1 00:00:05,519 --> 00:00:08,840 Speaker 1: Welcome to Fearing Greed Business Interview. I'm Sean Almam. There 2 00:00:08,880 --> 00:00:11,959 Speaker 1: are some fascinating things happening right now in consumer brands. 3 00:00:12,000 --> 00:00:14,720 Speaker 1: The cost of living is driving more customers to Aldi, 4 00:00:14,880 --> 00:00:17,400 Speaker 1: for example, but could that also have something to do 5 00:00:17,440 --> 00:00:20,439 Speaker 1: with the atable Sea action against coals and woolies. What 6 00:00:20,600 --> 00:00:23,640 Speaker 1: impact is the perception of powers scourging and even shrink 7 00:00:23,720 --> 00:00:27,760 Speaker 1: flation having on where customers shop and in the online space. 8 00:00:27,800 --> 00:00:30,360 Speaker 1: The arrival of Team Who last year has caused a 9 00:00:30,480 --> 00:00:32,920 Speaker 1: major upset, passing eBay in the market chair for the 10 00:00:32,920 --> 00:00:35,720 Speaker 1: first time. So what's this mean for consumers and for 11 00:00:35,800 --> 00:00:39,440 Speaker 1: local online players like Cogan and The iconic consumer data 12 00:00:39,520 --> 00:00:43,120 Speaker 1: and research company FONTO has a remarkable insight into consumer 13 00:00:43,159 --> 00:00:46,320 Speaker 1: brands in Australia. Ben Dixon is CEO of FONTO. Ben, 14 00:00:46,360 --> 00:00:47,320 Speaker 1: welcome to Fear and Greed. 15 00:00:48,000 --> 00:00:49,440 Speaker 2: Thanks Sean, pleasure to be here. 16 00:00:50,000 --> 00:00:52,240 Speaker 1: Before we start talking about the Aldi's and the teams 17 00:00:52,280 --> 00:00:54,760 Speaker 1: of the world, how do you get your information? Up front? 18 00:00:55,440 --> 00:00:57,680 Speaker 2: It's quite in the way we've approached it. We've got 19 00:00:57,760 --> 00:01:01,680 Speaker 2: eighty thousand adult Australians who surely share their spending data 20 00:01:01,760 --> 00:01:04,920 Speaker 2: every day and then an extra money every week doing 21 00:01:04,920 --> 00:01:08,759 Speaker 2: surveys based on their actual transactions, So really robust way 22 00:01:08,800 --> 00:01:10,560 Speaker 2: of saying we know who you are, we know where 23 00:01:10,600 --> 00:01:12,920 Speaker 2: you're spending. And by the way, if you want to 24 00:01:12,920 --> 00:01:15,840 Speaker 2: tell us why, we can intercept you and reward you 25 00:01:15,880 --> 00:01:17,880 Speaker 2: for doing that. So as I say, eighty thousand in 26 00:01:17,880 --> 00:01:20,400 Speaker 2: our community who do that week to week. 27 00:01:20,520 --> 00:01:23,840 Speaker 1: Big numbers. Let's start with the supermarkets. What's going on there? 28 00:01:23,880 --> 00:01:26,759 Speaker 1: How perceptive of customers when it comes to the whole 29 00:01:26,920 --> 00:01:29,640 Speaker 1: HABLEC action on prices? Is it more of a cost 30 00:01:29,640 --> 00:01:30,840 Speaker 1: of living thing? What's going on? 31 00:01:31,280 --> 00:01:34,200 Speaker 2: Look, it's an interesting one. We've obviously tracked in it 32 00:01:34,200 --> 00:01:37,280 Speaker 2: and interestingly, Odie's grown two percent in the last twelve months. 33 00:01:37,319 --> 00:01:38,920 Speaker 2: When we look at where it was twelve months ago 34 00:01:39,080 --> 00:01:42,480 Speaker 2: is about nine point six percent. Twelve months later, it's 35 00:01:42,480 --> 00:01:45,800 Speaker 2: about eleven point five percent, So it's growing quite nicely 36 00:01:46,000 --> 00:01:49,520 Speaker 2: and probably cost of living driving that. But also what 37 00:01:49,560 --> 00:01:51,320 Speaker 2: we did is we went out to all our members 38 00:01:51,320 --> 00:01:53,680 Speaker 2: to see what the actual impact was likely to be 39 00:01:53,840 --> 00:01:57,440 Speaker 2: on misleading prices or price scouting, whichever you want to 40 00:01:57,480 --> 00:02:00,400 Speaker 2: call it. And then shri inflation and lastly the triple 41 00:02:00,440 --> 00:02:03,200 Speaker 2: C action that's going on and keeps coming up in 42 00:02:03,240 --> 00:02:05,880 Speaker 2: the press, and what we found was that about seventy 43 00:02:05,920 --> 00:02:09,520 Speaker 2: percent had noticed the misleading prices or the price gouging. 