Tag: Lapcom Communications Corp

Industry Views

Pending Business: How Are We Doing?

By TALKERS | by TALKERS

By Steve Lapa
Lapcom Communications Corp
President

Talkers Magazine - Talk radioHow might we better serve you in the future? How would you rate our service?

These are two common questions you will see on many restaurant info cards as you pay for your meal. After all, the restaurant business is fundamentally based on great food and great service at a reasonable price. Think about this: If either of those two basic components, food (product) and service are missing, you are outta there!

Our radio/audio sales business is based on the same thing: great product and great service at a reasonable price. Yet, why is it you will never find yourself or a manager asking those questions as a part of your regular follow-up or follow-through routine? Oh sure, there is the ever-present pre-sell, “How can we help?” as your advertiser mutters, “lower rates,” under their breath. But seriously, no one above or below your pay grade can process or properly evaluate the answers to the two service questions posed, let alone act intelligently on the response. Could it be we still think our sales and management roles are rooted in show business and if we put on a great show delivering great ratings the advertisers will follow?

Some advertisers will show up, others need to be sold. With Zoom, Teams, programmatic, AI and other initiatives gaining more and more traction, the service improvements in salesmanship is becoming a lost art.

Time to hit the pause button, step back and learn from our friends in one of the oldest business categories on planet earth: hospitality. Let’s learn.

— Ask for feedback as you “serve.” Since my first meeting, my mantra for sellers and sales management was and still is, “How are we doing?” Go back to your winning and losing sales calls. Even managers should review meetings that did or did not move sales and ask, “How can I better serve______?”

— One step at a time. If you could improve just one thing to better serve an advertiser, what would it be? What could it be? Do you even know?

— Do you care? Ouch! Now that is a hard core, in-your-face question. Comfort zones are just so easy to occupy, we rarely push forward.

My real-world experience happened years ago when I asked our advertisers what we could do better to serve them. Many host-read advertisers wanted times sent to them in advance so they could hear the talent in real time. Every one of those advertisers became longterm fans. Do you send your advertisers host-read times in advance? Sometimes, it’s the little improvements that win big dollars when it counts.

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: Being Realistic About Podcast Revenue

By TALKERS | by TALKERS

By Steve Lapa
Lapcom Communications Corp
President

Talkers Magazine - Talk radioIt looks like the podcast business is hitting those ever-present speedbumps.

No, I am not predicting a demise. I’m just asking why there weren’t a few more hardball questions.

If you sell or manage with eyes wide open, you’ve already read what the February 15 New York Times article chronicled. The cutbacks, drops, and hiring freezes hitting the double-digit-growth podcast business has some in the radio business saying, “Told ya so.”

Who has the chutzpah to say that to Tom Brady and Michael Strahan of Religion of Sports, or Michelle Obama of “The Michelle Obama Podcast?” When your bank account is on fumes, you speak the economic truth. The formula of star power driving unique audio content didn’t instantly convert to super-sized audience levels attracting super-sized revenue. What did VOX, Spotify, Amazon, NPR and other well-respected players miss?

— Never assume, (because assuming…) An out-of-the-box assumption listeners would pay for content to create a separate income stream, didn’t really take. Even the most aggressive marketer would think twice before assuming that listeners generating millions of downloads of free podcasts would suddenly pay to listen. Maybe a select few passionate followers would, but could you change the historic perceived value of the masses? When it comes to paywalls for play, be sure to test, adjust, and re-test before you project income.

— Ad sales sell out levels. A typical podcast has about a quarter of the inventory available in a typical hour of most news/talk and sports talk programs. Yet despite podcasts with limited inventory and higher CPM for host-read ads inside the podcasts, the projections from those well-respected companies tanked. The reason is elegantly simple. Too much podcast inventory chasing too few dollars.

— It’s the economy, stupid. Thank you, political strategist James Carville. The story goes the phrase was on a sign in Bill Clinton’s campaign headquarters and helped Clinton beat Geroge Bush in 1992. Did any of the gurus consider the economy?

— Who would have thought print newspaper sales have something in common with podcasts? Did anyone consider the impact of endless ad inventory becoming a commodity despite celebrity content? Never easy to predict which celebs will convert from the big screen or TV to podcast audio.

