Radio stations, TV and newspaper companies worldwide are experiencing never before challenges, and in many cases simply losing market share right before their eyes. Is it not time that we all think about changing the ways we do things. The tired, "We have always done it this way syndrome" is not working.
Here are 7 reasons why that could be happening and how to avoid it.
1. Too much sameness- In the boom times there was plenty to go around, the revenue was just pouring in, credit was easy and the consumers spent, who did they spend with? Your customers! Now they are not... so what are you going to do about it... the same old same old?
2. Set yourself apart- Media companies and their direct selling teams will have to find a new way of doing business... you now need a good story; you need a reason to be in your market a reason that sets you apart from the opposition. The reality is the economy is getting cleaned out- it was badly needed, we are seeing the worst employees, the worst salespeople and the worst mangers are moving on.
3. Money- the money in circulation is always in motion- Right now there is a little less in circulation, but the money that is in circulation is always there, moving from one area to another, it moves, such as traditional media has seen this shift to online. The truth is that it moves for reasons, and if that money is not moving to you there are reasons that money is not moving to you, that are within your control.
4. Get the money before they do- I have experienced first hand capitulation in many of the media companies I speak with, thankfully not many of my clients. They have given up! When the money rolls in, anyone can do well, now they believe that the money out there is beyond their control, so they have given up and are not just trying. They are sitting in sales meeting saying that it's tough out there, the market is different, and advertisers are not interested in advertising.
That is simply not true, media companies I know are doing well. The ones that are embracing change, doing new things, and connecting to their market in different ways are prospering.
5. Find out the one compelling reason your advertisers want to buy your medium and not your opposition. Believe it or not, many of your clients are not really interested in dots and spots, and right hand pages or key banner ads- They are interested in how you can get what they want. What is that? Create questions in your interview to find that out. If money is not moving to you it's because you are selling spots...like everyone else!
6. Profitable Pricing- many media companies have rushed to discount and percentage off. They are cutting prices on everything. If your advertising is perceived as a commodity your advertisers will buy at the cheapest price. That is hard to compete with.
7. Finally ask yourself - what business are you in? - If you are in the spots and dots, ½ full-page and banner business then fine, dominate it. You could though try to be in the problem solving business and align your media company with the wants and needs of your advertisers.
By Mike Brunel
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