44 00:02:09,800 --> 00:02:12,520 Speaker 2: About eighty percent or eighty one percent had noticed or 45 00:02:12,600 --> 00:02:13,840 Speaker 2: experienced shrinkflation. 46 00:02:14,560 --> 00:02:17,359 Speaker 1: So just we better say shrink flation is the idea 47 00:02:17,360 --> 00:02:20,280 Speaker 1: that what you're buying for a unit is getting smaller 48 00:02:20,360 --> 00:02:21,760 Speaker 1: as opposed to a price falling. 49 00:02:22,320 --> 00:02:25,520 Speaker 2: That's exactly right. So whether it might be a particular 50 00:02:25,600 --> 00:02:29,920 Speaker 2: chocolate bar or a bag of chips, we're seeing a 51 00:02:29,919 --> 00:02:33,520 Speaker 2: smaller amount but roughly at the same price, exactly right. Okay, yeah, 52 00:02:33,600 --> 00:02:36,600 Speaker 2: So what we're seeing is for those people in grocery 53 00:02:36,639 --> 00:02:40,279 Speaker 2: shopping who are noticing those things like price gouging and shrinkflation, 54 00:02:40,840 --> 00:02:43,040 Speaker 2: they're saying, or about sixty eight percent of them are 55 00:02:43,080 --> 00:02:46,000 Speaker 2: saying that they will change their grocery shopping habits to 56 00:02:46,600 --> 00:02:49,440 Speaker 2: the independence or to ANALDI and for a triable C. 57 00:02:49,639 --> 00:02:51,959 Speaker 2: About seventy two percent of them said, we've noticed the 58 00:02:51,960 --> 00:02:54,120 Speaker 2: ah triable C. We understand what that's about, and that's 59 00:02:54,120 --> 00:02:56,079 Speaker 2: going to help us change their behavior. So what we're 60 00:02:56,120 --> 00:02:59,520 Speaker 2: now doing is all those people who said they would change, 61 00:03:00,080 --> 00:03:02,160 Speaker 2: they actually going to change. So we did that in October, 62 00:03:02,240 --> 00:03:06,480 Speaker 2: will release our first real change numbers in early December, 63 00:03:06,840 --> 00:03:09,120 Speaker 2: and they will do that monthly after that, just to 64 00:03:09,160 --> 00:03:11,960 Speaker 2: see if what people say they will do they actually 65 00:03:12,000 --> 00:03:12,280 Speaker 2: do do. 66 00:03:13,040 --> 00:03:14,760 Speaker 1: I mean, I look forward to seeing those numbers because 67 00:03:14,800 --> 00:03:17,880 Speaker 1: it is very cool. Different banks were a great example 68 00:03:17,919 --> 00:03:20,160 Speaker 1: of a few years ago. Supermarkets are getting it now. 69 00:03:20,560 --> 00:03:22,919 Speaker 1: I dare say super funds might get it in the future. 70 00:03:23,080 --> 00:03:27,600 Speaker 1: But this whole idea that regulatory concern and allegations can 71 00:03:27,720 --> 00:03:31,120 Speaker 1: really hit consumers, it surprises me that it hits them 72 00:03:31,120 --> 00:03:32,000 Speaker 1: as hard as it does been. 73 00:03:32,680 --> 00:03:35,160 Speaker 2: Yeah, look, I think it's important to note those people 74 00:03:35,200 --> 00:03:38,680 Speaker 2: who will also take more notice of these things when 75 00:03:38,720 --> 00:03:42,200 Speaker 2: we look at regulatory concerns. And interestingly, for ALDI, their 76 00:03:42,240 --> 00:03:44,680 Speaker 2: biggest growth is coming from gen Z. Gen Z have 77 00:03:44,720 --> 00:03:48,080 Speaker 2: seen a thirty four percent growth in ALDI over the 78 00:03:48,160 --> 00:03:51,080 Speaker 2: last twelve months. Whereas you look at your baby boomers, 79 00:03:51,080 --> 00:03:52,880 Speaker 2: who may be more set in their ways or they're 80 00:03:53,280 --> 00:03:56,280 Speaker 2: more secure about going to their local major grocery store, 81 00:03:56,280 --> 00:03:59,040 Speaker 2: it's only been about four percent. So I think when 82 00:03:59,040 --> 00:04:01,400 Speaker 2: you see something repeat in the press and it becomes 83 00:04:01,440 --> 00:04:05,000 Speaker 2: subliminal for you, then certainly you can talk about change. 