New Revenue for Radio in 2012
I see some exciting ways for stations to generate new revenue in the coming year. On a local level broadcasters can begin to get a share of the dollars going to local business directories and local search. Both of these digital solutions tie in nicely with our station’s websites and go hand in hand with our reps local direct sales approach. By selling a local search solution in conjunction with radio new advertisers are more likely to see immediate results.
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.
