Tag Archives: economic

Who Are My Target Clients?

I was recently speaking with someone in the automotive industry who said something really profound about their business.  He said, “I’m not worried about reaching my existing clients, as they already know where to find us.  I’m worried that my existing clients’ kids won’t know how to find us.”  He went on to explain that for decades (family business handed down by dad and probably even granddad) his customers had what is commonly referred to as “generational loyalty”.  The notion that a service or product is used by all family members because that’s where mum and dad go, and that’s where their mum and dad went and so on.

Simply put he said: “that’s gone.”

Nowadays some offspring in the Gen X, Y and the iGen will not use a product or service just BECAUSE their parents used that product or service.

“I want to tap into the next Gen,” he continued.  “How do we build loyalty with a market we have never before been in touch with?”

Of course this kind of enlightened thinking in business is music to my ears because for the last 12 months I’ve been in the very competitive social media space, and it’s not the first time I’ve heard this exact sentiment from dozens of other businesses from completely different industries.  Accountants, solicitors, banks, real estate agents, hair dressers, mechanics, café owners, publicans…the list goes on.  And the reason it’s music to my ears is because we have just created a platform that allows that very market to be tapped into.  And not in a talking at you kind of way, but a talking to you,  kind of way – through video stories.

Video stories are the way of the future when it comes to promoting a brand to the masses.  Narrative driven videos that can explain not so much why you’re the best at what you do, but what you can do for your customers.

mansion resized

I recently did a presentation in front of the medical profession in the beautiful Mansion Hotel and Spa in Werribee just outside of Melbourne (think Downton Abbey on steroids) all about imagery and video in their practice, and the three steps I highlighted as being the most critical were:

  1. Concept
  2. Production
  3. Distribution

The primary point however was the good old “WIIFM” mentality.  Right at the start of this process, within the concept stage, the question has to be raised, “have we addressed the WIIFM?”  WIIFM stands for “what’s in it for me?”  This is what we ask ourselves as consumers every time we take out our wallet or click play on a video.  What do we get out of it?  How will it improve my life?  Does it solve my problem?

So going back to the gentleman in the automotive industry, his question has become, “what’s in it for the next generation?”

Here’s what the next generation want:

  • Speed of delivery
  • Convenience and accessibility (usually via the internet)
  • Someone they can Trust
  • Value for money
  • Respect (without judgement)

Here’s what you need from the next generation:

  • To be found

If they don’t know where you are or what you do (for them) then you better hope that “generational loyalty” is strong – because guess what…the next gen are one day going to be THE gen who purchase and remain loyal.  “It’s a marathon, not a sprint” as John McGrath once told a room full of people I was in way back in my first year in real estate and that statement remains true for all aspects of business.  Start your video marketing now, in front of the target market of tomorrow and establish relationships of trust for the long term.

Adam Drummond is an actor, presenter, speaker and CEO of waggawagga.tv

15th May 2015 – Launch of waggawagga.tv 

6:30pm gates open at MTC Wagga and general public are FREE with access to bar and food to purchase on the night.  Entertainment all night by Groove Factorie and you will have the chance to meet John Wood from Blue Heelers, Rosso from TV and Radio, Ben from BB12 plus loads more local and national celebrities on the red carpet premiere.

If you would like to know more about what waggawagga.tv is and how it may benefit your business through either advertising or by appearing in the business directory, simply email info@waggawagga.tv or call 02 6971 7771.  One on one demonstrations of the site are still available if you would like to see it with your own eyes.

How does it all work?

its not tv its dot tv

Well, it’s been 6 months in development, three weeks since I started live demonstrations to local businesses and a little over two weeks from our launch, and we are now inundated with questions about what it’s all about.

So, I’ll try my hardest to explain the whole purpose of waggawagga.tv.  This year, we are completely re-launching waggawagga.tv into a LIVE 24/7 online entertainment and information portal.  You will be able to log onto our website anywhere in the world and find our 24/7 channel streaming shows, interviews, sport, and productions on local Wagga Wagga businesses.

What’s more, visitors to our city will be able to log onto waggawagga.tv and access our library of video-on-demand productions, plus a directory that promotes retail, hospitality, service industries, arts, sport and a whole lot more!

We are giving the business people of Wagga Wagga the chance to become part of something very special.  Something that has not been done before within a regional city – or even in metropolitan areas.  The ability to both advertise their business directly to their target market – the people of Wagga Wagga – and be a central part of a brand new way of communicating Wagga’s unique voices, characters and culture to the world via the power of the web!