84 00:04:05,120 --> 00:04:06,920 Speaker 2: But then I think people start to change. 85 00:04:07,520 --> 00:04:10,840 Speaker 1: Okay, let's get into TEAMU. This is another generation. My daughter, 86 00:04:10,880 --> 00:04:14,160 Speaker 1: who's sixteen, loves Tamu. She's forever asking me to sign 87 00:04:14,280 --> 00:04:16,400 Speaker 1: up to Timu and do different things because she gets 88 00:04:16,440 --> 00:04:20,080 Speaker 1: ten free presents. My partner Jackie's just jumped onto TEAMU 89 00:04:20,160 --> 00:04:25,000 Speaker 1: as well. Man, it's flooding the online world. 90 00:04:25,360 --> 00:04:28,360 Speaker 2: Yeah, and it's a really interesting one because people talk 91 00:04:28,400 --> 00:04:31,360 Speaker 2: about concerns about overseas ownership and those sort of things. 92 00:04:31,400 --> 00:04:34,120 Speaker 2: And look, Amazon still dominates this category. They've got a 93 00:04:34,160 --> 00:04:38,240 Speaker 2: forty nine percent market share, but TEAMU for the first time, 94 00:04:38,400 --> 00:04:40,920 Speaker 2: and they've done a good job of promoting super cheap 95 00:04:41,000 --> 00:04:43,200 Speaker 2: or even free as you say, products when you join. 96 00:04:43,880 --> 00:04:47,120 Speaker 2: They walked past eBay sitting at seventeen percent, and Team 97 00:04:47,120 --> 00:04:50,000 Speaker 2: who finally hit twenty percent. We've seen this coming for 98 00:04:50,080 --> 00:04:53,040 Speaker 2: a while, and interestingly, EBA's been in a bit of 99 00:04:53,080 --> 00:04:55,520 Speaker 2: a decline for quite a long time, in fact, more 100 00:04:55,560 --> 00:04:57,440 Speaker 2: than two or three years as we've been measuring it. 101 00:04:57,720 --> 00:05:01,040 Speaker 2: But also when you look at the power that Timo 102 00:05:01,160 --> 00:05:03,720 Speaker 2: has had on the market, COG and the iconic Catch 103 00:05:03,760 --> 00:05:06,760 Speaker 2: and a few of those are also in albeit modest 104 00:05:07,240 --> 00:05:09,760 Speaker 2: decline as well, and that's been happening since early twenty 105 00:05:09,800 --> 00:05:14,400 Speaker 2: twenty three. So yeah, it's certainly one that's having and 106 00:05:14,440 --> 00:05:16,680 Speaker 2: then we've got shut Shine or Shan I'm not sure 107 00:05:16,680 --> 00:05:19,000 Speaker 2: exactly how you pronounce that coming online as well, and 108 00:05:19,040 --> 00:05:21,400 Speaker 2: that looks like it will be big. So it's a 109 00:05:21,400 --> 00:05:23,480 Speaker 2: crowded market, this online retail space. 110 00:05:24,440 --> 00:05:27,719 Speaker 1: Amazon just quickly mentioning them because in the last couple 111 00:05:27,760 --> 00:05:30,600 Speaker 1: of weeks the boss of Coals I think it was, 112 00:05:30,640 --> 00:05:33,159 Speaker 1: it might have been Willis, but we're talking about it's 113 00:05:33,160 --> 00:05:35,440 Speaker 1: a very competitive market, and I think the example they 114 00:05:35,560 --> 00:05:38,440 Speaker 1: used was toilet paper, where people are buying toilet paper 115 00:05:38,520 --> 00:05:42,520 Speaker 1: off Amazon. Amazon is a real gorilla, and it's seemingly 116 00:05:42,560 --> 00:05:45,880 Speaker 1: it's getting its technacles. Not the gorillas have technacles, octopus tchnacles, 117 00:05:45,880 --> 00:05:48,200 Speaker 1: you know what I'm saying, into more and more parts 118 00:05:48,200 --> 00:05:49,200 Speaker 1: of the economy. 