RADIO CASHES IN ON LOVE

By Eric Corwin
Impact Target Marketing

There’s some light at the end of radio industry’s tunnel. More advertisers are coming back to radio now. Rates are beginning to stabilize and in many cases beginning to rise. But we as industry have much work to do to in order to uncover the real opportunities that exist in our new digital world.

Some Broadcasters have Found New Revenue Solutions

Some broadcasters are seeking revenue solutions that are somewhat non-traditional to help support their return back to relative revenue stability: revenue sales seminars, social media prospecting and prospect generation to produce more new leads for their sales staffs. Most however, continue to hold a misplaced arrogance about their belief that all the answers reside within the walls of their respective broadcast group. I would say to anyone who is willing to listen that the answers to radio’s revenue challenges exist, for the most part, outside the confines of their group.

Searching for a New Revenue Stream

Let’s get right to it. The number one solution for radio to support a new revenue stream is local search. The connection between local search and local radio is seamless but few, very few, groups see the opportunity. Radio is a branding medium, that we know, 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 looked to yellow page directories and now online local search when they are in the process of making a buying decision. Local radio and local search together offer small and medium businesses a powerful local marketing solution. So why doesn’t radio take advantage of this opportunity? We know why, because radio decision makers on the station level either have no power to make a decision or no time to research opportunities that present themselves. When they do, most are gun shy because those that stick their heads out to offer a solution most often get their heads chopped off.

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. To learn more click here now.