We seem to be asked more and more about radio’s ROI (Return on Investment) these days. By the time an advertiser conducts a “survey” to determine if customers were motivated by radio, they are already beginning to question our results and turning that doubt into confidence is no easy task.
Very often that doubt is ignited by online analytics where advertisers can see in color how many clicks, opens, likes and followers they have generated. When they measure clicks and likes instead of sales and profits, they’ve begun the slippery slope towards trying to validate harder to measure media like radio.
Our Radio R.O.I. workshop arms radio sales people with several proven tools to answer the “how do I measure my results?” question. It’s effective, generates sales, and reduces attrition rates.
But just as important as learning how to answer the ROI question is preventing the ROI question.
You’ve heard that “an ounce of prevention is worth a pound of cure” but what are you doing to build confidence in radio advertising and to prevent doubt from creeping in?
Here are a few ounces of prevention you can initiate:
- Be aggressive in your pursuit of local testimonials; written, audio recording, and videos.
- Use testimonials in blogs, on air, in presentations, on your website and emails.
- Get agreement up front on how you will be measured, and make sure that measure is realistic.
- If they’re measuring sales, make sure their staff knows about the campaign and is on board to sell to the target audience.
- If they’re measuring web views, make sure your creative drives people to their website.
- Conduct regular post campaign analysis with your client to monitor what’s working and what’s not and how they feel about the campaign? Then make your adjustments accordingly.
- Email regular educational blogs like our SoundADvice to reinforce radio’s strategic role in their marketing success.
- Make certain the schedule has the reach and frequency necessary to achieve the client’s goals.
- Notify your friends, family and peers about the campaign and if they shop at that business, encourage them to mention they heard about it on the radio.
- Take credit for all you do, documenting the work you’ve done from the creative brief to the schedule, and anything else that you do for the client.
- When you have a valid business reason, be front and center, face to face with the client as often as is humanly possible.
- Don’t think of an order as closing the sale, think of it as beginning to work your butt off for the client.
- Most importantly, copy is king. There is no such thing as a media that does not work; there are only messages that don’t work.
Although an ounce of prevention is worth a pound of cure, there will be instances where a cure is required for clients who question radio’s results. Click here to learn more about facilitating our Radio ROI Workshop in your market or at your annual conference to train your account executives how to cure the most difficult ROI problems.
Figures don’t lie, but liars sure can figure.
Throughout history, each new media has sold unsuspecting local advertisers as they went through their “liars sure can figure” phase. Social media is in that phase right now.
(View this video on Facebook Fraud http://www.youtube.com/watch?v=oVfHeWTKjag)
Virtually every new media, including newspaper, radio and TV, went through the ENS Media Four Stages of Media Evolution:
Phase 1: the pioneer stage with the lure of shiny new technology
Phase 2: the liars sure can figure phase
Phase 3: fragmentation, competition and clutter
Phase 4: learn to create competitive results
Each media evolution begins with “techie-types” selling the magic of the shiny new technology during a pioneer stage when no one yet understands how to use that technology from a marketing perspective.
When newspapers first started, for example, they had no circulation or readership data, they simply sold the magic of seeing your name and business in print, and having it in mass distribution.
In the “liars sure can figure phase”, they produced “circulation” figures, claiming a circulation of X thousand, even though they knew only a small percentage of their customers actually turned to the page a particular advertiser’s ad was on, and an even smaller percentage actually read it.
Many were actually caught transferring funds to their circulation department to inflate those figures.
Next there came radio! Advertisers were wooed by the magic of their name coming through the air and reverberating through a round speaker in their prospects’ homes. Once the novelty of the technology faded, many radio stations entered their liar phase by touting their signal contour maps.
They’d make misleading claims like “Our signal covers a population of more than a million people”, even though they knew in all probability only a fraction of that million people actually listened to that particular station.
In phase 1 and 2 of each media evolution, some early adopters did experience success simply because of the new novelty and lack of clutter and fragmentation.
But eventually every media evolves from selling the shiny technology, to the smoke and mirrors numbers phase, to fragmentation and ultimately to understanding how to harness their power and their limitations, from a marketing perspective.
When all is said and done, technology and misleading numbers can’t hide the truth about sales; fragmented and cluttered media have to learn how to generate sales for their advertisers.
Today, some national advertisers might be happy with clicks and likes from around the globe.
But local advertisers soon lose their enthusiasm for technology and for global clicks, likes, followers and page views, especially when they don’t translate to local sales.
