Futurists

Beware of Futurists

           I love attending conventions which feature futurists as keynote speakers. They are always entertaining, thought-provoking and even exhilarating when you consider the possibilities they espouse.
          But they’re seldom right!
          In the late seventies I attended a cable convention at which a futurist predicted grocery stores would disappear within ten years. He talked about the technology which already existed to shop virtually on your TV, strolling the aisles from the comfort of your living room, placing your order with the click of a button and having it delivered to your doorstep within the hour.
          It was an exciting presentation to say the least. But alas, the last time I checked, people are still going to the grocery store 30 years after that prediction. 
          I once attended a seminar where I purchased a tape of Faith Popcorn (what a great promotional name!), making predictions about the future. It was exciting stuff, so I put that tape in a time capsule at my home and listened to itten years later. When I opened my capsule, I discovered that less than 5% of her predictions had become reality.
          I have since done the same thing with a number of futurists…..reviewed their material years after their predictions, and none of them ever beat Faith’s record of 5% success.
          But I still love to hear these fantasies, and I encourage anyone who has the opportunity to attend a futurist’s presentation to do so. It’s a great opportunity to take your focus off of the problems of the past and consider the possibilities of the future.
          Just remember that market acceptance of technology does not keep pace with technology. The first FM radio license was granted in 1937, yet 35 years later, less than 25% of the cars on the road had an FM radio.
          And it wasn’t that long ago that people who claimed to predict the future were burned at the stake as witches.
          Technology is being accepted much more rapidly with each ensuing decade, but the futurists’ predictions seldom reflect reality. Knowing this, I still encourage you to consider their theories as a way of broadening your horizons and opening your mind to new ways of doing things. Just don’t rely on their predictions as the foundation for your business plan.  

 

 

 

What’s Missing in your CNA?

What’s Missing In Your Customer Needs Analysis?

           Here is a news flash for you, your competitors’ CNA’s (customer needs analysis) are almost identical to yours!
          To deliver more value, you need to move beyond collecting your prospect’s thoughts in a CNA, and conduct a complete Marketing Audit.
          The typical CNA only tells you what the customer knows, or thinks she knows, about her business. While this is a great starting point, the customer is uniquely unqualified to see his or her business objectively….they are too close to the forest to see the trees. 
          To differentiate yourself from your competitors and deliver real value to your clients and prospects, make it your mission to unveil a marketing issue they are NOT aware of through a Marketing Audit.
          How do you do that? Here are a few suggestions;
·         Offer to facilitate a SWOT (Strengths, Weaknesses, Opportunities and Threats) Analysiswith their staff or key people.
·         Search the web. Industry association websites, news stories and targeted trade magazines may reveal ideas, news or trends that affect your prospect’s business that they are not yet aware of.
·         Objectively review their print ads, websites and other advertising.
·         Be a mystery shopper, and present your mystery shopper report with specific recommendations for improvement.
·         Facilitate a customerfocus group to capture consumer perceptions of your client’s business in the marketplace. Better yet, talk to non-customers to learn why they patronize the competition rather than your account.
         
          There are many ways you can uncover needs or objectives your prospects are not aware of or not catering to. Make it your mission to learn something about every account that they themselves may not be aware of and you’ll become an invaluable resource to those accounts.
 
P.S. Do you want to really impress your clients? Email Wayne to inquire about having ENS Media Inc. conduct complete Marketing Audits for your key accounts and prime prospects. 

 

 

Justice Equality for All

Justice, Equality and Productivity for All

            Your phones are probably not ringing off the hook with hot new leads these days.   Every new lead, or RFP (request for proposal) you receive, is more valuable than ever in the new media economy.
            In the name of distributing leads ‘fairly’, many stations distribute their leads in equal rotation to all of their reps in turn.  But is this ‘fair’ to your customers or you station?
            Still others distribute their leads evenly among their account executives to avoid making difficult decisions or being accused of showing favoritism towards one rep or another.
            You may have noticed that some reps consistently have average sales that are higher on new leads than others, but assumed those higher average sales were as a result of higher quality leads.
            Not necessarily so.
Here’s the bottom line; not all leads are equal, and not all account executives treat their leads equally.
            If your station is to be truly customer-focused, you need to be fair to your prospects first, and your account executives second. Matching your customers’ needs with the skills of your account executives will ultimately result in bigger sales for your station.
            Some account executives are more knowledgeablein certain business categories than others. Some are better at discussing advertising strategy or ideas than others. And some are too busy to do a complete Customer Needs Analysis to realize a new account’s full potential, and simply take a token order and run.
            When distributing leads, put the customer first! Who is the best rep for that particular lead? Who will give the customer the most time and expertise and generate the best results over time?
 
P.S. In the case of a tie between two reps’ abilities, try giving the lead to the rep who deserves it,as a reward for his or her recent efforts.
 
 
 

Premium Packages

A New Perspective on Packages

 
            Why do so many radio ‘package’ offerings default to offering discounts?
            Smart packagers create premium packages as a way of taking the focus off of their base product pricing.
            Take BMW, for example. When BMW offers their ‘sport package’, customers do not question the basic BMW price, and are left to negotiate on the much more profitable ‘options’ portion of the sport package.
            Each option, like sport wheels, spoilers, tuned suspension, sport seats, steering wheel and low profile tires, by themselves cost a fortune. But as a ‘package’, you get all of them at a discount while paying full pop for the base automobile.
            In radio, our station promos, liners, sponsor credits, on-air contests and other elements of our programming should actually be priced with huge margins because they are not perceived as ‘commercials’ or programming interruptions by the listening audience.
            When you ‘package’ this valuable inventory at a discount rate from the high-margin promo rate, you can take the focus off of the basic spot rates in your ‘package’.
            The packaging guidelines we use at all of the stations we consult include;
1.) All packages should be priced at a minimum of ten percent over your average invoice price. The amount of your average invoice tells you what your clients, the market and most importantly, your sales people think your station is worth.
Why go to all of the trouble of creating a special package if it can’t give you a lift to that value?
2.) All packages include brand sell commercials for the advertiser at full rate, with only the added value being discounted.
            It’s been said that a smart man makes a mistake and learns from it. A wise man hires a smart man and avoids those mistakes altogether.
            We’ve seen lots of mistakes at media companies across North America and can help you avoid them! Our consulting services are guaranteed to give you a minimum five to one return on your investment or we willrefund your investment in full.
            Want to learn more? Contact [email protected].    
 
 
 

Doing What’s Right

     Is There a ‘Sales god’?

           Sometimes I think there is a sales god; someone who watches over salespeople and rewards those who do what’s right.
          Last week I made a very difficult decision.  I had a client that I really liked working with and that I knew I could dramatically increase sales for.  However, they weren’t buying in and taking our proven sales best-practices to the street. They were not receiving full value from our consulting services, so I fired them.
          It was a difficult decision, not only because I liked the client and knew I could do a lot to help them, but because there isn’t a line-up of stations looking to add the expense of a consultant to their ledger these days.
          But a couple of things happened when I made that decision;
1.) I felt better!  I felt like someone had taken a ton of bricks off of my shoulders.  My client wasn’t getting full value for his investment, yet I was cashing his checks…..not a good feeling.
2.) I booked more new business in the days following that difficult decision than I’ve booked in months! 
          Maybe there is a sales god.  Why not do the right thing for your clients and test my theory for yourself?  I’m betting you’ll feel good, be re-energized, and ‘lady luck’ will shine on you!