WaggaWagga.TV will have a 24/7 running channel known as a “play out” system and will showcase original, replayed and live content via Livestream Australia as the portal.

This means viewers will be watching something streamed every time they log onto the site and it can be of a variety of things such as local productions of entertainment, live events, sports and commentary from around Wagga and the country, replayed content that has already been broadcast on the site, advertisements of local businesses, organisations and events.

Local businesses have the opportunity to be found within the site via a directory that comes in three options;

  1. Free directory with lead photo, listing of business name, logo, phone number, address and website plus opening hours
  2. Photo gallery with listing of above, plus, 5 x photos, description of your business and features of your business highlighted – $19.95/month ($10 per month extra for priority placement.)
  3. Video gallery with listing of above, plus up to 5 videos of any length showcasing what the business has to offer, live social links to your social media pages plus up to 5 x attachments or external link buttons.  These could be used to put up menus if you’re a restaurant, brochures of your products or services or a live link to your pay-wall or shopping cart if your website supports purchasing online. $39.95/month ($15 per month extra for priority placement.)  Visitors to the site will be able to search via industry pages, or through a quick search box on the site.  If they choose to search via pages or by any other manual means, the video listings will appear at the top of each page with the largest thumbnails, followed by the photo gallery listings and then finally the FREE business listings.  Priority listings appear above these.

Here is the video explaining the Directory with our local hosts.

CLICK HERE: Directory Video with Hosts

WaggaWagga.TV has joined forces with a new and exciting production company, “Clean Slate Media” and together they will produce the following content for the platform;

-        “The Adam Drummond Show” which will include celebrity interviews, comedy sketches, local commentary and more in a variety style format for the online market

-        “The 5 O’Clock Wave” – previously an explicit, comedy podcast, on the new platform it will be re-born with regular hosts, Adam Drummond, Matt Olsen and Jamie Way with guests and funny anecdotes but with the same local commentary and viewpoints

-        “Unleash the Geek” featuring reviews and news on all things “geek” such as gaming updates, film and TV, entertainment and more, hosted by Liam Campbell a Wagga High student and Brenna Temple, a loveable Canadian lass who is new to Wagga Wagga

-        “Brenna Obviously” – speaking of Brenna Temple, she will also be hosting her own special show all about the quirky things happening in our city from an outsider’s point of view.  It captures Wagga beautifully but also features the honest perspective of the equally quirky and vivacious Canadian local, Brenna

-        “Upload” where locals have the opportunity to send in things from around Wagga they have filmed and then our production team will edit, tidy up and format as part of a show

-         “What’s Up Wagga?” is a Vox Pop style show hosted by well-known local identities who take to the streets and ask all sorts of questions that are relevant to our area – hosts will include Grant Luhrs and Sarah Wentworth-Perry

-        “Your House” and other format shows – these will be a mixture of genres including; Entertainment, lifestyle, business, sport, children’s content and more as we build our program content.  Your House will be not only walks through unique Wagga properties, but also styling tips for inside and outside your own home as hosted by award winning blogger Katrina Chambers, known to a lot of Australians as a contestant on The Block a few years ago

-        “Sweet Shorts” is hosted by well-known local and National sports champion, Joe Williams and showcases the amazing talent we have in our region via short films made by locals – they are AMAZING!

We also have some programs in development with hosts such as Sarah Burnell following local stories and Ashley Shaw with a program all about music called “Gigs”, as well as shows all about the great outdoors such as motor shows, shows about fishing and camping and even pushing the boundaries of fitness with sporting challenges involving one of our best known local athletes.   Stay tuned.

So, yes, we have lots going on and it is all thanks to Grant Harper of Livestream Australia (wait until you see how your sport or business can be featured on our platform using Grant’s livestreaming capabilities – it will blow your mind) and Matt Olsen from Clean Slate Media who produces 95% of all our content and is the first point of call for you if you need a video made for your business and you don’t already have one.

Remember the 15th May starting at 6.30pm – FREE to the general public who have access to their own bar, food and band or if you are looking to splash out and join the red carpet line up for $99 + booking fee, you will be guided along the red carpet with the celebrities at 7pm and have included in your ticket price food, drink and Jarryn Phegan as entertainment all in the member’s lounge.  We had sold out of these tickets but I’ve got permission to open up to another 50 people, so be quick if you want the VIP treatment by clicking here.  Or for ALL the information about the night, click here.

“What do you mean it’s free? Nothing’s for free.”

As we prepare to press play on our new media platform and with the introduction of STAN in February and the launch of the Aussie version of Netflix later this month, people have been asking how much it will cost to subscribe to waggawagga.tv when it launches on May 15th.

