New Revenue Solutions

Here are some of the ways our stations are generating new non traditional revenue:  revenue sales seminars, social media prospecting, station branded business directories and local search. Less innovative stations continue to believe they can succeed by just selling radio and offer digital as an afterthought.  There is a better way.  One that will make a real impact to your  station’s bottom line.

Searching for a New Revenue Stream

Let’s get right to it.   Local search and a station branded business directory work seamlessly with local radio.  Radio is a branding medium that creates awareness for its advertisers and given the right creative can drive immediate business for its clients. Buyers of products don’t seek out radio to help them make a buying decision.  In the past they used the  yellow pages to find a product or service provider and now they use online local search or local business directories.  Local radio and local search offer small businesses a powerful local marketing solution.  So why doesn’t radio take advantage of this opportunity?

Local Search is Hot and Radio is not—Yet

Let’s take look at these figures and you’ll see that local search is an area that radio can take advantage of if we open ourselves to this opportunity.
• 41% of consumers say they use a location in their search – “dentist in Chicago”
• Yet only 9% of small businesses are happy with their internet marketing
• 73% of all online activity is related to local content (Google)
• 66% of Americans use local search to find local businesses (Comscore)
• 54% of Americans have replaced phone books with internet and local search (Comscore)
• 82% local searchers follow up with call/walk in etc. (TMP / Comscore)
• 43% of search engine users are seeking a local merchant with the intent of buying offline

Local Search Means More Revenue for Radio

Local search is the buzz word. You are much more likely to speak to a business owner about local search than you are about radio. Local search is quantifiable and business owners know this and are therefore interested in finding out more about it. Local radio can create a new revenue stream by incorporating local search as part of its product offerings and do so without creating more work for its present sales staff. In fact local search can open doors previously closed to radio and drive more traditional advertising revenue as a result.  Click here for more information.

1.    Select an expert or organization that specializes in target marketing
2.    Identify your ratings and cluster marketing objectives
3.    Analyze both your station’s and your competitor’s hot zips codes
4.    Identify individual households within these zip codes that have a higher propensity to fill out a survey
5.    Purchase a list of targeted households from a qualified company
6.    Develop a consistent marketing message
7.    Use direct mail and/or telemarketing to further identify people willing to participate in a survey.
8.    Use social media and other online techniques to support your outbound efforts
9.    Send your marketing message to your station’s email and text database
10.    Use street and buzz based marketing efforts to support this campaign
11.    Review and analyze key campaign indicators to determine if the program is tracking successfully
Market your station to increase ratings and revenue

It’s no secret that in order to generate higher ratings you need to find the PPM or diary households and market the hell out of them.  It’s also no secret that it works.  It works over and over again in every market across the country if the station is programmed and ready to receive the influx of new listeners.  So if you’re committed to higher ratings and your sales staff can convert these ratings into increased revenue then it is a pretty straight forward decision.  Start marketing your properties to increase the value of your group.  It is a great alternative to just cutting costs and reducing the viability of the station and cluster to continue to attract listeners and generate increased revenue.  Of course the solution is probably somewhere in the middle but this requires a thoughtful
strategic approach.

Here is some preliminary ratings  information from several of Impact Target Marketing’s radio station case studies.  This information highlights the success of our new integrated marketing campaign that uses social media, direct mail, telemarketing, email and mobile marketing to impact your station’s ratings.

For more in depth information from these case studies and others send a confidential email to info@impacttargetmarketing.com.

Snap Pack Survey Rating Performance

Market Rank: #27

Mail, calls and social media were in the market between October 23rd and November 15th. Monthly Ratings Oct/10 Nov/10 Dec/10 Cume Persons (25-54) 149,300 191,800 195,200

Market Rank: #19

Mail, calls and social media were in the market between November 15th and December 7th. Monthly Ratings Oct/10 Nov/10 Dec/10 Cume Persons (6+) 279,000 280,000 308,000

Market Rank #5

Mail, calls and social media were in the market between Feb 8th and March 18th.

Weekly Rating  Jan III  Jan IV  Feb I  Feb II  Feb III   Feb IV   Mar I   Mar II

                             2.8         2.4       2.9       3.8       4.7            4.8         5.2         4.6

This post originally appeared on Area’s Best Marketing.

I have spent a lot of time reading about the latest and greatest trends that small businesses should look for in 2012.  It should be an interesting year for you as you try to wade through all of the new ways to reach customers.

Just when you thought you understood how to use social media, local directories and discounted deal programs an influx of new trends come rushing in.    Trends that will challenge even the brightest small business owner.  You can expect to adopt these new ideas but it will come more slowly and in ways that don’t necessarily fit the original use.

