(By Alec Drake) You set budget goals toward the end of 2022. Almost six months later, it’s time for a refresh. Revenue targets and your purpose-driven management decisions may be out of alignment and need adjustment. How are your expectations and benchmarks holding up? Is it time for a six-month tune-up of your “To-Do List” for the last half of 2023?
Here are several suggestions as you step back and consider a tune-up of your revenue engine.
Inventory Management and Pricing
Are your station capacity numbers updated based on any programming changes (local vs. syndication and PXP periods, for example)? What is your starting supply?
- How much political demand and client attrition will you still need to replace?
- Have your ratings impacted transactional business? Based on prior ratings from six months ago, what categories will fill any void in projected dollars?
- Has competitor programming changed to adjust buying patterns and demand for your stations?
- What sales tools and systems are underutilized or need an overhaul to support better sales activity, management decisions, and forecasting?
Strategic Sales Questions
What customer categories are growing, and what segments lag in revenue contribution? Look at your top 15 to 20 categories for changes in their business environment and impact on your sales assets as solutions.
- What on-site events are new to your market? How can you get involved? Are adequate sales efforts planned before any decision timetables to capture sponsorships dollars?
- What new plans are needed to grow digital revenues? Is your bundle strategy working, or does it need refreshing?
- Focus on added billing with existing customers by adding one or two more assets to grow their business and your sales numbers.
- What customer categories and prospects will fare better if we have a recession?
- Focus on clients with higher-end customers who can still purchase in an economic downturn.
- How are you educating the market? Have you identified a content creator for your sales department or a content manager to work on sales marketing and inbound prospecting strategies?
Your Revenue Team
Sales staffs drive specific demand by asset class, maximize client relationships and communicate different value narratives to the market. What investment are you making in the sales team?
- Are your compensation strategy and incentives still on target?
- Look at retention opportunities to strengthen the stability of your team.
- Recruit now for what you will need six months in the future.
We know that success comes when preparation meets opportunity. This year can still be a positive revenue growth opportunity if you complete your list and take the proper steps to build sales momentum.
In conclusion, the six-month tune-up for your revenue engine is a critical exercise in ensuring your sales management goals are met. By focusing on inventory management and pricing, strategic sales questions, growth opportunities, and your revenue team, you can develop a plan to build sales momentum and achieve your revenue targets for the year.
Remember that preparation is vital, but your success will depend on your ability to revise a plan, execute the changes, and adjust in the months ahead to new information.
Alec Drake focuses on sales and management improvement strategies. He recently founded “The Radio Invigoration Project” (T.R.I.P.) and a monthly newsletter, The Sales TRIP, on LinkedIn; email him at [email protected]. Alec’s previous posts are available at Radioink.com/author/adrake.