The radio business provides tremendous value for advertisers and too many times we don’t get the credit we deserve for it. While that may be frustrating, the more difficult problem I see is how we allow people to downgrade our brands without fighting back. Too many times in our industry we sell ourselves short and accept 50 cents on the dollar because of numerous challenges in front of us. Whether it’s the fear of not making budget, the concern of pissing off a client or listener or just not having enough confidence in what we believe the asset is worth, all contribute to whether or not we reach the level of success that we set for ourselves and our brands.
I want you to think for a moment about some of the most successful companies in the world and some of the most popular sporting events that take place and ask yourself what would occur if those operations did what radio does. Ever go into a McDonald’s and have someone give you a free sundae and extra cheeseburger just for buying a value meal? Ever approach a professional basketball team and offer them 50% of what their list price was on a playoff ticket and get them to say yes? The answer in both cases was no and the reason is because both brands set a price and an expectation for the consumer and in return they refused to waver on their value.
So if they can do it along with many other established businesses in this country then why does radio struggle in this area? Today our business not only has to sell spots for a certain rate but in order to earn the dollars for those spots we’re often challenged with providing “added value” which in other words means “I want website display ads, a 2 week promotion, inclusion in content, social media mentions and anything else you can throw in for FREE“…and we accept it.
Well it sounds simple but you only get in life what you believe you deserve and if you’re willing to take less than you’re worth than that’s what you end up with. Don’t get me wrong, in plenty of cases there is a good reason to bend and provide a client or listener with more than they asked for. Cheeseburger value meals and $500K sports marketing buys are two entirely different discussions. However the principles still come back to what you believe your value is and whether or not you’re willing to compromise your short-term and long-term objectives to satisfy the situation in front of you. It may not be easy but establishing a value on every asset inside your organization is critical but so is having the ability to generate what you think it’s worth and having the guts to say no when it’s easier to say yes.
Take a moment and review the Power Point below and ask yourself if your guilty of making these mistakes. If you are, the first step is acknowledging that your guilty. Now ask yourself how are you going to work to overcome it and get what you deserve? The ability to do so will be well worth it to you and the organization you represent in the future.