In 2012, businesses like yours may even be slower to adopt these new trends given the present state of the economy.  Many of you have cut your expenditures to the bone and are working overtime just to get by.  This doesn’t leave much time to understand how these new business trends will affect your business and more importantly how to take advantage of these trends to reach new customers.  Let’s take a look at some of the trends in 2012 that small businesses should be aware of:

The mobile consumer shops locally

Mobile has arrived at the door step of your business primarily because of the rapid adoption of the smart phone leading to a behavior shift to mobile.  Take for instance the recent promotion between foursquare and American Express.  This promotion tied in local businesses with foursquare, a location-based social networking website for mobile devices. It offered small businesses like yours the opportunity to offer discounts by way of credits applied to participating consumer Amex cards.

The mobile market will continue to expand, and as it does, people will use their phones to find local businesses with the intent to make a purchase.

Social networks become another marketplace

Today’s social networks continue to grow and become more a part of our lives.  Our behaviors are evolving to the point that when we first go online each day we check in with our network of choice.

In 2012 social networks will become their own wholly functioning, self contained marketplace.  As small business owners and marketers it is important that you become engaged with these networks and educate yourself about them.  Be ready to set up shop as these networks open for business for both network consumers and small businesses.

Trade content for customer data 

Have you begun an online dialogue with your customers?  Do you have a blog? If not then get started.  For those small businesses that already have a content strategy; one that is primarily used to inform, educate, build trust and document company success, you’ll need to evolve in 2012.

Take the next step by creating and offering content in the form of white papers, video seminars and content enhanced products.  Create landing pages to capture data from people requesting your enhanced content.  Collect this data and begin a consistent dialogue with these people—they represent qualified customers.

Have a question or comment?  Tell us what you think. Need some advice and direction, speak with one of our marketing experts.

By Eric Corwin

I was reading an article this morning in Radio Ink by Ed Ryan, titled The Struggle to Find the Message. In the article he talks about how industry leaders believe they must do a better job of sending a clear message for how well radio works for its advertisers.  I agree a clear message is essential, but how are they going to convey this?  I don’t know that finding the message is the struggle. The fact is radio works and there are thousands of success stories to back this up.  Do we leave this up to our ever shrinking sales force to spread the word?

93% of businesses begin the buying process online

According to an iMedia Connection Blog post, 93% of all B2B buyers use online search to begin the buying process.  I have yet to find a consistent online initiative that promotes the benefits of local radio to small and medium size businesses (SMB’s). Of course most stations use their airwaves to promote the benefits of radio, specifically their own station, but few have developed an integrated online approach that effectively reaches and educates business owners about the benefits of radio.

Broadcasters use Web 2.0 to reach new advertisers

I know that most broadcasters understand the importance of internet marketing or Web 2.0 for attracting listeners.  Now it’s time to develop an effective Web 2.0 strategy to reach potential advertisers online.  The strategy would include the following:

• Blog
• Compelling content
• Case studies
• Whitepapers
• Video presentations
• Social media pages
• Webinars
• Landing pages to collect leads
• Email

This online strategy will provide advertising decision makers the information necessary for them to make an educated decision and provide radio with advertising leads.  At the same time it will provide the industry with a stronger online presence to better compete against other media options.  This strategy is similar to a advertising lead generation program developed by Impact.

Radio’s strong message is lost online

It is becoming more and more difficult to reach decision makers, whether they are the owner of (SMB’s) or a general manager at a radio station.  The buying process has fundamentally changed.  Advertisers want to make decisions on their time, not when a rep calls or walks through the door. I don’t believe it’s about the struggle for radio to find the message as much as it is for radio to find the audience that is receptive to hearing our message.  Not just on air but online when and where they have the time.

What do you think?  Give us your opinions and comments.

Find out more about lead generation for radio

We know that small businesses like you are struggling with how to promote your company in these challenging economic times.  Most of you don’t even have a marketing budget and must rely entirely on word of mouth advertising and direct referrals from present clients.  Here at Impact Target Marketing we’d like to help businesses like yours by offering low and no cost ideas you can use to market and promote your company. Many of you have already taken advantage of these ideas through our 30 minute free marketing call.

30 minutes to better marketing

Thirty minutes is a short amount of time but it can and has helped small business owners throughout the country.  The key is to be prepared with questions and be open to new ways to promote your company.   We will give you actionable solutions based on over twenty five years of marketing expertise. 

Our economic recovery begins with small business success

You might ask why we are offering this service and the answer is simple:  Small businesses are critical to the success of our country’s economic recovery. Small businesses make up more than 99.7% of all employers. By offering this free service to your business, we can help your business grow and in turn help the economy recover.  Plus, it allows us to show you first hand our strategies to help you reach new customers.  In the future, when looking for marketing support, we hope you consider our services.

