Your radio station has tons of exciting opportunities to grow digital revenue, some that you might not even be aware of. At SoCast, we’re committed to helping you discover and make the most of these opportunities. After all, with digital revenue for radio set to grow 22% in 2017, you can’t afford to not take advantage.
So, what can you do to increase your digital revenues? In this post, we outline some simple tips to make digital revenue growth easier.
Sell more types of digital inventory
The Socast 2017 Digital Trends in Radio survey shows that broadcasters with more different types of digital inventory available have higher digital revenues (no surprise, really). That means you should be enabling more monetization opportunities on your website and mobile apps to increase your digital revenues.
Some of the different types of digital inventory you can sell include:
- Display ads
- Sponsorships & site takeovers
- Social media sponsored posts
- Audio and video preroll ads
- Mobile app inventory
- Digital services (i.e. - website building, SEO, social media management)
- Programmatic ads
- Email campaigns & newsletter sponsorships
Are you taking advantage of all of these opportunities for digital revenue? Click here to learn how you can.
Build a digital rate card
By creating a digital rate card, you can give advertisers a specific number for how much your digital inventory will cost. Here are some tips to get you started:
- Don’t give away the goods. Make sure you are charging for your digital inventory. Don’t simply include it as a free add-on as part of an on-air spot.
- Choose your inventory pricing. Inventory pricing can be done either by CPM (cost per impression) or time on site. We generally suggest CPM pricing for brands with larger audiences and time on site pricing for smaller markets (price by week, morth, quarter, etc.)
- Create simple, pre-packaged multichannel sponsorships and campaigns to add value. For example, bundle contest sponsorships with an on-air spot, digital display ads and sponsored social posts, or discounts for those who purchase multiple packages.
When creating your digital rate card, ensure that your rates are competitive locally and in line with other radio groups in similar market sizes.
Train your salespeople
By training your sales team on digital, they will know exactly how to promote your digital inventory. Here are some tactics for digital sales training:
- Review your digital rate card with your team. Identify which partners are most likely to invest in digital ads.
- Create a digital presentation for your ad partners so that they understand the inventory and its value - outlining key elements such as how many ad impressions and the click rates they can expect based on previous campaigns. A simple powerpoint or one pager will do.
- Role play to practice selling digital before sales calls. Have your salespeople practice your digital sales process with someone pretending to be skeptical about the value of digital advertising. Have them walk through the process of how digital advertising will add value to the advertiser.
If your budget allows, hire an external sales trainer to get your team up to speed. The RAB offers great resources to sell digital at www.rab.com.
Use a CRM (Customer Relationship Management) tool for prospecting
By using a CRM tool for prospecting, your sales team can more easily organize its contacts and manage outreach. Specifically, a CRM tool will do the following:
- Register your leads and contacts
- Track all customer interactions
- Organize your sales funnel
- Report and forecast your team’s productivity
By doing these things, you will be able to achieve higher sales close rates and better organize your sales process to ensure that nothing falls through the cracks.
Track key metrics
By tracking key metrics, you will be able to measure the progress of your digital initiatives, know what works and replicate that in the future. Monitoring these metrics will give you insights to increase your digital engagement.
These are the key metrics that you need to be tracking in digital.
- Digital revenue
- Page views
- Ad impressions & click through rates
- Time on site
- Size of loyalty club/membership database
- Number of followers on social media
- Social referrals
- Active users on mobile
- Online tune-ins
- Podcast downloads
By implementing all of these tactics, you will be able to increase digital revenues at your radio station. Growing digital requires commitment from everyone at your station. However, the opportunity for growth in digital is huge as traditional revenues grow stagnant.
Need some help to learn how you can implement an integrated digital strategy at your radio station? We provide the expertise and tools to increase digital revenue and engagement. Speak with a SoCast specialist today to map out a plan for your digital growth.