Category Archives: Uncategorized

The “R” Word – Recession!

To Discuss or Not to Discuss? That is the Question!

If you’ve been in the advertising business, or sales in general, for more than 2 years, you have already experienced one recession (2020 recession). If you have been around for 13 or more years, you’ve been through two recessions (2008-2009 Great Recession), and for us old-timers, pending your tenure, you may have experienced three, four, or even five or six. 
 
The saying, “What doesn’t kill you, makes you tougher”, is very true when it comes to surviving a recession.
 
Over the past several months, but especially the last few weeks, I have had several conversations with managers, owners, and sellers about the pending “R” word – Recession.
 
The discussion has mostly centered around two things: One – What are you hearing, and will it happen? Two – Should we engage in a conversation about the “R” word with our clients or sidestep the topic?
 
Although a few AEs said they thought it was a negative topic and were better off not discussing it, for the time being, the large majority has said, Yes! It is a conversation we should have with our clients and prospects.
 
My opinion is an unadulterated YES! Yes, have the conversation with them. It’s far better to have it now rather than when they call you and say they are cutting their advertising! As with nearly everything, you want to be part of the discussion.
 
However, there is a key factor to having a conversation with your clients and prospects, and that is to be prepared! You must be able to speak logically about why advertising is important, even more so during a recession, and you need to be able to offer some proof and reasoning.
 
Study after study has proven that businesses that maintain or grow their marketing/advertising throughout the recession will not only outperform their competition during the recession but will grow much faster after the recession has subsided.
 
Most of us know this, and most sellers have been told this, but are they prepared to go out and have logical conversations with their clients?
 
There are hundreds of articles and tons of research that can help arm them. Here are a few recommended readings:
  • Ritson’s Recession Playbook (Mark Ritson – MarketingWeek)
  • Marketing in a Recession (Mel Day – Marketing Moves)
  • When a Recession Comes, Don’t Stop Advertising (Brian Adgate – Forbes)
  • How to Market in a Downturn (John Quelch-Katherine J. Jocz – Harvard Review) Old but good!
No two recessions are alike, as are no two businesses or business categories. Each business needs to approach the recession in its own manner. Understanding this, then gaining and having knowledge of different circumstances will help you have the “R” word conversation with your clients.
 
In this week’s SoundADvice that goes out weekly to over 8000 business owners, we wrote on this topic and offered 15 tips on how to prepare and navigate through a recession. Rule #1 is… Be Prepared: companies that have an advance plan far outperform those that wait and go into survival mode once it hits. If you have a plan and train your reps on how to start and have the “R” word conversation with clients and prospects, your success rate will be much higher than those that don’t prepare.
 
If you would like to see how SoundADvice can position your AEs and your station as advertising professionals in your market, rather than just advertising sellers, click here for more information. We will send you a FREE copy of this week’s SoundADvice piece.

It’s a Battle Worth Fighting

There are times when we know that regardless of what you do, it won’t have much impact. But we also know that some things are worth standing up and fighting for.
 
Last Thursday, Amazon announced the Prime Day(s) for 2022, July 12-13.
 
The questions are… as Radio and TV stations, do we promote Prime Day FREE of charge as many stations have done for years? Do we simply not mention it at all? Or do we stand up and fight for your local business owners? I believe it’s a battle worth fighting!
 
When I have engaged in a discussion on this topic, some have said, “It’s a battle you can’t win”. That may be true, but in my opinion, it’s a battle worth fighting.
 
If you have been reading this post for more than a year, you know that I am not a supporter of Amazon. In fact, two weeks ago I ordered two different books that were both available for less money on Amazon, but I chose eBay. Will my decision have an impact on Amazon’s June sales? Absolutely not! But it’s a battle worth fighting!
 
Let me be clear. I think Amazon is an ingenious business model. They employ thousands of people in the US (1.1 million). They serve as a source for entrepreneurs to sell their goods, and they are finally paying sales tax (maybe). But, and the big but is, how much damage do they inflict on our local business communities, especially the brick-and-mortar retail stores?
 
There is one thing they don’t do. They (Amazon) don’t support our local communities in any other way. They don’t support local organizations, clubs, ball teams, etc. They don’t buy from any of your local businesses. They only take!
 
So, on July 12th & 13th, just like everyone else, you have choices. You can either support Amazon by talking about it on your airwaves, you can say nothing, or you can stand up and support your local business community and ask your listeners to NOT participate in Prime Day!
 
If you would like a FREE “Shop Local” ad script that will show your listeners and your business owners that you support THEM and NOT Amazon, click here and we will send you a copy!
 
If you choose to support your local business community and NOT Amazon, will it make an impact on Prime Day sales? Probably not, but your prospects, clients, and business owner listeners will appreciate the effort.
 
We think it’s a battle worth fighting! We hope you do too!

What Makes Your Clients Loyal… to You?

While reading a story on customer satisfaction with products, it dawned on me that the reasons people stay loyal to certain products or brands are the same reasons that business owners stay loyal to their media reps and stations.
 
A story published in the March 13th edition of eMarketer.com quoted several surveys, all related to “Why We Buy: Consumer Behavior and Loyalty in the Age of Infinite Options”. One survey by Criteo stated the obvious, and that was that quality products or services at a good price are still the biggest drivers of brand loyalty.
 