I had the privilege of producing cast members of Discovery’s “American Chopper” in a 39-episode podcast series. Even those crazy motorcycle dudes were challenged bringing their millions of TV and online fans to the podcast world. Hindsight is 20/20. Let’s never stop learning so we can always aim for higher earnings.

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: Your Trial Balloon

By TALKERS | by TALKERS

By Steve Lapa
Lapcom Communications Corp
President

Talk radio - Talkers MagazineIf you float a trial balloon, expect it to be shot down.

And to make the story driving the news headlines a better metaphor for our sales world, it should be noted that gathering information is always part of our mission. Sellers and managers should be floating trial sales balloons all the time.

Consider how many times we talk to our best advertisers to float an idea, a package, picking up a known talent or play-by-play rights to a popular team. But here is where the news story and our sales world take different forks in the road. Although the woods are full of downed sales balloons, it’s a good thing. Because in our sales world downed trial balloons mean we’re trying new things, communicating with our advertisers and not rocking along in the comfort zone. It also means some of these trial balloons make it to reality and become innovative ideas and viable sales opportunities.

I have certainly floated my share. There is a strategy behind floating a trial sales balloon to help you get the result you need. How do you improve the odds of a trial balloon becoming a sales reality? Here are some field tested tips:

— Determine your goals before you start. It’s so important to know what you’re looking for. Pricing input? Viability? Excitement? Sometimes sellers are so excited they misread the advertiser’s enthusiasm level. The reverse is also true. Sellers can be lukewarm as they focus on the transaction ahead instead of the first stage advertiser input.

— Ask permission. This is very important yet most sellers and managers never think about the advertiser reaction. What if they just don’t want to be surveyed? Always ask first.

— Confirm the confidence. Be sure everyone in your loop understands the trust you show in seeking their input.

— Keep your “ask” simple. You are asking for input. The simpler the ask, the cleaner the input.

— No commitments. Be clear the conversation you are having is early-stage preliminary to test the waters only. You are not even close to asking for a commitment, just sharing ideas and looking for input.

— Who wants to know? Be ready with the right answer.

Sellers and managers have been in the trial balloon business since the first ad was sold. Be sure to review your pre-flight check list before launching that next trial balloon.

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

When Crisis Strikes

By TALKERS | by TALKERS

By Steve Lapa
Lapcom Communications Corp
President

Can you define “crisis?”

Let’s start with “highly challenging,” move to “difficult,” layer in “nonstop pressure” and quickly fast forward to “intense circumstances.”

This is just from the outside looking in. From the inside looking out the crisis owns the clock and the emotions of its victims. Nothing else matters until the crisis is resolved.

Chances are your sales meetings have never addressed how to work with a local advertiser who is experiencing a marketing crisis. And that is because most managers have minimal experience working through a local advertiser’s marketing crisis.

Large-scale businesses typically coordinate consulting firms, experts, and major ad agencies. Think Tylenol, Chipotle, even VW. But chances are your local direct advertiser may not have the time to coordinate a full-blown crisis management team and responding to their call is now in your in box.

Recently, I found myself knee-deep in executing a plan to help manage a large-scale crisis. The experience was an eye-opener. Hopefully, you can learn from what is next. Here are suggested steps:

— Communication is critical. Listen carefully, be empathetic, clarify all goals that may be hazy and finally get a clear understanding of any timelines.

— Collaborate. Be clear with everyone on your team about the situation. Review internal protocols for copy, production, available inventory, and pricing.

— Long-Term vs. Short-Term. When an advertiser needs to get the word out quickly and efficiently, the temptation to raise rates or forced packaging is real. It is guaranteed that your advertiser will remember the team that grabbed an oar to help guide them to a safe harbor as opposed to the team that grabbed a hammer to nail the budget to the wall.

— Coordinate. Stay in contact with your advertiser. Remember, the crisis owns the clock and your client is focused on solving the crisis, so common sense counts.

— When in doubt take the simple route. If copy is a problem, suggest options. If credit is a problem, suggest a plan. If a talent balks, come up with a back-up. In a crisis, hurdles become mountains and climbing mountains takes months of training. Keep the solution path simple and easy to navigate.

