Last time, we discussed the difference between one's mythological rate and the real one. If you're only 70% sold out, your rate card rate is merely an interesting number - a myth. The question: What to do? If you decide on an overall rate reduction, we showed a great way to do it. That is, how to make it a positive success story and find your "real rate." Once you do that, you will sell out and start the climb back up. Again, if 30% of your inventory is going begging, the market is telling you that they don't perceive enough VALUE to buy you at your rate.
Eighteen months ago the words "Value Added" were viewed with distain, contempt, ka-ka. Now those words have come full circle to be a lifesaver. ("Yesterday's Kielbasa it today's Prime Rib." Want to know who said that? I'll take Caller #3 at 480-970-4200.)
Look around and find every Value Element available in your holster.
Throw in the Web? No, don't THROW IN anything - that's self-defeating language. The perception of any value is gone before you even start. If the station isn't selling to capacity and the web isn't selling to capacity, combine the two into a . . .
Customized Integrated Marketing Plan. Take a couple of those unsold front page units dedicate them to simple category landing pages like Best Deals in Town or Spring Sale Guide. Offer it to every client having any kind of sale or discount. (That would be 80% of your clients.)
Texting. This is great because you can easily create a product from scratch - and create a hefty database of P-1 station devotees. They're the ultimate Qualified Prospects for your clients. Most text based promotions that I've seen are very client-impressive.
Creative. Something we for granted but the clients don't. This is a big deal for them: it's why they turn to ad agencies. If you have the people, consider offering clients a two-hour sit down copy and strategy session. If you don't have the people, find a couple freelancers; perhaps out-of-work jocks.
Create a Recession Prevention Summit. Here we're talking a very informal 90-minute breakfast for your clients. Outside guest speakers with good information are easy to find. Don't worry about competitive clients in the room; we're the only ones that think that's a big deal. The problem is that most of the time we do this it's 70% radio-self-serving. The clients understand that you're there to sell radio, not help them. It's a huge turnoff and they'll forever trust you less. However (I've seen this happen so many times) if you spend most of the session talking about their ads and less time pitching radio - it's a fabulous sales call. If you appear as wanting to help them instead of selling them - you become more trusted and believable - a Competent Honest Resource. That separates you from every other media organization in town. Then they'll listen to you more.
Sales Co-Promotion. We would have never considered a revenue split with a so-called competitor - but now it's a way to create money that doesn't exist. Not talking about swapping ads, but a promotion with lots of co-sponsors. What other non-Radio advertising ad medium is struggling? Local magazine? Non-Trad newspaper? NPR station? College newspaper? Look at the possibilities of a co-promotion partnership. Sell the two (or three) as a package, everybody promote the product - then split the money.
Any NTR promotion that goes unsold. Make them available to advertisers for only a couple bucks more. Package them - and create logic why they're together.
Now you have a better chance of getting your rates.
