The Radio Show in Nashville has come and gone, and it seems there was one word on everybody's lips: REVENUE. And no wonder; radio faces some tough challenges around revenue generation.
How do I get my guys to sell digital? How do I price it? Will selling digital take away from my terrestrial sales?
Easily nine out of ten conversations at the Radio Show revolved around how to monetize digital, and increase radio’s share of the local advertising pie. SoCast spoke with a large number of radio groups to try and answer these questions and reinforce one very important fact: you are no longer in the business of just selling radio.
With today’s massive scope of advertising options, radio must now ask what inventory can be offered that will best support the individual advertising partner. By taking a consultative approach to selling, radio stations are forced to be much more focused on providing a marketing strategy to their ad partners, and creating custom ad packages that cover both digital and terrestrial radio.
You don’t need to hire a brand new team to do all of this! Georgia Beasley of Beasley Media recently spoke out on monetizing digital. She found a great deal of success by re-training her existing teams to follow a simple strategy: reach, target and engage. Reach with radio, target with digital, and engage with an idea/event/sponsorship. If you show your ad partners the value of digital, they will be more than happy to allocate additional funds and increase your revenue.
And finally, for those who feel that digital sales are a drop in the bucket? This simply could not be farther from the truth; crafting custom campaigns for ad partners generates significantly more realizable profits. These campaigns should always fit the advertisers needs, so if they only need digital, sell digital; if they only need radio, sell radio. Craft a strategy to suit their needs and use your inventory across all channels.
By creating these strategies for your radio advertising partners, you will build stronger relationships, create trust and most importantly, always have their ear when you have a new idea. Nobody else in media can offer the full scale integrated campaigns that radio can, so take advantage of the tools at your disposal!
When you broaden your offering to more than one traditional advertising channel, you will see how quickly your sales will start to increase. SoCast can help by providing the resources and knowledge to drive digital results. SoCast is a leading technology platform that helps make digital growth easy for radio, allowing radio stations to manage all of their digital channels through a single integrated dashboard. If you are interested in learning more, contact a SoCast Digital Specialist for more information.
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