Selling Radio Direct with Pat Bryson
Our clients are asking themselves this question daily. As I mentioned in last week’s post, there has been research done for 90 years in periods of economic interruption.
The conclusions are always the same:
1. Those companies who continue to advertise during difficult economic times weather the downturn better.
2. After the downturn ends, their sales rebound faster and higher than those companies who went silent.
I understand that this is a difficult message to deliver and for our clients to hear. Our clients are looking for ways to save money. Saving money by going silent is a regressive move. Why?
When competitors go silent, it provides a wide open field to build market share. Building market share depends partly on “share of voice”. Having the largest share of voice can be accomplished for less money when your competitors aren’t advertising. It’s not how much you spend, it’s how much more you spend than your competitors.
The current environment provides a once-in-a-lifetime opportunity for the bold company. Those companies who are willing to step up and work on increasing market share will reap the rewards.
Why is market share important? In times like these, the total consumer pie may shrink. Companies can’t just measure results on sales volume. If the total pie is smaller, sales volume may go down. But, if by advertising they increase market share, the minute the total pie expands, if they hold their market share, their sales go up exponentially.
Case in point: McGraw Hill did studies during the 1974/75 and 1981/82 recessions. They found that companies who cut advertising in 1981/82 increased their sales only 19%between 1980 and 1985 (after the recession ended).
Those companies that continued to advertise in 1981-82 enjoyed a 275% sales increase. No, that’s not a typo. It illustrates how gaining market share can translate into increased sales.
This situation will not go on forever. As soon as stores open, travel resumes, fear subsides, there will be pent-up demand. We want our clients to be ready to take advantage of this!
And, never forget that there are still people buying, Coronavirus or not. If a refrigerator goes out, tyres go flat, TV goes out, they will be replaced as quickly as possible. In fact, one broadcaster said a local appliance store was selling out of freezers. There are always businesses that will benefit.
In our next newsletter, we’ll look at messaging. What do our clients need to tell our listeners?
I do an entire session on selling in a crisis. Contact me if you’d like more information.
Until then, stay safe and happy selling!
See Part 1 of this article here.
About The Author
Pat Bryson is the founder of Bryson Broadcasting International, a consulting firm that works with radio stations around the world to increase revenue by raising the skill level of their sales staffs. Her client list spans from the United States to Canada, Europe and Central Asia.
Pat has spent her entire career creating a culture of over-achievement for her stations. She began her career in radio sales, becoming one of the highest billing sales people in her market. Her career advanced to General Sales Manager, and then to Market Manager. Since starting BBI 7 years ago, she has helped hundreds of radio stations to find, train and grow great quality sales people and managers.
Pat was the recipient of two prestigious educational fellowships from the Educational Foundation of the National Association of Broadcasters: a fellowship to the Executive Development Program and a fellowship to the Broadcast Leadership Training Program.
She publishes the Bryson Broadcasting International Newsletter twice monthly, is the author of A Road Map To Success In High-Dollar Broadcast Sales and is a contributor to Valerie Geller’s latest book, Beyond Powerful Radio: A Communicator’s Guide To The Internet Age.
: ‘Alexa, play radioinfo flash briefing’
or ask Google Home
: “Hey Google. Play the latest Radioinfo flash briefing podcast.”