Analyst or Entrepreneur?
Are you an analyst or an entrepreneur? Analysts investigate what has been done in the past to design systems or processes with minimal risk and a certain security or safety of return.
Analyst or Entrepreneur?
Error by Omission
The Knowledge Economy
The New Multi-Sensory World
New media are all the rage at the conferences your clients attend and in the trade publications they read. Not because they are necessarily better, but because new captures attention while old is, well……old. Most advertisers have used radio, been there, done that and still have the t-shirt.
‘New’ makes news. Consumers want to be the first to sample the newest restaurant in town and to buy the latest electronic devices. The newest restaurant may not be better than their favourite heritage restaurant; it’s just ‘new’.
New media, and particularly social media like MySpace, FaceBook, Twitter and YouTube, are all the rage today. But just as a great heritage restaurant continues to thrive during the onslaught of ‘new’ or trendy restaurants, heritage media like radio that provide a return on investment continue to play a major role in the new media mix.
If radio were invented today it would be all the rage. We live in an on-the-go mobile society, and radio reaches active consumers wherever they are and whatever they are doing. In their cars, offices, homes and workshops, radio is the mobile, intrusive, affordable medium, proven to work for decades.
Your job as an account executive is to teach marketers who are confused and intimidated by all of the new and ever-changing media choices, where radio fits in the new media mix.
Getting your clients to talk about radio can be difficult; getting them to talk about integrated campaigns, multi-platform marketing and multi-media strategies will almost certainly capture their attention.
Do your homework, and learn the facts; facts like research conducted by Wilson Ellis Consulting reveals the new social media channels work best when integrated with traditional marketing channels.
Over a three month period, Wilson Ellis studied a control group of consumers who were active exclusively on social media platforms. They discovered that customers who were active on social media channels spent 34% more than those not participating in social media.
Very impressive. But customers who were exposed to a combination of social media and traditional media spent 52% more than the control group! Even more impressive. Of course, having traditional media in your mix ensures you will also capture the 54% of consumers who are not yet actively involved with social media.
Another study, The Weiss McGrath Retention Study, reveals a 65% retention rate after 72 hours when the message is seen and heard, versus a 20% rate when the message is only seen.
While time spent with other traditional media is on the decline, radio still captures huge audiences. From establishing top of mind awareness and preference, to reaching consumers closest to the point of purchase, radio is the perfect new media companion today.