Here is the definite answer:  FREE.

Our platform will have an array of locally produced shows and livestreaming of events but you as an audience won’t have to pay to view it.  It is just as easy as logging onto our site (don’t try it now – it will be LIVE on 15th May at 9pm exactly) and watching the broadcast of whatever is on then – or alternatively you can surf through our library of on-demand content – again for free.

The platform will be possible due to advertising opportunities for businesses who would like their story seen before local audiences.  The number of people already queuing up to be involved from a promotional perspective has been overwhelming and quite humbling.  So many businesses have shown their support by already asking for productions to be made for them so they can place their content in our promo spots throughout our new media site.

They have also wanted to be involved within our local business directory, so by the time we launch we will already have so many contributors from our business sector.

If you would like to know more about the platform before we launch just email info@waggawagga.tv or call us on 0269 71 7771.

We are also doing demonstrations between Tuesday the 7th April and Friday 17th April so you can book a time to watch our demo during that time too.  (Limited seats though so be quick.)

Also, save the date for a very exciting night on the waggawagga.tv calendar – Friday 15th May as mentioned is our LIVE launch.  We will have some VIP celebrity guests and plenty of entertainment plus it will be livestreamed until the countdown to the 9pm opening.

Tickets will be available for the after-party for $65 per head or you can sponsor the event for anywhere between $750 up to $10,000 so something to suit all budgets – and yes – you will be heavily promoted as a thank you for your support.

See you soon Wagga, but just wanted to clear up – NO COST for viewers of waggawagga.tv – NO SUBSCRIPTION and yet plenty of entertainment!

“What’s going on with you now?”

This has probably been the most frequent question I’ve been asked lately.  “What are you up to?”  And until recently I’ve had long-winded, overly complicated answers that used to frustrate my wife to no end.

Now, things are different.  I have a really clear path for the future and I don’t think I’ve been this excited since donning a home-made wolf costume for my first ever stage performance as the Big Bad Wolf in a Moulamein Central School stage production of “Mixed Nursery Rhymes” – I was 7.

Since leaving the world of real estate behind nearly a year ago now, after 12 years of service, I have decided to start something a little unique – we will be launching an online TV station complete with live broadcasts, locally produced, original shows and existing content licensed to our site.  What was once existing as a show of video content acting as a library of interviews and stories is going to evolve into a new site with on-demand and live broadcast content.

In the back end we will also be creating a stylish and aesthetically appealing directory for local businesses, organisations and events in and around Wagga.  This will be a great place for tourists to check out what we have to offer in town and also for local residents wanting to see what’s happening in their beautiful city.

So, when is it all happening?  We are looking to launch in April with a bang!  However we will start to roll out more teasers and information about how you can be directly involved over the coming weeks.

“What about your Facebook stuff?”  is the other question people are asking.  I was consulting on all social media platforms, however after much deliberation we have decided to offer tailored Facebook business management solutions for businesses of all budgets.  As Facebook changes its algorithms as often as it does, it’s becoming harder and harder for local, businesses to be noticed on the social media site.

To this end we now offer packages starting at $350pm to $1,500pm depending on your needs and marketing goals.

This is about as succinct as I can get with our new services we are offering and you check it all out now that I’ve updated my personal site to reflect our new direction.

Please enquire about any of this at info@waggawagga.tv or check out our site to find out more.

MFAA Social Media Speech

I just had the great privilege of speaking to 30 plus local brokers at the Regional MFAA seminar held here in Wagga Wagga.

The MFAA (Mortgage and Finance Association of Australia) have accredited brokers who pride themselves on being up to date with industry best practice and legislative compliance as well as providing outstanding service to their clients.

My presentation was on the local real estate market and the majority was about social media changes and the need to be a part of online and social media marketing as consumers change their purchasing habits and online presence becomes more and more important to running a profitable business.

It was a bright and energetic audience with great questions and an open mind to new ideas on consistency and reach of online marketing and social media strategies.

I highly recommend that if you are in the process of screening brokers for your purchasing needs, you check that they are a member of the MFAA first.

What’s the Wagga Market Doing in 2013?

The most commonly asked question to a real estate agent: “What’s happening with the market?”

With interest rates as low as they currently are, a drop in house prices across the board over a three year period and development potential in the Wagga Wagga region, all signs point to a pick up in the real estate market – the question is; “when”?

