. Hence, FirstGold.
2. WHAT & HOW
The purpose of this innovation is to…
Bring gold and silver investment into the 21st century so everyday people can work toward their financial future on their own terms. We link hard asset investment with simply saving, meaning anyone can get started in building more stable finances.
It does this by…
Using a unique online system not unlike an online bank account. Customers can set up investment plans that buy bullion for them once a month — no minimum purchase, no hidden fees. Because they’re buying bullion in dollar amounts not weight, customers are able to buy gold at a lower average price all year round — a smarter way to invest.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
Usually when people want to invest in gold and silver they have to jump through hoops like storage problems, huge markups, navigating price fluctuations, difficulty in tracking bullion amounts, etc. FirstGold puts our customers 100% in control of their investment and places their financial future in their hands. They can buy, sell, and accumulate at any time. No restrictions.
The benefits to the customer/end-user include…
FirstGold™ is totally flexible. It revolves around the customer’s needs, and our plans can be changed at any time — meaning that if a customer wants to hold off on or increase their investment at any time, they can.
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
Bullion dealers developing simpler online stores for buying bullion. However, this did not fully solve the problem because customers still had to deal with storage issues, price fluctuations…all the same issues as before, only now they didn’t have the personal contact with a bullion dealer.
Its predecessors/competitors include…
Our predecessors in the market are traditional bullion dealers, but since we’re moving into an alternate form of regular saving for consumers, we also face competition from online savings accounts with banking institutions that also offer ways to regularly save.
5. TARGET MARKET
This innovation is made for…
Everyday people who want to make smarter investment choices that fit their lifestyle and needs. This includes Gen-Ys new to the workforce, families wanting to build a nest egg, and retirees looking for something to give their grandchildren. The size of this audience is really immeasurable.
6. DISTRIBUTION STRATEGY
It is available for sale through…
Our unique online platform at firstgold.com.au. FirstGold’s is an online service selling physical bullion in a way that has never been achieved in Australia before, and the online system is crucial to this process.
Our marketing strategy is to…
Promote FirstGold through pre-existing marketing channels with parent company The Gold Company, as well as developing FirstGold as a brand throughout social media, SEM, and traditional PR promotion. We want to educate and involve our consumers in the investment process so they are made capable of managing their financial future using the safety of gold and silver bullion.
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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.