— This too shall pass. Your goal in any local marketing crisis should be to become an ally, a trusted, dependable resource so that when the crisis passes your relationship is cemented.

Take a minute to review and expand on those six take-aways. Selling in a crisis environment is rarely a simple experience. Hopefully, you will be a little better prepared when a marketing crisis strikes.

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: Don’t Take Your Air Talent for Granted

By TALKERS | by TALKERS

By Steve Lapa
Lapcom Communications Corp
President

Photography - SearchingI’ll bet dollars to doughnuts the updated sales facts below are nowhere to be found in your radio station’s collateral material. This bold challenge is in front of you today as a wakeup call before the calendar becomes your frenemy.

The traditional calendarized selling events are about to begin starting with Valentine’s Day and you need to be current. Ratings, on-air lineup, and outside marketing may be out of your control but sharpening your selling skills and updating presentation materials is totally a selfie.

I’ve used many “wow” stats on sales calls – sometimes together, sometimes separately – but they’re always an important part of the pitch. Radio metric showstoppers with local appeal are mission critical in today’s fast-moving sales environment. Here’s a three-point, freshen-up to be integrated strategically when packaging or in stand-alone radio presentations. Use them or lose them, but at least choose to consider them.

— Nearly 80% of listeners say they would try a product or service recommended by their favorite radio personality, so says The Power of Local Radio Personalities study published by Katz last year. Now that is one heavy duty number! Careful about making this a universal, across-the-board statistic. Recommending a retirement community to the Gen Z audience is a non-starter. But when the radio talent is talking to that 55+ crowd in the right talk radio environment, that sound you hear is the phone lighting up with leads. When great creative is delivered by a great radio personality the audience comes alive.

— “79% of on-line searches are initially prompted with hearing an ad on radio,” according to Harvard Media, a Canadian marketing firm. The hard number may seem high for many of us, but the concept of using radio to enhance a multi-platform campaign, especially at the local level, is a tried-and-true formula. Call the concept what you will – media mix, multi-channel/platform – consistent messaging across the board delivers results.

— Digital disconnects. Ad blockers are in. According to a recent Hubspot survey update, 64% of ad blocker users say ads are intrusive while another 54% say ads are disruptive. Talk about negativity compared to the nearly 80% of radio listeners who consider their favorite personalities a trusted friend. We all want to hear what our friends have to say!

Chances are your basic sales materials are 2022 rollovers. Freshen up your look and give yourself a new reason to make the next 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

Industry Views

How to Justify Your Ad Rates

By TALKERS | by TALKERS

By Steve Lapa
Lapcom Communications Corp
President

Why did the chicken cross the road?  To go to the bank!

Have you been to the supermarket lately? The dairy section where eggs are typically available is looking more and more empty. I shop at the biggest supermarket chain in Florida where a dozen and half eggs cost $8.70, or $5.70 a dozen.

The price of a dozen large eggs has gone up from around $2 to nearly $5. So where are all those rich chickens? Some families are raising their own chickens to beat the high cost of eggs. Others are looking for alternatives to the traditional supply chain, like buying eggs directly from the farm. Talk about adopting the farm-to-table concept! Why haven’t we all adopted an alternative to that simple protein packed egg? Later for the nutrition questions and suggestions, for now let’s learn the basic lessons in this game of chicken or the expensive egg.

1)         Classic supply and demand. Welcome, Captain Obvious. Demand stays constant, supply goes down, prices go up. What’s in your pricing formula?

2)         We are creatures of habit. Unless you have an allergy or other medical prohibition, chances are you’ve been eating eggs as a source of protein since childhood. Most will pay more to stay with the same tried-and-true rather research an alternative. How are you motivating your prospects to move away from habitual buying to trying your station/concept today?

3)         What happens when supply improves? Once accustomed to paying more, we may never see that $2 dozen again. Let’s face it, most radio stations never sell out 100% of their inventory. So how do you keep that value proposition high year-round through various economic cycles.

4)         One year in the making. The price of those now expensive eggs increased 60% in a year. Do you have a mid-term or long-term strategy or are you still stuck on making the month?