119 00:05:50,040 --> 00:05:53,560 Speaker 2: And interestingly, Amazon has an average of about three point 120 00:05:53,600 --> 00:05:57,840 Speaker 2: five purchases per customer as opposed to two point eight 121 00:05:57,839 --> 00:06:01,920 Speaker 2: from Timo. So people are more loyal, more frequent at Amazon. 122 00:06:02,000 --> 00:06:04,159 Speaker 2: But the breadth of what you can get there is 123 00:06:04,240 --> 00:06:08,800 Speaker 2: almost unlimited today as you say, so, and team who 124 00:06:08,800 --> 00:06:11,240 Speaker 2: has a smaller and probably driven by how cheap things 125 00:06:11,279 --> 00:06:14,800 Speaker 2: are on there, but the average basket size or purchase 126 00:06:14,839 --> 00:06:17,560 Speaker 2: amount on the team who is forty two dollars, which 127 00:06:17,640 --> 00:06:22,039 Speaker 2: is much lower than on some of the other online retailers. 128 00:06:22,680 --> 00:06:27,839 Speaker 1: Say with me, Ben, we'll be back in a minute. 129 00:06:31,080 --> 00:06:35,200 Speaker 1: I'm speaking to Ben Dixon, chief executive of FONTO. There 130 00:06:35,240 --> 00:06:37,760 Speaker 1: must be a bunch of delivery companies making money out 131 00:06:37,760 --> 00:06:41,039 Speaker 1: of this, or are they actual team who people doing 132 00:06:41,040 --> 00:06:43,719 Speaker 1: the delivery in lost leading or I don't understand the 133 00:06:43,720 --> 00:06:44,600 Speaker 1: delivery part of it. 134 00:06:45,320 --> 00:06:48,039 Speaker 2: Yeah, look, and it's not something we track as such, 135 00:06:48,080 --> 00:06:51,440 Speaker 2: but I can tell you that there are enormous infrastructures 136 00:06:51,480 --> 00:06:53,920 Speaker 2: now set up for delivery. I can order at four 137 00:06:53,960 --> 00:06:57,840 Speaker 2: pm on any given afternoon and have my Amazon parcel 138 00:06:57,960 --> 00:07:01,000 Speaker 2: delivered at eight am the next morning, which seems almost 139 00:07:01,000 --> 00:07:02,880 Speaker 2: impossible given they've got to go and source it from 140 00:07:02,920 --> 00:07:05,640 Speaker 2: a distribution center and get it packed and to you 141 00:07:05,760 --> 00:07:08,760 Speaker 2: and to the right person. So there's an enormous amount 142 00:07:08,800 --> 00:07:12,200 Speaker 2: of infrastructure gone into getting that right and getting the 143 00:07:12,280 --> 00:07:15,280 Speaker 2: technology systems behind that as rapid as they have. 144 00:07:16,160 --> 00:07:19,160 Speaker 1: So in terms of the online space team, who's doing 145 00:07:19,200 --> 00:07:22,360 Speaker 1: World Sheen whatever it is, is doing well. Amazon's Amazon, 146 00:07:22,520 --> 00:07:26,400 Speaker 1: But then some of the others like Cogan, Iconic, some 147 00:07:26,440 --> 00:07:29,000 Speaker 1: of those are probably struggling a touch. 148 00:07:29,760 --> 00:07:32,920 Speaker 2: I think they're getting hurt by the probably literally by 149 00:07:32,960 --> 00:07:35,800 Speaker 2: the pricing approach that's been taken by the team and 150 00:07:35,840 --> 00:07:37,280 Speaker 2: machines for sure. 151 00:07:38,000 --> 00:07:40,920 Speaker 1: Okay, the one I'm really interested in is coffee. I 152 00:07:40,960 --> 00:07:44,640 Speaker 1: am an absolute coffee snob, no doubt about it. Happy 153 00:07:44,680 --> 00:07:48,000 Speaker 1: to say that. Having said that, it's funny when you're traveling, 154 00:07:48,080 --> 00:07:51,160 Speaker 1: particularly with kids, and you go to McDonald's, you go 155 00:07:51,280 --> 00:07:54,320 Speaker 1: to the McCafe brand and it's actually pretty good coffee. Like, 156 00:07:54,680 --> 00:07:56,920 Speaker 1: as a snob, I'm happy to have a McCafe coffee 157 00:07:57,080 --> 00:08:00,760 Speaker 