(By Marc Greenspan) Your station’s ratings can be a source of joy or sorrow. Let’s say your station garners an older-skewing demographic – one that likely has a large portion of Adults 55+ (or even 65+). Your clients want Adults 18-49 or 25-54. What do you do?
Many sales reps set prices based on the advertiser’s target without highlighting the value of their audience that is outside of the advertiser’s requested target demo. Therefore, they are delivering this audience segment at no cost. In other words, this 65+ (or even 55+) portion of the population is being given away.
Something should only be given away if it has no value. Nothing is further from the truth when dealing with the older segment of the population. Why is this?
- They are growing in size. Every year with the October PPM and Fall diary surveys, Nielsen updates their population estimates. In some markets, the 65+ portion of the population outnumbered any other demographic cell. By ignoring them, advertisers may be ignoring a valuable consumer base. Look at your market and know the facts.
- They have qualifying income. What does this mean? It means they have the required income to qualify for loans, major purchases, etc. They are usually empty nesters, have no student loans or mortgage. They are shifting their lifestyles to more entertainment and travel. Maybe even redecorating and remodeling their homes. This older demographic often has a financial portfolio. You can document this by analyzing the Scarborough financial information for both the market and your station.
- They are super radio fans. While younger segments of the population are tuning to the radio, it is the older segment that is most loyal to radio. In most cases, the TSL to radio by Adults 55-64 and Adults 65+ dwarfs that of their 18-24 and 25-34 counterparts. Get the facts for your market and stations.
Does your advertiser want to miss one of the fastest-growing segments of the population that can afford their products and services? These valuable customers love radio, therefore our medium is the best way to reach this segment. The facts are on your side. You just need to present them to the local advertiser.
Don’t shy away from this segment of your audience. Present their value to the advertiser with pride.
This column is part of a series titled “Growing the Radio Pie.” To view past articles, visit The Ratings Experts at Research Director, Inc. online here.
Marc Greenspan is CEO and a founding partner of Research Director, Inc. He can be reached at 410-295-6619 x11 or by email at [email protected]. Research Director, Inc. offers consulting services to media companies to help them grow their audience/ratings and their revenue.