5)         The rationale. Our skyrocketing price of eggs is being reported as the result of an avian flu. Almost anyone can understand that cause and effect equation. How about your sales strategy? Is yours that easy to understand?

Maybe this “eggcersize” seems a bit of a stretch. But consider this simple reality. The price of almost everything has increased, yet my radio friends still struggle with price management. It’s the same for almost every audio-based medium. Let’s not chicken out of the innovative pricing approaches we need during this challenging economy.

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: Package for Profit

By TALKERS | by TALKERS

By Steve Lapa
Lapcom Communications Corp
President

Matt Damon - PhotographyIs it just me, or has packaging become a lost art?

What was once a go-to revenue builder, has become a function of muscle memory and is presented with the enthusiasm of watching paint dry. Am I getting at least a “maybe?” If so, and you feel like the packaging treadmill is going to wearing you down, let’s regroup. For the manager and ultimately the seller, every package must answer four basic questions:

  • That is the (revenue) goal?
  • What is the timeline?
  • What is the unique factor?
  • If it fails to sell, do we drop it or revise?

Now let’s review the 10 basic packages:

  • New Business. You should have a simple new business package available each quarter that can either be sold as is or serve as a start point.
  • Event Tie-In. Like the title says, this package will help your advertiser benefit from an event your station is tied into or sponsoring.
  • New On-Air Talent. This is where you show the value-based opportunity to work with a new talent in your lineup.
  • Special Programming. Every radio format will run a special program of some kind during the year. From election coverage and exclusive interviews to countdowns, just package and sell.
  • Slow Season. Is there a special package offered on a limited basis to help power through when business hits a red light?
  • Sports. Needs no definition, just a little updated creative thinking.
  • Calendar Holidays. This is the gift that never stops giving. Mother’s Day, Christmas, Valentine’s Day, Thanksgiving, come every year. What’s new in your package?
  • Base Programming. News, Traffic, Weather, if your radio station offers the basic service elements, talk to your programming people for new packaging ideas.
  • Emergency Programming. With direct coordination of programming, emergency programming offering special weather, disaster or other community-oriented programming can always open a new door. Remember this type of programming is always a spotlight for radio’s immediacy.
  • Bundling your digital and social media assets can help move the needle with local advertisers. I’m not advocating a giveaway, just suggesting competitive thinking in the fast moving, high growth digital advertising universe.

Back to where we started. This is the simple takeaway: Packaging is the art and science of selling with a value component that easily answers the question, “Why buy now?”

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

Sales

Pending Business: When the Crystal Ball Is Foggy

By Editor | by Editor

By Steve Lapa
Lapcom Communications Corp
President

 

PALM BEACH GARDENS, Fla. — Its seems the current economic cycle is being driven by a sweeping round of cutbacks and strategic business re-focus now moving into the mainstream.

From Disney and Meta (parent of Facebook) to Walmart, the pressure is on to deliver positive performance in a cloudy economy. In plain English, it’s time to cut costs and push suppliers to share the pain. Yet prices continue to go up. Maybe it’s the fault of COVID’s unpredictable economic impact or some international collusion, or better yet, just a plain old foggy crystal ball in the CEO’s office. My vote is all of the above. But what does any of this have to do with your day-to-day sales? The short answer is: Everything.

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Sales

Pending Business: Gear Up for the Holiday Season

By Editor | by Editor

By Steve Lapa
Lapcom Communications Corp
President

 

PALM BEACH GARDENS, Fla. — Before you know it, the midterm election spin will fade, and the holiday season will begin.

For many of us, food, family, friends — maybe a little political chatter –and football will dominate Thanksgiving Day. No matter what your preference, please remember a special thank you for all the heroes and their families who protect our health, safety and freedom.

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Sales

Pending Business: The ‘Who Cares?’ Test

By Editor | by Editor

By Steve Lapa
Lapcom Communications Corp
President

 

PALM BEACH GARDENS, Fla. — Time to sharpen up, drill down and pass the “Who Cares?” test. This is where we take a hard look at how you present your on-air talent for host reads.