1: when traveling. What about I mean, where does the cafe 158 00:08:00,800 --> 00:08:04,480 Speaker 1: sit with the independence, what about the budget friendly options 159 00:08:04,520 --> 00:08:07,400 Speaker 1: like nest cafe at home? And this is with a 160 00:08:07,440 --> 00:08:09,600 Speaker 1: background which we've been talking about here and greed of 161 00:08:09,880 --> 00:08:12,320 Speaker 1: coffee prices going through the roof, so that will actually 162 00:08:12,360 --> 00:08:14,600 Speaker 1: flow through to consumers at some point out of the 163 00:08:14,640 --> 00:08:16,400 Speaker 1: next twelve months. Where are we up to in the 164 00:08:16,400 --> 00:08:17,040 Speaker 1: coffee wars? 165 00:08:17,720 --> 00:08:20,600 Speaker 2: Yeah? Interesting, and that's exactly how we refer to it 166 00:08:20,640 --> 00:08:22,800 Speaker 2: as coffee was And we work very closely in the 167 00:08:22,880 --> 00:08:26,400 Speaker 2: QSR sector and there's absolutely no doubt that the amount 168 00:08:26,400 --> 00:08:29,960 Speaker 2: of time and investment and money put into selecting the 169 00:08:30,040 --> 00:08:32,920 Speaker 2: right beans, selecting the world's best coffee machine and training 170 00:08:32,920 --> 00:08:36,680 Speaker 2: four to five hundred barristas and then sitting them in 171 00:08:36,760 --> 00:08:38,960 Speaker 2: drive through outlets and charging four dollars of coffee is 172 00:08:39,000 --> 00:08:41,439 Speaker 2: having an impact. It certainly is, because the coffee is 173 00:08:41,440 --> 00:08:43,720 Speaker 2: actually quite good. Yeah, people have been trained how to 174 00:08:43,760 --> 00:08:45,440 Speaker 2: deliver it and you don't have to get out of 175 00:08:45,440 --> 00:08:47,920 Speaker 2: your car, and that suits a lot of people. And 176 00:08:47,960 --> 00:08:49,680 Speaker 2: then at the other end of the scale, as you say, 177 00:08:49,760 --> 00:08:52,680 Speaker 2: cost of being pressures mean nest Cafe Blend forty three 178 00:08:52,720 --> 00:08:55,800 Speaker 2: is probably having a honeymoon period surely as well. 179 00:08:56,000 --> 00:08:56,600 Speaker 1: Surely nice. 180 00:08:56,640 --> 00:08:59,959 Speaker 2: Yeah, but everyone, everyone seems to be pulling the strings. 181 00:09:00,040 --> 00:09:02,400 Speaker 2: So if you look at Warworst Metro, you spend more 182 00:09:02,440 --> 00:09:04,720 Speaker 2: than thirty dollars in there, you get a free coffee 183 00:09:04,760 --> 00:09:07,240 Speaker 2: and their coffee is quite good as well. Coffee Club 184 00:09:07,440 --> 00:09:09,560 Speaker 2: and those sort of things have their loyalists in their 185 00:09:09,760 --> 00:09:12,520 Speaker 2: shopping centers where people go all the time. And it's 186 00:09:12,559 --> 00:09:15,679 Speaker 2: interesting with Starbucks, we definitely see that being or embrace 187 00:09:15,760 --> 00:09:18,120 Speaker 2: them very loyal in the younger cohort, probably because of 188 00:09:18,160 --> 00:09:21,120 Speaker 2: the flavors and the sweeter offers and those sort of things. 189 00:09:21,160 --> 00:09:24,840 Speaker 2: And Starbucks isn't cheap, but it definitely resonates with the 190 00:09:24,920 --> 00:09:28,200 Speaker 2: lower age groups. As we go through. But I think 191 00:09:28,240 --> 00:09:32,360 Speaker 2: what's difficult is there's an independent cafe on most corners. 192 00:09:32,679 --> 00:09:35,240 Speaker 2: They've got a two day economy being Saturday and Sundays 193 00:09:35,280 --> 00:09:38,000 Speaker 2: where they're mostly flooded. But for the rest of the 194 00:09:38,040 --> 00:09:40,160 Speaker 2: week they've got to compete with all of these other 195 00:09:40,200 --> 00:09:42,560 Speaker 2: things going on, and it must be very tough out 196 00:09:42,559 --> 00:09:45,679 Speaker 2: there for them. We're seeing certainly a lot of tightening 197 00:09:46,160 --> 00:09:48,760 Speaker 2: for that sector, but yeah, it's definitely coffee wars at 198 00:09:48,800 --> 00:09:49,200 Speaker 2: the moment. 