Tag: growth targets

Industry Views

Pending Business: Good News Bad News

By TALKERS | by TALKERS

By Steve Lapa
Lapcom Communications Corp
President

Survey says, the good news is, 49% of local direct advertisers use AM/FM radio.

The bad news is, the same survey says, 65% of that same group uses social media advertising. Advantage +16% for the digital team. The good news is, you are comfortable selling/managing digital and social media vehicles because like it or not your local advertiser is leaning in on the digital/social media advertising opportunity.

Survey says, more bad news, 54% of the local direct advertiser group is buying event-sponsorships. The good news is, you are comfortable selling/managing event-sponsorships because like it or not your local advertiser is leaning in on the event-sponsorship advertising opportunity.

Now for the closer, survey says, over 50% of these local advertisers are now budgeting only 2% of gross revenues on advertising. Thank you Borrell for the researched eye-opener and thank you pandemic for shrinking the local advertiser’s marketing dollar.

Show of hands, please, anyone reading this totally surprised? The online digital/social media advertising world has been on a double-digit growth tear as long as anyone can remember. The growth continues as AM/FM sellers stand by and watch the parade go by, sorry guys. The facts are… there are roughly 310 million smartphones in the U.S. According to the last Edison survey, 68% of U.S. homes own 1.5 radios. In round numbers 338 million radios at home. Wait, what? Are there almost as many smartphones as AM/FM radios at home? Anyone own more than one smartphone? I thought there was a radio in almost every room in your home. Not anymore, you say? Quite different from the average five radios per household when many reading this column earned their first double digit commission check as a member of that fun loving sales team. The times are a changin’ and I hope you are changing with the times. Let us start here:

Update your value proposition for “Why Radio?” Make it current and relevant to today’s media ecosystem.

Sharpen your new selling skills. Get ahead of the curve and leave your competitors in the dust.

Ask yourself, “What happened?” The numbers of smartphone users are growing. Maybe not as fast as in the past but growing. The number of AM/FM radios in the home is shrinking. Look to your leadership for some answers.

When the trend is NOT your friend, it’s time to think like the great leaders who built our country and media empires, “Lead, follow, or get out of the way.”

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.

Industry Views

Pending Business: You’re Halfway Home

By TALKERS | by TALKERS

By Steve Lapa
Lapcom Communications Corp
President

imCongratulations! You’ve made to the halfway point this year.

Stand by to prepare for the second half of the year like you never have before. This upcoming second half could be so confusing even WAZE may not get you home.

The economy is sending so many mixed signals it is almost impossible to distinguish flashing warning signs from healthy growth curves. From home sales to new car sales, prices are holding as mortgage rates are at a 15-year high and new car prices redefine sticker shock.

Hiring in many categories was robust over the last few months, signaling a better economy ahead. Here comes the tricky part. For most in the news/talk sales world, the next quarter isn’t exactly on fire and as usual precious few sellers and managers are working on Q4 as they wrestle with the headwinds they now face.

Sorry to report there is no fast fix or instant solution. But let’s at least try to review some basic game planning:

— Are you still spraying and praying, or have you zeroed in on growth targets? Every survey says, “revenge travel” and dining out are big factors in local economies this year. What’s on your target list?

— Open your eyes. What’s hot and what’s not? Here in Florida, there are two Peloton stores in two major malls as well as a full display in our local Dick’s Sporting goods. All three venues are forever uncrowded – as in empty. Yet have you checked out the price of bicycles, golf clubs, or leisure wear? The consumer is spending, but not where you may think.

— Back to the basics. Medical, dental and general wellness should always be on your radar as most of us are ready to invest in health and happiness. Does the category profile show on your target list?

— Unpredictable economies require smarter financial and legal plans. Are your listeners ready for a financial check-up? Laws change and staying current with tax and estate laws is always a challenge. The news/talk audience always over-indexes on financial qualitative.

— How is your competitive periscope? Are you aware of any new media competition that may be carving into budgets? Have you come to terms with the growth in local digital marketing or is your head still in the sand?

The second half of this year is up to you. Make it or break it, it’s your call.

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.