Let’s look at the current snap shot of Wagga. First of all sales activity has increased compared to this time last year. Whilst there are still over 1,000 properties for sale in the Wagga Wagga area (according to realestate.com.au) sales volume has almost doubled compared to January 2012 (as compared with Fitzpatricks Real Estate results in 2013).  The number of buyers at open inspections has also increased from an average of 2.8 for the 2011-2012 year to an average of 4.8 in the 2012-2013 year.  This means properties are experiencing lower days on market and turnover has increased.

But why are prices still so low?  Volume of sales and quicker turn around periods are only part of the story.  Just because there are slightly more buyers in the market place doesn’t mean they still don’t have an abundance of properties to choose from, and this fact keeps prices highly competitive.  The other factor is the amount of over priced listings in the current market place.  These properties make it easier for buyers to choose other alternatives – cheaper alternatives.

So what will the pendulum do over the next 11 months to close off 2013?

Some economists are predicting very little movement in prices, increases in properties for sale and what we refer to as a stagnant market.  Things sell, but slowly and with very little competition to drive prices up.  This is due to market volatility, potential change of government in September and a shaky outlook on foreign financial markets.

Other economists, particularly locals, feel that Wagga may be cushioned from any national or international instability due to the large amount of retail, commercial and government development about to occur.  They say low interest rates, low vacancy factors and affordable prices will only add to the attractive prospect of new jobs and an increase in population as developments unfold, increasing demand and possibly outweighing supply.

So where should you stand on these two views?

My answer has always been to take what you have in any market and move when you need to rather than wait to see what may or may not happen.  I remember when my wife and I were selling in order to upgrade in 2008 and prices had been steady for quite some time.  we weren’t to know that in only a few months the Government would announce stimulus to the First Home Buyers increasing their grant from $7,000 to $21,000 plus State bonuses in effect driving competition and prices up for nearly 12 months.  We could have been upset that we potentially missed out on thousands of dollars, but we could only do what we could do at the time.  A further 18 months later and the market contracted when the incentive bubble burst leaving almost everyone with a capital loss for that same period.

There is no difference here.  There may be a modest increase in property prices in the future due to an increase in demand from the $640,000,000 worth of development in our region (add another $400,000,000 if the Chinese Bulky Goods Exhibition Centre comes off!) but we could also see any number of global and national factors effect the local market too.

A couple of Saturdays ago I was organising an event that was to be performed outside at the local Amphitheatre.  For three weeks we experienced perfect weather with a forecast 24 hours before the show indicating a 90% chance of storms and rain.  I promptly changed the location to an indoor venue in case the storms hit.  As it turns out there was some light wind but no rain and no thunder either.  What we were able to do was adapt to potential conditions for a successful night.  That’s what we have to do with the real estate market.  There may be storms or sunny days ahead, but you have no control over the weather.  You do have control over your own environment though – so adjust your property’s position in the market as opposed to waiting for the market to adjust for your property.

Adam Drummond has been selling properties in Wagga Wagga for over a decade and is one of the go-to people for all things real estate in the media having appeared regularly for ABC Riverina, WIN TV and Prime News.  For more information on how to sell your property in the Wagga Wagga area, contact Adam directly on 0413 571 974 or adam@adamdrummond.com.au.

How to Tell When the Market Will Change

It sounds impossible doesn’t it.  Everyone always says, “there’s no crystal ball, but when will the market change?”  And they’re right.  There is no crystal ball – but there are signs.

Take the 2009 NSW residential property balloon as an example.  When the inflated first home buyer grant was reduced back to normal levels, buyers were no longer competing for entry level homes.  This had a flow on effect throughout the market as sellers of entry level homes could no longer upgrade.

At the same time the full effects of the Global Financial Crisis were yet to hit Australian shores.

In fact, the “Build a Better Education” scheme and increased first home buyer scheme were deemed by the Government at the time to be our saviours during economic turmoil.  They believed the stimulus created jobs and construction activity, but forgot to have a plan in place for when it all came to an END.

And end it did.  All pretty much at the same time.

Now, crystal balls aside, the writing was on the wall.  Supply had increased and demand had decreased – sharply.  Investors were nervous about foreign debt, shaky job figures and a Reserve Bank that seemed content to wait it out.

But what were the market signs?

  • longer days on market
  • increased competition with supply

Within months, listing prices began to drop.  From there, the number of sales dropped.  And finally, selling prices dropped.  In some cases up to 10% from the purchase price to the sale price.

And here we are with some subtle signs of recovery in – Wagga Wagga at least.