199 00:09:49,840 --> 00:09:52,360 Speaker 1: What I find interesting with the coffee is, I mean, 200 00:09:52,400 --> 00:09:54,840 Speaker 1: I have a coffee mache at home, which theoretically you 201 00:09:54,840 --> 00:09:56,559 Speaker 1: know I'm going to use. I never do because I 202 00:09:56,559 --> 00:09:59,240 Speaker 1: actually like the whole process of walking to the cafe, 203 00:09:59,360 --> 00:10:02,040 Speaker 1: saying hello to the brister. I'm live in a community, 204 00:10:02,080 --> 00:10:04,240 Speaker 1: so you know often you might run into someone you 205 00:10:04,320 --> 00:10:07,440 Speaker 1: know having a chat. That whole thing to me is 206 00:10:07,480 --> 00:10:10,440 Speaker 1: as important to me as the coffee itself. And you 207 00:10:10,440 --> 00:10:12,800 Speaker 1: don't get that in the cafe. You don't get that 208 00:10:12,840 --> 00:10:13,520 Speaker 1: in Starbucks. 209 00:10:14,160 --> 00:10:16,520 Speaker 2: And Sean, I think you're dead right when we hear 210 00:10:16,720 --> 00:10:19,240 Speaker 2: and we walk the streets on the weekend as well, 211 00:10:19,280 --> 00:10:21,880 Speaker 2: and the cafe is our packed because I think, like you, 212 00:10:22,000 --> 00:10:25,160 Speaker 2: most Australians love a way of socially interacting. Again, a 213 00:10:25,160 --> 00:10:27,280 Speaker 2: lot of that has gone in our day to day workplace, 214 00:10:27,280 --> 00:10:30,080 Speaker 2: et cetera. So being able to go to a cafe 215 00:10:30,120 --> 00:10:33,319 Speaker 2: and spend time and drink good coffee and obviously eat 216 00:10:33,360 --> 00:10:36,760 Speaker 2: some stuff as well is very important to Australians. So 217 00:10:37,040 --> 00:10:40,200 Speaker 2: it's about how do you maximize your two day economy 218 00:10:40,240 --> 00:10:43,600 Speaker 2: if you're a local, independent cafe, knowing that some of 219 00:10:43,640 --> 00:10:45,760 Speaker 2: the other part of your week is going to be 220 00:10:45,760 --> 00:10:47,400 Speaker 2: eaten up by the larger players. 221 00:10:48,440 --> 00:10:51,200 Speaker 1: Before we go the report that's coming out early next month, 222 00:10:51,360 --> 00:10:53,520 Speaker 1: which one has it been on the supermarkets? Oh? 223 00:10:53,920 --> 00:10:57,000 Speaker 2: Yes, So we're going to see whether people have actually 224 00:10:57,040 --> 00:10:59,800 Speaker 2: changed their behaviors or not, looking all those people who 225 00:11:00,320 --> 00:11:03,040 Speaker 2: who said they would shift from the two major grocery 226 00:11:03,040 --> 00:11:05,800 Speaker 2: buyers across through ality all the independent So we're going 227 00:11:05,840 --> 00:11:07,920 Speaker 2: to track where we are tracking that very closely. So 228 00:11:08,080 --> 00:11:10,920 Speaker 2: certainly we'll have that for you early next month. 229 00:11:11,080 --> 00:11:12,760 Speaker 1: Early next month. I look forward to it. Ben, thank 230 00:11:12,760 --> 00:11:14,600 Speaker 1: you very much for joining us on Fear and Greed. 231 00:11:15,000 --> 00:11:16,360 Speaker 2: Thanks Sean, appreciate your time. 232 00:11:16,720 --> 00:11:19,480 Speaker 1: That was Ben Dixon, CEO of FONTO. This is the 233 00:11:19,520 --> 00:11:21,800 Speaker 1: Fear and Greed Business Interview. Join us every morning for 234 00:11:21,840 --> 00:11:24,200 Speaker 1: the full episode of Fear and Greed. Daily business news 235 00:11:24,200 --> 00:11:26,520 Speaker 1: for people who make their own decisions. I'm Seanie elma 236 00:11:26,880 --> 00:11:28,480 Speaker 1: Enjoy your day.