Category Archives: Uncategorized

There’s More Than One Way to Schedule Ads

The proverbial saying, “There is more than one way to skin a cat”, is a fair expression when describing different styles of scheduling ads. There are lots of options. So, what are the best times to schedule ads, BTA (Best Time Available), ROS (Run of Station/Schedule), AM Drive, Mid-Day, PM/AFT Drive, evenings, overnights, or a combination of some or all?

Like the number of options, there are an equal number of opinions. My opinion is, it depends! I am a firm believer that there isn’t just one “best” way to schedule. It depends on what you are trying to accomplish with that specific schedule and/or the overall schedule. Every situation and every client within every business category, and in every market should be looked at individually to determine the best way to schedule ads.

Questions that need to be asked and answered are: Is this a direct response or event advertising? Are you airing a schedule for 3 or 6 months? Or, is it a long-term branding campaign? Other things that need to be considered are whether other businesses in the same category are advertising on this station and/or this market. If so, how much are they advertising (SOV – Share of Voice), how long have they been advertising, and how much (SOM – Share of Mind or TOMA – Top Of Mind Awareness) do they own? 

There is one other major factor that will determine when to schedule the ads, and that is the budget. The question to answer is… how many people can I reach and influence effectively with the budget I am working with? The one thing I always shared with the media reps I managed was to create schedules that you believe will work for the client in their specific situation and one that you can easily explain to them so that they understand and believe in it.

A book could be written on all the different ideas, approaches, styles, and concepts of scheduling ads. I will leave those thoughts for another day. However, this is a very good topic to discuss in your training meetings.

We rarely see schedules that are too aggressive; most are inefficient in one way or another. Being able to create and then explain effective scheduling to your prospects and clients will ultimately allow you to put together stronger, more aggressive schedules that will have a better chance of success.

Ineffective schedules are one of the main reasons advertising campaigns fail! If you would like to discuss this topic more and learn how we can help you and/or your sellers sell more advertising, click here to arrange a conversation. 

Effective schedules will make both your clients and you more money… and remember, when it comes to scheduling, “There is more than one way to skin a cat!” 

Chick-fil-A’s Lesson in Sales

Is faster better? Not always!

Over the last few weeks, the headlines from the restaurant industry and even some major news sources have stated nearly the same thing. They read “Chick-fil-A has the slowest drive-thru”.

You would think that this would be a black eye for Chick-fil-A. Not at all. If you read further into the articles, you also find that Chick-fil-A was also #1 in customer service. Do you think it’s a coincidence? Probably not.

Have you ever considered those same dynamics might impact your selling cycle? In your haste to capture an order, you may be missing some greater opportunities and not doing the best possible job for your clients.

Chick-fil-A is not even the most accurate in fulfilling orders. They rank #7 at 83% accuracy. But where they do shine is how they handle customer connection and interaction, and it’s a strategy.

Matt Abercrombie, Chick-fil-A’s senior director of service and hospitality, told QSR Magazine, “We know in the drive-thru the guest wants speed and accuracy, but they don’t want to feel rushed,”   Abercrombie also stated, “We want to know our customers, we want to connect with them, we want to make sure that they’re not only getting great food, accurate orders but that they feel cared for in the process, personally and connected with.”

Your clients can sense when you are “just trying to make the sale” and not taking the time to understand their goals, their business, and even their fears of making a bad decision. Trying to rush the sales cycle is one of the symptoms they link to fear. 

The one-call sale not only leaves money on the table, but it also often fails to correctly identify your client’s objectives, thereby missing their goal, and more importantly, missing the renewal.

The fast one-call close might satisfy your need to make your budget, but slowing down to learn more about your client’s business, and their competitive situation, will inevitably result in helping your advertisers achieve their budgets. Better pre-call preparation, questioning, and more research over a series of meetings to advance the sale will inevitably lead to better service, better results, and more solid annuals.

Take a lesson from Chick-fil-A…Faster isn’t always better!

 

“It’s better to be slow and careful in the right direction than to be fast

and careless on the wrong path. Be sure that you are on the right

path before you begin to take your steps!”  

– Israelmore Ayivor, Author and Leadership Coach

Understanding CLV

Business owners, especially when dealing with advertising, seldom factor in the lifetime value of gaining one new customer. The same, unfortunately, may be said about advertising reps as well.

The definition of CLV, Customer Lifetime Value, is the total worth to a business of a customer over the whole period of their relationship.

In many conversations with business owners, we have all heard them say, “Well, in order to get a good return on my advertising investment, I need to sell x-number of units or x-amount of dollars”. What they are failing to take into consideration is the value of a single new customer over the lifetime of their relationship.

The challenge is not just understanding how to accurately calculate CLV but how to explain the long-term impact to a client so that it makes sense and is believable.

The basic CLV formula is simple; the Average Purchase Value x Average Purchase Frequency x How Many Purchases a Year x Average # of Years they remain a customer.

For example: Average Purchase of $300 x 3 purchase a year = $900/year x 7 years as a customer = $6300 Customer Lifetime Value.

The ENS Media formula that we suggest using goes a bit deeper and is more accurate and believable when dealing with the ROI of advertising. We use 5 factors in determining the Customer’s Lifetime Value:

  • The average “profit” per unit/sale (of advertised product/service)
  •  Add-on sales
  •  # of purchases per year
  •  # of years they remain a customer
  • Word of Mouth (# of people they persuade to purchase from the business)

The two things that make this formula so powerful (and believable) are steps one and five. In step one we use “profit” instead of price. Business owners will relate and appreciate that you use this instead of the actual retail price. In addition, we recommend using the word “advertised”, which resonates with them as well. The word advertised is used when running a sales event or advertising a specific product or service. If you are running a long-term branding campaign, you can simply exclude the word “advertised”.

