Prospecting Made Easy(-ier) ...
With businesses starting to open up, you might think potential advertisers would recognize the updated research about radio's power and your phone would start ringing off the hook –we can only hope, right? (See yesterday’s sales tip).
Source: Jeff Schmidt, RAB
So, here’s hope with a plan. The RAB has several tools on our website, under the sales tools/prospecting drop down list at the top. Today, we focus on two of my favorites (If I’m allowed to play favorites).
1) The Consumer Behavior by Format profile, is a tool that allows you to match your format to specific purchasing behavior of your audience. Anything that indexes above 100 means your audience is that much more likely than the general market to attract those types of people.
a) For example, if you have a classic rock station, your audience is 2.14 times more likely (double) than the general market to ride a motorcycle on the weekends. Seems a good place for people who sell motorcycles to advertise, right?
b) This list is organized by index, so the first things on the list are the things your audience buys more than the general market. In classic rock, one has to scroll through four pages to get to 100. Read: Lots of opportunity in lots of categories.
2) The Prospecting Success Indicator (PSI) tool that is found in our Radio Marketing Professional (RMP) course. We're all under pressure to prospect – PSI – get it? This simple spread sheet looks at eight different criteria that you can use to score each prospect. It totals up your score and tells you whether you have an excellent, good or questionable prospect. Using this tool allows you to focus on the suspects most likely to become prospects.
The tools work together nicely, because the number one criterion for an excellent prospect is station/customer match.
As you heard on our live presentation featuring Gordon Borrell yesterday, (Are You Ready For The Grand Re-opening) found on the on-demand page for RAB Members, Radio is uniquely positioned to provide great marketing support to companies that are, or will be, reopening soon on the path to recovery. Gordon called it a "perfect marketing storm" yesterday. Strategic prospecting with the tools we just shared could be your perfect storm to getting your revenue back to where you want it, and beyond.
If you have not been through the RMP or just need a copy of the PSI spreadsheet emailed to you, just email me at Jeff.Schmidt@rab.com and I’ll send it right away.