(By Charlie Sislen) How do you grow your business? One tactic radio has employed – almost to death – is to win a larger share of an existing buy. In other words, fishing with everyone else where you know the fish are. However, as advertising revenues increasingly flow towards non-traditional platforms, this tactic can yield diminishing returns. Radio broadcasters cannot rely on existing dollars designated to radio.
Let me suggest an alternative strategy. Find (and convert) those accounts that have not chosen radio and, digging further, businesses that are not advertising at all. The rewards can be exceptional. We have always heard that “first in wins,” and in this case you can set yourself up as more than a vendor. You can bill yourself as a marketing consultant.
So where do you find these new potential dollars? Knowing what businesses are emerging and are suddenly hot is key. As a sales rep in 1981, video arcades with games like Pac Man and Donkey Kong were appearing in every strip center in my metro. As a sales rep for an AOR station, they were ideal advertisers. Where can you find today’s arcades?
Start by reading local and national business reports. You can quickly and easily uncover industries that are emerging or growing. These are hot leads. For example, a recent Wall Street Journal article outlines how pet ownership has grown significantly and people are spending more on their pets. This is a growth industry. Spending and competition are increasing rapidly. You can help a business owner separate himself or herself from the competition. Smart advertising and marketing can provide brand lift and increase sales.
While this is just a single example, many industries and categories have a similar growth pattern.
Once you have found the advertiser, how do you build an impression that will last? That is the subject of the next article in this series.