With all due respect, media executives who have sold the technology or inflated numbers for their media, seldom have a grasp on how to increase sales for their clients.
The digital world has largely passed through the “sell the technology” stage of media evolution. Like you saw in the YouTube video, many are currently in the smoke and mirrors numbers stage.
So are you ready to proclaim the broadcast renaissance? The best local radio and TV marketing executives know how to create successful local campaigns in their markets.
We have long since surpassed representing our contour maps as our reach. We’ve learned how to create results no matter what our numbers or format are, by proving the value of targeting, creative, frequency and a long list of proven techniques to create results for local businesses.
You need to show all of your clients this Facebook smoke and mirrors video, and open a discussion about your stations in the new media landscape. Our Winning in the New Media Economy advertiser seminars are helping to generate millions of new radio and TV revenues in markets across the continent.
Followers, likes, page views and clicks are not translating to sales, and your local advertisers will welcome your stage four approach when you say “what you say in your ads is more important than the platform you say it on.”
If you want your prospects to see Wayne’s presentation on broadcast’s fit in the new media landscape, contact Alysia@wensmedia.com
Purpose is a double-edged sword.
First of all, your clients can sense your purpose. Is your purpose to make your budget, or to help your clients make their budget? Your clients and prospects know the difference and trust and invest with you accordingly.
The other edge of the purpose sword is how your purpose makes you feel
Sure, a large commission check makes you feel good, but it feels even better if you have earned it by selling something of value. The person you need to impress the most is that person in the mirror…and I’ll wager that person feels great when your purpose is to help advertisers capture higher returns on their advertising investment.
So now we’ve come full circle on our double-edged sword. In the long run, your company will only pay you in proportion to what your clients think you’re worth. And that worth is established by your purpose and the value you deliver.
Click here to arrange a free online demo of how our Winning in the New Media Economy can help you deliver more value to your clients.
Many sales people are afraid to use candour as a relationship builder with their customers and prospects. They have been trained to “sell themselves first”.
In this effort to sell themselves first, they have placed being “liked” ahead of being respected as a marketing partner. In their quest to be liked, these glad-handers often fear opening the challenging and meaningful dialogue necessary to understand their customer’s goals.
These friendly sales types will often take every answer they get in a Customer Needs Analysis (CNA) at face value. If a prospect claims they “give better service” than their competitors, for example, these sales people will smile and say something like, “that’s nice”.
True advisors have mastered the art of playing devil’s advocate during the CNA process on their way to building stronger client relationships and more relevant ad campaigns.
Professionals will explain to their prospects why they play the role of a skeptical customer. When the client suggests they, “give better service,” the professional will say something like, “I’m playing a skeptical customer. Prove to me that you give better service.”
In our Becoming a Master Questioner training, we train media sales professionals to enter into their CNA’s with phrases like, “Before I can sell our audience on why they should do business with you, you have to sell me on why they should do business with you.”
This candid and frank approach may seem confrontational, but handled correctly, will be the building block for much stronger customer relationships than the old “smile and pretend to agree” approach to CNA’s.
My wife and business partner, Angela, taught me one of the most valuable sales lessons I’ve ever learned; the difference between selling to a need, versus selling to a want.
When she sold Fords and GM’s, she sold to a need. Families needed a van to take the kids to school or a car to replace their dying relic in order to get to work. These were largely transactional buyers looking for basic transportation needs to be filled at the lowest possible cost. They did not look forward to spending money on another vehicle.
When she began to work at BMW, she quickly discovered nobody needs a BMW. At BMW, the customers bought what they wanted rather than being sold what they needed. There was a huge difference in the customer relationship at BMW. Customers were actually excited about buying their new BMW while the needs buyers were skeptical and nervous.
While the Ford and GM buyer shopped all over town and had no loyalty, the BMW buyers became life long friends who still send Angela cards and letters today even though she’s out of the business and works with me.
Do your sales people know how to build relationships to the next level, going beyond selling solutions to needs?
Traditional needs analysis and solutions selling are great door-opening strategies. But the cost of the cure cannot exceed the price of the pain in needs selling.
To build more profitable customer relationships you need to get beyond appealing to needs and become a partner in filling the wants of your key accounts.
Needs are largely short term band-aid… “I must sell four cars today.” Wants are longer term and visionary in scope… “I want to be the largest dealer in the county within five years.”
When you become the conduit to filling the vision instead of the need, you are on your way to partnering in a more profitable customer relationship.
Click here to arrange a free demo of our “Becoming a Master Questioner” sales workshop to help your account executives uncover what your clients want.