More importantly, the article went on to quote a survey conducted by Epsilon that said, “Eighty percent of consumers are more likely to make a purchase when brands offer personalized experiences”. In our line of work as Marketing Reps, this is where we start to separate the GREAT reps from the good reps. What type of personalized experience(s) do you offer to your clients and prospects that make you stand out from the crowd? 
 
Yet in another survey by Morning Consult, it said 88% of respondents agreed that well-priced products with matching quality are important. More significantly, 92% said reliability and durability were key in creating brand loyalty. Are you reliable and durable for your clients? Are you there when they need you and are you continually bringing them ideas to help them grow their business? 
 
Finally, and here is where we really separate the GREAT from good, and good from average…The same survey from Morning Consult stated that the primary reason for abandoning a brand was that the quality had gone down. Never take your clients for granted. Always be doing things (personalized experiences) that make them appreciate you more and more every month and year.
 
Be loyal to your clients and give them everything you have and they, in turn, will be loyal to You!

A Book and a $1 Bill

Are you an Advertising Salesperson or are you an Advertising Consultant? There is a difference. One simply sells advertising and the other helps a business with its marketing and advertising.
 
One of the primary topics we cover in the ENS on Sales articles is how to stand out and make yourself or your stations become known as the advertising experts in your market. I have heard many media reps “say” they want to help their clients get a better ROI or help them grow their business. But, at the same time, I know these same reps aren’t doing anything outside of trying to sell them advertising.
 
They talk the talk, but they don’t walk the walk!
 
There are many things media reps can do to prove they are there to help their clients and prospects. Things like:
 
  • Providing articles about anything business-related, not just advertising, that can help them run a more successful business
  • Recommending other media and mediums, when appropriate
  • Bringing ideas for other areas of their business that can help them grow
 
It’s not just enough to talk the talk of being truly there to help them grow their business. You MUST walk the walk and do the things that prove it. You must do it day in and day out, month in and month out. The moment you stop is the precise moment you’re your clients will start to consider other options.  The SoundADvice program that we often speak of is designed to do just this.
 
I’m about to share with you how a $1 bill and a book can help you grow your business.
 
Years ago, my general manager started to purchase books for the sales team to give away to our clients and prospects. It was magic! In addition, he created bookmarkers that had very nice pictures and powerful words printed on them.
 
To put my own brand on giving the books away, I took the book marker idea one step further. I began to put a $1 bill in every book I gave away to be used as a book marker.
 
Over the past 15 years, in addition to the books our GM purchased for us, I guesstimate that I have given away nearly 400 books to business owners and graduating seniors. Every one of them has a $1 bill sticking out the top.
When I hand the book to the business owner, without fail they ask me what the $1 bill is for and if I want it back. I then explain to them that the dollar bill represents the value of reading and learning. I jokingly say, if I had more money, I would use $100 bills, but you’ll have to settle for $1. 
 
In many offices spread throughout my city, you will find books with $1 bills sticking out of them. I know that most of the books were never read. I know this because the bookmark never moved. However, what I do know is that when they look at the book(s) in their office, they will always remember who gave it to them.
 
It’s the power and value of a book and a $1 bill.
 
Do your clients and prospects feel that you’re there to HELP them, or SELL them?
 
If you’d like to learn how our SoundADvice e-marketing program can help you build better relationships, secure more appointments, sell more advertising, and train your media reps and clients, click here to arrange a no-obligation follow-up call.

IDEAS = DOLLAR$

 
How do you get advertisers to invest more money with you or renew with a rate increase, and how do you get that hard-to-sell prospect to consider adding your station? 
 
It’s really simple – just come up with an IDEA and present it! Every day, business owners and managers drive to and from work thinking, “How can I grow my business?” 
 
They’re looking for IDEAS; small ideas, medium ideas, and BIG IDEAS. Ideas that make sense for their business. The bigger and better the idea, the more they will invest.
 
If we are asking for more dollars (increased frequency) or asking for a rate increase (just because it’s renewal time), your chances for pushback and resistance are greatly increased. However, with a well-thought-out “IDEA”, you’ll increase your chances tenfold.
 
Your IDEAS can be a campaign ad strategy, a musical image, an audio signature, a promotion or event promoting a specific product or area of their business, or a new positioning statement or slogan. It can be anything that benefits THEM, and not you or your radio station. Your summer car giveaway might be your station’s biggest promotion of the year, but it must be presented from the advertisers’ perspective to increase your chances of selling them.
 
We suggest you view every proposal before it goes out the door to ensure it has a customer-focused “IDEA”. Selling “radio” can be challenging; selling ideas is easier, and selling BIG IDEAS… easier yet! After all, all business owners want are IDEAS on “How to GROW their business”.
 
IDEAS = DOLLAR$
 
Stop selling radio and start selling ideas!
 
If you’re looking to GROW your business in 2022 and beyond, click here to arrange an online overview. We can help grow your revenue, and help train and brand your stations and your account executives as professional marketing consultants.
 
There’s never any pressure. If you decide it’s not for you, we’ll just call it a good conversation. I’ll bet we’ll both learn something and will have made a new friend!