To Keep Radio From Sinking Further, Give Advertisers What They Want
In understanding what advertisers want, one will better understand how we can deliver.
Let’s be frank. Your advertisers want ROI on what they are spending. Mark Ramsey a veteran media strategist, researcher, and trend-maker who has worked with numerous media, publishing, and digital brands, recently conversed with Gordon Borrell of Borrell Associates who studies these metrics through the advertisers’ eyes. The complete video is 45 minutes long, but worth your time to view on what is happening right in front of you with your advertisers.
We all know the new normal is not only advising your advertisers on why your radio station(s) is or are the place to reach the desired audience, but the “extras” that you offer in events and now DIGITAL.
Mark and Gordon are contending that the way to connect with advertisers is to be the “go-to” for their marketing needs, that includes digital. Digital, today is not just banner ads on your websites. The Media Store has the complete plan.
The average digital revenue for radio is about 6% of total revenue. How is your station doing? The consensus of Mark and Gordon is that figure needs to grow in light of “flat” spot-revenue growth. Gordon contends that cable and print “get-it,” with newspaper now boasting of 12-17% of total revenue. He noted that The Washington Post is saying it represents almost 80%. Yellow Pages is doing almost 50% of revenue in digital.
The upside and beauty of digital is to reach those non-traditional advertisers who haven’t used radio. Does that require a new “digital-only” sales team? There certainly is debate on that. In any case, present sellers also need to understand how it can work for their present advertisers. Those advertisers know they need to be involved but in many cases, don’t have a clue as to where to begin. Your sellers are the key. Otherwise, you are chasing those advertisers to other media, like cable and print to do it for them.
Digital marketing solutions allow radio stations to get appointments with virtually everyone. The Media Store can get radio clusters in front of the clients who won't see them now!
The Media Store can be your partner in growing this revenue.