Australian companies are transforming their business models in response to global megatrends, including generative AI and changing customer expectations, according to new data from customer platform, HubSpot.

Three in four businesses say they’ve evolved more in the past four years than previous 20 years, and Australian businesses are the most likely globally to feel the pressure to do more with less.

According to the HubSpot research, 70% of local businesses agree that the introduction of AI has required them to reinvent, but that doesn’t necessarily mean starting from scratch. 

“A combination of rising business costs, new technology and evolving customer expectations have impacted the effectiveness of conventional growth tactics among Australia’s businesses, accelerating a need for reinvention,” HubSpot senior marketing director for APAC, Kat Warboys said.

“Our research shows that the majority of local businesses believe delivering streamlined, personalised customer experiences is key to growth and success in 2024. Long term success will be determined by the ability of businesses to effectively engage with their audiences across multiple channels and deliver more value to customers to maximise retention.”

Businesses need to efficiently meet customers wherever they are with quality content that’s personalised, unique and valuable.

However, marketers are struggling to meet demands for multi-channel content, with 70% saying they need tools to help them remix their content from one format or channel to another. Australia is also the second most likely country, behind Singapore, to cite an increasing number of channels as a pain point (32%). 

“The data reveals that a majority of Australian businesses need to review and reset their go-to-market strategies, but it’s not a case of one size fits all. This is a journey that many businesses are on, or need to commence, in order to understand the content that best engages customers. For marketing teams wanting to effectively reach and engage their audiences, they must focus on personalised content, on the channels customers are showing up on, to build deeper connections with customers,” Warboys added.

To help local businesses meet demands for remixed, multi-channel content, HubSpot has launched Content Hub. The all-in-one marketing solution, powered by HubSpot AI, helps create and manage content across the entire customer journey, through tools like AI Content Creation, Content Remix, Brand Voice, audio tooling, Members Blog and Gated Content Library.

With three in five (62%) Australian businesses agreeing that it’s important to have one platform for their go-to-market teams to work in, rather than many separate tools within an organisation’s tech stack. To meet this need, the all-new Service Hub, powered by HubSpot AI, is the only solution that brings together customer support and success functions for the first time. 

“In today’s climate, change is happening in days and weeks, not years. Maintaining the level of business innovation that the Australian community is known for will require adaptation to this reinvented environment. Transformation can be daunting, but having access to the right tools will empower businesses to harness change, maintain pace with customer needs and better connect with their target market,” Warboys commented.