Should you close down your Radio Station?

  • Media companies worldwide are increasingly under pressure, and we all know why.

    With the advancement of all the digital media options now available, advertisers all of a sudden have choices.

    Only last week I was in discussion with a company here in my country on selling a sports-based Facebook application that had the ability to locate your position and then send you text advertisement’s for offers around the corner from your location.

    That is not new of course, but it has all of a sudden become a strong sell for such applications.

    Direct sales, and more so radio and local newspapers have prided themselves on giving advertisers that “local option”.

    I have noticed the trend in media to “commoditize” and not add value is sadly the main driving force behind most media companies’ sales strategies.

    Many are simply not prepared to change.

    If your business is commoditized, and much of our media is, then we are on the road to rack  and ruin.

    Selling “trinkets”(spots and dots) can be easily price shopped.

    To counter this, we have to design programs for advertisers where loyalty is the driving factor. Membership and exclusiveness need to drive our offers, and to collaborate with entrepreneurs like the Facebook friend I mentioned at the top of this article.

    Questions we all need to ask ourselves are:

    • How do I create loyalty from my offers and advertiser relationships?
    • How do I create a category of just my media offering and all its benefits?
    • How do I escape my “price based sales strategy” and appeal to my advertisers real needs?

    Finally how do we stop selling our stuff and find out what they want.

    Good selling.

    Mike