By Steve Lapa
Lapcom Communications Corp
President
Your crystal ball is still foggy, isn’t it?
Even worse, no matter how many times you try and shake it into a predictive submission, the answer is still the same, “Political-not sure, Weather Emergency-unforecastable.”
Nobody in business likes a lack of confidence, so “Not Sure” is a non-starter. For us radio fans, the variables in predicting a 2024 ad sales forecast are the most unforecastable, unpredictable, variables since the original gang of head-in-the-sand radio gurus pegged MTV as a 1981 fad.
And here we are, 42 years later where a pure-play music video channel challenging FM music radio, satellite music radio, music streaming and downloadable audio would include dating games and ridiculousness, once again saving America’s most-listened-to free music source: radio.
Remember 1981 when talk radio was mounting a competitive threat to all-news radio. Rush was 30, Hannity was 20, Bongino was seven and Ben Shapiro was not born yet. Anybody here have 42 years to wait out your 2024 predictions and get it right? How about 42 days late with your forecast?
Our new world of AI, super-speed computer analysis, blended into an ever-changing digital and social media landscape, under pressure from the economy, global events and the melting radio revenue ice cube has made predicting 2024 ad projections a Vegas skill game.
Thankfully, we have the experience, patience, and cooperation of radio’s leadership to adjust forecasting quarter by quarter, sort of. Back to the task at hand and how to navigate this cracked crystal ball as you mount your sales strategy into 2024.
— Keep your eye on the prize. Always remember, your current advertiser is your best advertiser. Take diligent care of your foundational base billing and that means super serving your customers, as competitors from every medium are monitoring, planning, and pricing a counter plan.
— Positive Paranoia. Thank you, Andy Grove. The third CEO of Intel and a driving force behind Silicon Valley’s original exponential growth knew how to channel innovation and competition into a positive zone. How about you?
— Never stop learning. What new strategies and sales techniques will you drive into next year.
— Something will drop out of your sales picture. What is it? Eventually a sale resource will drop out. Identify how you will compensate for the loss and how you will grow your business as a result.
— Do you have minimum and maximum goals? There are only so many accounts you can sell and service in a month. What is that number and how much do each of those accounts need to generate monthly?
— Attrition. The arch-enemy of sales. Some business never returns. Now what?
Many 2024 projections are falling in the ultra-conservative, no risk, under promise/overdeliver category. Yet there is a fine line between being too conservative and a vote of no confidence. What’s in your forecast?
Steve Lapa is the president of Lapcom Communications Corp. based in Palm Beach Gardens, FL. Lapcom is a media sales, marketing, and development consultancy. Contact Steve Lapa via email at: Steve@Lapcomventures.com.