  • Population growth for the last 12 months is higher than forecast
  • $640mil in private and public development and infrastructure is being invested into the local economy
  • Interest rates are still low
  • Employment is steady

and here is the big one;

  • Compared to June/July 2011 when there were 1,180 properties advertised in the local paper, 2012 June/July figures show 885 properties advertised (supply is lower)

Now whilst demand has not increased exponentially, less properties on the market means less to choose from which will increase competition.  This coupled with some local economic confidence will lead to a slight increase in buyer demand as will the increased population growth.

So there is no crystal ball, and absolute predictions are impossible…but you tell me – “is the writing on the wall”?

Company Proactivity will Save the Day

As we hear of various companies facing financial hardship, some going into voluntary administration such as Darrell Lea (an 85 year old company) and Fletcher Jones late last year (a 100 year old company) all businesses should be posing the question; how do we safeguard our future.

Many will say the writing was on the wall for a long time, and those who have experienced recessions (or depressions as the above companies would have) may have mistakenly thought that markets will recover and times would turn around again shortly. This line of thought though is fraught with danger. For starters it fosters a belief that you can continue to travel at the speed and distance you always have, because eventually things will get better and so too will the bottom line. However, nothing happens overnight, and in this case there have been nearly two and a half years of “overnights”.

The only way for business to survive in this day and age is to adapt, and adapt quickly. With historically fantastic years in retail, hospitality and services such as finance, vehicle and real estate sectors, business owners could fly by the seat of their pants as money rolled in and budgets weren’t even considered to be necessary. Fast forward to 2010, and things had to change. The bottom line had to be analysed and net profits had to be saved as opposed to distributed. If you waited until 2012 to do this, you waited too long.

Markets can change and consumer sentiment and confidence can drop, but business must go on. If this means thinking outside the square with regards to dealing with stock on hand or creating customer payment plans to increase cash flow, then you have to adapt quickly or risk NO net profit. When things are good, business owners don’t need to count the money, they just watch it come in. When things turn bad, business owners need to count everything – dollars at the top and dollars at the bottom, number of customers, level of repeat business, volume of stock – that’s right, all the basics and all the things that should have been counted from day one but get neglected in times of boom or even times of consistency.

And of course the other issue that arises when safe guards haven’t been put in place early enough is wages. All of a sudden when the bottom line is thin, the staff wage line in the expenses column looks really, really large. Owners who haven’t cut back in other areas then panic and look at reducing staff numbers. Not only does this have an impact on your business because service levels suffer and clients look elsewhere when you’re trying so hard to get them to stay where they are, it also has a global effect on – you guessed it – consumer sentiment and spending patterns.

So what are seven quick tips to ensure you are ready for any further changes?

1. Look immediately at all non return on investment items that you spend on. Things such as fresh flowers delivered to your foyer or other things you don’t see an immediate return on.

2. Negotiate terms for stock on hand with your suppliers. Put at least some of the pressure back onto them by changing the way you purchase stock. Ask for 50% on delivery and 50% on sale. They can only say “no” but if you get a few that say “yes” your cash flow will improve.

3. Give customers payment options for large goods to increase attractiveness to purchase from you over your competitors. 3 – 6 month payment plans or similar terms to the ones you have arranged with your supplier will make you look flexible and easier to deal with.

4. Turn to email. How much physical mail do you send? Invoices, receipts, newsletters, reminders – spend the next six months building an effective client email database and start saving on print and mailing costs.

5. Review staff KPIs. Better than losing jobs and better than reducing hours, staff Key Performance Indicator bonuses should be reviewed. If things are tough for company targets then staff targets need to be tougher too. By increasing target numbers you will only reward staff when it is rewarding to the business.

6. Review sponsorship and community benefit budget. How much did you spend on the community last year. All businesses are generous to the community but often at the detriment of staff. Again it comes down to not knowing how much you spend each year. Ad hoc decisions have to stop. Allocate a percentage of net profit to the community and stick to it. You have to learn to say “no”.

7. Contact your existing clients by way of survey or invitation into the shop. Anything that will allow you to reconnect and keep your name top of mind without spending huge amounts of money.

And finally in conclusion, work out how much your target is for expense reduction and make it happen. If it works out you need to save $2,000 a month or $50,000 a month, go for it. In 12 months time when gross profit is the same or even down a little bit, your bottom line will have improved and hopefully your staff and service levels remain the same if not better!

Adam Drummond is one of the Directors of Fitzpatricks Real Estate, a public speaker, co-founder of Wagga Business NetworX and Ignite Mentor as well as an avid blogger. All opinions are his own and not necessarily those of his co-Directors, affiliated organisations or his family. For any financial or business related advice always rely on your own situation and financial needs and refer to your accountant or business coach before taking action.