It would appear that the new CEO is a positive appointment based on the removal of the commercial director and the completion on time of the 2016 annual accounts, when compared to the previous 3 incumbents that have inflicted the greyhound industry. However the content of the IGBs seasonal messages seem to have switched the blame for their dire performance over the last 7 years from the recession to advances in technology. The PAC in May 2017 clearly highlighted that the real reason for the IGBs dire financial performance is due to inept management arising from people being hired for important positions on the basis of who they know and not what they know. Gerard Dollard is facing a monumental task having inherited a dysfunctional organisation and there is no chance of recovery if he does not initiate a situation analysis for the industry that is honest. An honest appraisal of the industry should begin by benchmarking the industry against its nearest competitor (Horse Racing Ireland) using the industrys most important key performance indicator (tote turnover). Tote betting is the vital revenue for the greyhound industry because capacity is not a constraint unlike other revenue streams such as restaurant sales. This analysis shows that the horse racing industry has achieved unprecedented growth while the greyhound industry continues to collapse. 2006 - 50.527 million (IGB) - 49.661 million (HRI) IGB outperformed HRI by 0.866 million 2015 - 19.587 million (IGB) - 75.335 million (HRI) HRI outperformed IGB by 55.748 million 2016 - 19.475 million (IGB) - 92.854 million (HRI) HRI outperformed IGB by 73.379 million EXTERNAL LINK The graph above illustrates that the greyhound industrys tote turnover outperformed the horse racing industry in 2006 by just under 1 million. However in recent times, the IGBs situation has gravely deteriorated to the point where the HRIs tote turnover outperformed the IGB by 73.379 million in 2016. Remember this opportunity cost is not a once off loss, its happening every year under this management structure. And it is the trainers, owners and breeders that are suffering; EXTERNAL LINK It is important to include the 2006 tote figures because it proves that greyhound racing can compete with horse racing. The big advantage that greyhound racing has over horse racing is that it is a night time activity which is when people spend most of their disposal income while horse race meetings are usually confined to afternoon events held in the countryside. The above chart shows the recessions effect on the horse racings tote revenue which bottomed out in 2010 on 40.314 million but has continually grown every year since 2010. However the IGBs tote revenue continues to fall hitting an all-time low in 2016 of 19.475 million and proves that using the recession as an excuse for the 2015 accounts was not being honest by the IGB. I believe a major reason for the IGBs reversal of fortune since 2006, derives from the fact that the HRI have embraced technology to drive tote turnover to 92.854 million while the IGB are using technology as an excuse to justify their inept management performance. In addition the IGBs sales & marketing function has been defective for many years as evidenced by the IGBs marketing plan EXTERNAL LINK that was presented to the PAC in May 2017. The good news is that any change has to be an improvement and in the sport of Darts, we have seen what a capable sales & marketing department can achieve. It is amazing how the Ministers and the Department of Agriculture have allowed the IGB to remain in place despite the disastrous financial returns for the past 7 years and the Indecon report which clearly stated that the current board are not fit for purpose. History will not judge them well. Next weeks National Consultative Forum involves inviting hand-picked stakeholders and is only an exercise to prove to the Ministers that the IGB is in touch with the rank & file of the industry. It is an intangible representation of the old regime that has allowed the greyhound industry drift into the abyss and is considered a charade by the industries grassroots why not call a public meeting similar to Horse & Jockey. It will not bring about the necessary change. What is required is for the IGB to develop and initiate a strategic marketing plan that adopts best practice techniques. The link below shows such a process that I have developed using an array of business tools that could deliver this marketing plan. EXTERNAL LINK If anyone needs to develop digital marketing campaigns for their business, do not hesitate to contact me as there are substantial reductions for members of the greyhound community. Kieran
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