If you get the same kick out of seeing your clients succeed through your campaigns as I do, let me share a secret with you.
It is based upon a principal that we all know….
share of voice = share of mind = share of market
Some of us however, under-estimate the power of share of voice, and how easy and inexpensive it can be for some business categories to capture.
Old school sales training taught us to “Pick the low hanging fruit” or to “Go where the money is”.
It’s that kind of thinking that guarantees every commercial you air will have a quarter hour average of at least 10 media sales people….each and every one of them knocking on the client’s door tomorrow telling them they made a bad media choice.
One of the first things I have always done when entering a new market, is to seek out categories which did not harness the intrusive power of radio to capture market share.
If, for example, no florists advertised on your station, someone in that category has a golden opportunity to “own” your audience. If one florist advertises on your station consistently over time, she can capture a one hundred percent share of mind with your audience with a relatively low investment.
If on the other hand, ten car dealers each spend $75,000 on your station, depending upon the message, each will probably only command a ten percent share of voice and ten percent share of market with your audience.
Granted, getting a prospect in a new category to break from the pack and indulge in a consistent radio campaign is not easy, even though breaking from the crowd of competitors is exactly what they should do.
But here’s the good news;
Old school sales training taught us to “Pick the low hanging fruit” or to “Go where the money is”.
It’s that kind of thinking that guarantees every commercial you air will have a quarter hour average of at least 10 media sales people….each and every one of them knocking on the client’s door tomorrow telling them they made a bad media choice.
One of the first things I have always done when entering a new market, is to seek out categories which did not harness the intrusive power of radio to capture market share.
If, for example, no florists advertised on your station, someone in that category has a golden opportunity to “own” your audience. If one florist advertises on your station consistently over time, she can capture a one hundred percent share of mind with your audience with a relatively low investment.
If on the other hand, ten car dealers each spend $75,000 on your station, depending upon the message, each will probably only command a ten percent share of voice and ten percent share of market with your audience.
Granted, getting a prospect in a new category to break from the pack and indulge in a consistent radio campaign is not easy, even though breaking from the crowd of competitors is exactly what they should do.
But here’s the good news;
1- 75 to 80 % of businesses in your market do not currently use radio or TV advertising. And because of old-school sales training these businesses have not been bombarded with the “we’re number one” media presentations that traditional advertisers have seen. You can be the media rep with dominant share of voice among current non-advertisers.
2- Rate-cutting is not at the top of the non-advertisers’ lists because as non-advertisers they have not been exposed to the “we’re cheaper” media sales people.
3- Results! Results! Results! Share of voice really does equal share mind and market. And it is more cost effective for your clients to get results in a media where they have no conflicting voices than it is in a media where everyone in the category is fighting for share.
So pick the high and hard to reach fruit. It is harder to get at, but sweeter when you get there……. for you and for the client!