If you are like most sellers or managers, you look for a comfortable rhythm in your proposals that works for your style and now fits the cut and paste culture. There is nothing wrong with time-saving technique — except when the shortcuts take you to an outdated comfort zone. In radio sales we all get hypnotized by what worked for years. After all, we are creatures of habit and why mess with past success? It’s a challenging but important part of radio sales strategy.

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Sales

Pending Business: How Do You Handle Mistakes?

By Editor | by Editor

By Steve Lapa
Lapcom Communications Corp
President

 

PALM BEACH GARDENS, Fla. — Regular readers of this column know I am Florida based.

I needed a new screen door for our patio area one year prior to Hurricane Ian. Simple, you say. Not so simple in Florida where colors fade, styles change, hinges, pistons, handles, locks, are all exposed to the salt air yet still need to match and last. Most challenging is getting a replacement door to close and lock in place unassisted. When my screen door repair company finished, it worked perfectly. Within five days, the door would not completely close. They returned to fix it. About 10 days later, same issue; they returned to fix, again. And a third time. By now the project was a loss leader and the screen door company was more protecting a reputation than looking at their bottom line. Now the owner, toolkit in hand, returned to fix the issue. Finally, after four trips and adjustments all is good and there was never another charge or uncomfortable conversation. So, what does this have to do with radio sales?

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Sales

Pending Business: To Do

By Editor | by Editor

By Steve Lapa
Lapcom Communications Corp
President

PALM BEACH GARDENS, Fla. — Benjamin Franklin got it right over 200 years ago. His “To Do” list was incredibly close to yours today:

1) Eight hours a day of work
2) Lunch that included reviewing business
3) Set daily goals. “What good shall I do today?” was his prompt.
4) Reviewed goals at the end of every day. “What good have I done today?” and “examination” were his evening recap prompts.
5) Seven hours a night of sleep.

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Sales

Pending Business: The Aftermath of Ian

By Editor | by Editor

By Steve Lapa
Lapcom Communications Corp
President

 

PALM BEACH GARDENS, Fla. — It’s about a three-hour drive, a little less than 200 miles from my home base, to Fort Myers Beach, Florida.

As we experienced strong winds and heavy downpours, Hurricane Ian destroyed most of Fort Myers Beach as well as other communities on Florida’s west coast. Ian tore a devastating path that continued through Orlando and into the Carolinas. Damage estimates are already over $60 billion, the death toll in Florida at 48 and still climbing. Ian is the worst storm in Florida history.

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Sales

Pending Business: Coupons

By Editor | by Editor

By Steve Lapa
Lapcom Communications Corp
President

 

PALM BEACH GARDENS, Fla. — Newsflash: We’re using more coupons and grabbing more BOGOs these days. Have you been to the grocery store lately? Pick an aisle, any aisle. Do we need an audit to tell us the price of almost anything you buy is at a record 40-year high? Even store brand food is getting more expensive. Check your mailbox, some pre-COVID free publications are roaring back with coupons and limited time offers. Check in with your 20- or 30-something children. What was once an, “Oh dad, so embarrassing!” is now part of their pre-shopping ritual.

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Sales

Pending Business: Worst Cold-Call Ever

By Editor | by Editor

By Steve Lapa
Lapcom Communications
President

 

PALM BEACH GARDENS, Fla. — “Hello Steven. My name is_________. Do you work with a financial advisor? Steven, are you familiar with the various resources available to you here at________. Steven, here is my card, please reach out if you need anything.”

As I sat in the waiting area of an investment center known worldwide, that cold call really happened to me.

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Sales

Pending Business: When Controversy Strikes

By Editor | by Editor

By Steve Lapa
Lapcom Communications Corp
President

 

PALM BEACH GARDENS, Fla. — Is someone out there in talk radio land ready to help us understand the new boundaries of controversy in talk radio?

A little help here, I’m getting lost.

Abortion laws will quickly become a leading topic again as states begin to weigh in on laws. Social media is already buzzing about Brittney Griner’s sentencing and what about her stance on honoring our National Anthem? The January 6 hearings continue to produce new fodder for talkers as the Russia-Ukraine-China-Taiwan storyline is on the radar — literally. Those topics don’t touch what’s happening in your neck of the woods. Somewhere along the way one of your local talent or nationally syndicated talent will say something that will offend listeners, sponsors, or both.

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