Don’t just sit there…get started

Are you frustrated with your marketing efforts so far? Do you need to speak with an industry professional that has fresh, creative ideas you can pursue? Click here to request a confidential one-on-one call with one of our marketing experts. 

American Express and Foursquare Pilot a Super Social Campaign

This is one of my favorite social media campaigns of the year and one that radio could adapt very easily.  Foursquare, a location-based mobile platform, partnered with AmEx to initiate a small test in March at the South By Southwest Interactive Festival: link your AmEx and foursquare accounts, spend at least $5 at a local merchant in Austin, and get a $5 savings applied directly to your monthly statement. The initial response was so great the two companies launched it nationally.

Small Business Saturday

The next step included offering discounts at Sports Authority and H&M which added to the program’s success. The program most recently was tied to what American Express called “Small Business Saturday”…the Saturday after Thanksgiving.  AmEx offered a $25 credit at any participating small business that accepts their card as part of the foursquare partnership.  It was also offered as a Klout perk and promoted via the AmEx Facebook page.

The Radio Tie-In

The radio tie-in seems pretty obvious to me but may ruffle some feathers with existing coupon based 2 for 1 programs presently offered by lots of stations.  The most obvious would require a three-way partnership with AmEx,  foursquare and the radio station.   The station will offer on air and additional digital support extending the reach of the campaign.  This in turn will increase the number of new business advertisers for this social media campaign, increase the number of synced or activated American Express cards and finally increase the amount of local advertising revenue for the station as a result of this partnership.

What are your thoughts on this?  Do you think radio can take advantage of the relationship between foursquare and AmEx? Can you think of a better way for radio to get involved with a location based mobile platform?  We are listening.

The survey asks broadcasters about the  strategies that they feel should be implemented to support the ongoing viability of the industry.  Results of this survey will be published within the Impact Target Marketing blog on December 13th.  Plus, find out how ITM helps radio stations generate higher revenue and ratings.

Take the Survey Now!

By Eric Corwin

Create stimulus by shopping locally

I help small businesses every day get their share of local dollars    being spent on goods and services. We all know how important local business is to our local and national economy. They are responsible for generating new jobs and are considered to be stimulus sources in local communities. One study shows that $45 out of every $100 spent at a small business gets spent within the community. Only $13 is re-circulated in a local community when those same dollars are spent with big chain stores.

We want to express our thanks

Let’s thank American Express for launching its Small Business Saturday campaign designed to encourage shoppers to spend cash at locally-owned stores after Thanksgiving, one of retail’s biggest weekends of the year. I tell my small business clients that things are looking up and many of them look at me like I’m crazy. Something interesting is taking place that puts local business squarely in front of its community’s consumers. These consumers now see that the success of their community’s small businesses and our country’s economic recovery are closely connected.

Market your business locally

I tell my small business clients to focus their marketing efforts within their local community; to sell to their neighbors first. Reach out by using a variety of marketing techniques. We started a referral program for one of our clients called, “neighbors helping neighbors.” This program rewarded customer referrals by paying referral bucks for each referral made. It was simple and easy to track. Another client is in the process of launching a local campaign using direct mail, email and social media to highlight a theme based holiday sale.

The community will lead our economic recovery

It seems that now more than ever our local community is even more important to each of us. We need each other more than ever as we struggle through these tough times. We’re hunkering down to provide support to our neighbors who are less fortunate and to the local business owners that will provide new jobs. These jobs will help support local communities by putting more money in to the pockets of local consumers.

Please comment and tell us what you think about this blog and others contained within this site. If you have some examples of some local marketing ideas we’d love to hear about them.

Let’s take a look at some things you can do to market your business right now.  I use these inexpensive and effective techniques every day to help promote Impact Target Marketing.

1. Update your client database.  You should have a name, address, phone and email for each client.  If you’re missing data then call the client to update their information.  Although this can be time consuming it is the most important thing you can do to support your company’s ongoing success.
2. Look for common characteristics that your clients posses.  From your present database identify characteristics that are similar with each of your clients.  Find out why they worked with you.   How did they find out about your company?  Were they satisfied with your product or service?  Would they recommend you to a friend or neighbor?
3. Market to present clients and ask for referrals.  There is no better way to generate business than by targeting present customers.  Talk with them about other products or services your company offers.  I always ask my best customers for referrals and offer to give them something of value for each referral that turns into a new customer.

I hope this information proves helpful.  Check back for our next post when we discuss more about how to market your business with limited funds.  As always remember we need your comments about this and other posts.  What inexpensive marketing ideas do you recommend to business owners that will ultimately help lead to our country’s economic recovery?