In step five we factor in the value of Word-of-Mouth. Far too often media reps fail to mention or suggest this. Creating Word-of-Mouth is one of the things radio does best, and we absolutely should get credit for it. It takes people or customers to create Word-of-Mouth advertising. If your ad campaign brings in new customers, who in turn tell their family and friends, you should at least get some of the credit for the initial introduction.

Part of the secret to the success of this is when you meet with your client, don’t use your numbers. Ask them what the numbers are for each part of the formula. Typical clients/prospects will knowingly lowball you on every factor. Despite that, they will arrive at a very high customer lifetime value figure.

They will place much more value on every customer your advertising generates, in part because they believe they lowballed you and will do even better than their figure shows! 

Take credit where credit is due. Helping your clients and prospects realize what a single new customer is worth will go a long way in helping them understand your true value!

Planning For 2023

 

 

Whether you are a media rep or in management, we appreciate you reading ENS on Sales each week. We hope that you find the articles helpful.

 

We know that this is the time of year that you start making plans for 2023. With that in mind, one time a year we take the opportunity to present to you a complete lineup of ENS Media’s products and services. This is that week.

 

If you’re considering any outside training, revenue-generating programs, or workshops, give me a call anytime. Of course, no obligation. We can simply visit about your situation and what you’d like to accomplish.

 

Here is a line-up of our products and services. Click here to read some of our testimonials.

 

TOMA Surveys and Seminars: These local market surveys and seminars provide your clients and prospects, along with your sales team, valuable knowledge on the power of radio combined with the new digital media. Following the seminar, Rick stays in the market and meets 1-on-1 with clients and reps. This entire program is designed to generate new annual revenue and provide your media reps with hundreds of new prospects and information on how to sell in the new media world.

 

SoundADvice: Our 4-part weekly E-marketing system is designed to brand your media reps and stations as the advertising “experts” in your market. This completely self-sufficient system keeps your media reps in weekly contact with clients and prospects by providing valuable bits of information on running a business. Every true marketing professional should use SoundADvice. It is market exclusive when purchased as a group, but is also offered on an individual rep basis.

 

Recruitment Advertising Seminars: New in 2020. These 45-minute mini-seminars (we suggest 3-4 per market visit) will conquer 3 things: 1) Answer and provide a solution to your clients’ and prospects’ biggest concern… how to attract, hire, and retain “good” employees, 2) Increase your sales and revenue with this proven system 3) Train your reps to sell more Recruitment Advertising in the future and further position them as true advertising experts with their prospects and clients.

 

*Workshops and Presentations: We create and conduct workshops that cover nearly every area of the radio sales cycle. Here are individual topics on which we do 1 or 2-hour presentations/workshops, or combined, ½ day or full-day workshops:

  • Prospecting / Cold Calling: Main Street is Shrinking
  • 1st Meeting / CNA: Ask Better Questions to Get Better Answers
  • Creating Presentations/Proposals
  • How to Create Strategies and Why Strategy Wins!
  • 20 Tips for Creating Better Ads
  • Customer Lifetime Value
  • Selling Radio vs Digital (How to embrace digital)
  • How to Sell Radio “MORE Better”
  • 7 Criteria for Effective Advertising
  • How to Create TOMA (Top of Mind Awareness)
  • Marketing Funnel: Passive Media vs Intrusive Media

      *We can and will create specific workshops to match your unique needs.

 

If you would like to talk, contact me and provide the best day and time to call, or, simply call me anytime at the number below.

 

Again, thank you for reading ENS on Sales, and thank you for allowing me to present our company. 

What’s Your Value… To Your Clients?

 

 

As a media rep, whether you like it or not, you are being judged by your prospects and clients; not just at the beginning of your relationship, but all the time.

 

They are not just judging you on whether you are nice and professional; they are judging you on whether you bring value to themselves and their businesses.

 

Have you ever walked into a client or prospect’s business and when they see you, they dash out the nearest door? Or when you ask to see a client, the person at the front desk returns with, “They’re busy right now”?

 

Granted, sometimes it’s legit and they really are busy. However, more often than not, it’s an excuse! I have always suggested that when we walk into a business and the owner looks up and sees us, they make an immediate conscious decision. It’s either, “GREAT, there’s Rick and he brings value to my business, I love talking to Rick”, or “There’s Rick and I don’t have time to waste today. I know he’s going to try to sell me something!”

 

Are you bringing value to your clients, and what constitutes value? It may be articles about their business category, how to keep employees satisfied, or healthcare regulations. Anything that pertains to the many hats they wear as an owner/manager. You can find information on any topic, just Google it. But be careful not to deliver information about your product (radio) or your stations too often. And no, cookies have little to no value and DO NOT qualify! 

 

How you deliver value is equally as important. Always emailing or dropping it off, in the same manner, will lose its flair. If you know they are not in the office/business, drop it off and leave a short note, “Joe, I ran across this article and thought you might find it interesting”. Even using “snail mail” is a good option. Be CREATIVE!

 

I challenge you to be honest with yourself. Do you bring VALUE to your clients and prospects, or do they see you as just a “salesperson”? How much VALUE you bring to your clients will be in direct proportion to how willing they are to see you, and more importantly, how much they will invest with you! 

 

Starting today, make sure you’re always increasing your VALUE!

 

Our SoundADvice E-Marketing system is the best way to bring value to your clients and prospects each week. It helps brand your reps and stations as the “Advertising Experts” in your market. If you would like to learn how to take advantage of SoundADvice, click here to see a few testimonials, and let’s talk! SoundADvice is market exclusive, so be the first in your market to call.