Industry Views

SABO SEZ: Five Golden Actions for 2024

By Walter Sabo
Consultant, Sabo Media Implementers
A.K.A. Walter Sterling
Radio Host, “Sterling On Sunday”
Talk Media Network

imResearch shows that readers to trade publications like articles with five bullet points. Here are my five bullet points for 2024. If these were to be deployed, you could be thriving by the end of the year. These actions would increase sales and audience share.

1. Radio should be easy to buy. It’s not. Easy fix: Look at your website. Based on the website how would you buy time on your station? It should be as simple as a realtor’s website. Put up pictures of your salespeople with ALL of their real contact information – not a FORM. Offer their email and cell number. Offer a “tour” of the offerings with information about the talent and the audience. What does the host sell best? How about a very brief audio message from each host to your potential advertiser?
2. Every medium creates its own stars. Example – David Caruso, good on TV, bad in movies. Your hosts, good on radio, lousy at original podcasts.  Sure, edit up the interviews or bits and make them into a podcast. But don’t ask a host to get off the air and make brand new content for a podcast. Engage locals who are good at making original podcasts and offer them a stage.
3. Sell the biggest number. Your morning show probably has more listeners than the “Tonight Show” has viewers in your city. 1010 WINS has more listeners in New York than FOX News has viewers nationwide. Go check. Those are the numbers that put radio in perspective!  Stop selling the smallest number, TIME SPENT LISTENING. Who came up with that!?
4. Don’t make potential advertisers jump through hoops. If you have spent your career in programming, you may not know the tyranny of MEDIA CREDIT. New radio advertiser: Good buy, high rate, longterm business. Sounds great. Not so fast. At most companies, new business still has to go through the gauntlet of a MEDIA CREDIT CHECK. End that.
5. What’s wrong with the hosts? Many hosts use a content formula that MUST generate a diminishing audience size and older and older and older demos.  Repeat. WHY? If you start to trust that what you talk about socially, with your friends, your audience will grow and grow younger. Be more like Bruce Collins, PD at WBAP, Dallas. Bruce just hired James Parker who has been featured for years on “Sterling On Sunday.” James is going to talk about life, fatherhood and funny. He joins “New Jersey 101.5” alumnus, Casey Bartholomew, 10:00 am – 12:00 noon, who talks about life, fatherhood and funny.  It’s working so well that WBAP will now be simulcast on Class C2 FM, KLIF.

Five bullet points. Goals: HAPPY NEW YEAR!

Walter Sabo was a founding architect of SiriusXM and began the recruitment of Howard Stern. He has consulted RKO General, PARADE magazine, Hearst Broadcasting, Press Broadcasting, and other premium brands. He launched the first company to engage online video influencers, Hitviews. As an executive, he was EVP of NBC FM RADIO giving Dr. Ruth Westheimer her first media job and fostering the creation of adult contemporary. As VP ABC Radio Networks, Sabo hired Ringo Starr to be a DJ for a 24-hour special.

Industry Views

Welcome to No Brand Land!

imConsultant Gary Begin of Sound Advantage Media writes today in a piece for TALKERS magazine in which he says that quite often there is a disconnect between the brand of a radio station and the brand-supporting messages that the sales staff is presenting to prospects. He says, “Experts in branding seem to be coming around to the idea that the power to make or break your brand-building effort lies not in the quality of your advertising but in the customer’s experience at the point of sale. In radio, that’s your over-the-air product and how your ad rep handles the advertiser.” He adds, “To navigate and successfully cross No Brand’s Land effectively, marketers must start by adapting brand message creation and delivery to today’s strategic sales processes.” He says there are two trends that will drive marketers’ efforts to create brand-supporting content that helps salespeople sell.” Read about them in his column here.

Advice

Welcome to No-Brand Land!

By Gary Begin
Sound Advantage Media

imBroadcasting executives spend millions building their radio station’s brand in the marketplace. But is it being spent in the right place?

The frontline salesperson is a marketer’s greatest asset in creating brand justice and impact. But if you ask brand managers to look at their brand-building budgets, you’d probably see expenses allocated opposite to what drives brand purchase decisions.

Brand marketers continue to pump big bucks into extensive ad campaigns while doing next to nothing to deliver relevant, brand-supporting messages at the all-important, more significant level—the distance between a company’s sales voice and a prospect’s purchase decision.

What’s the answer?

It probably lies somewhere between (1) the unwillingness of radio stations and brand managers to go further “downstream” with their strategic recommendations and (2) the lack of useful tools to get them there.

Welcome to No Brand’s Land

Increasingly, a company’s branding success depends less on what they sell and more on how they sell it. Selected experts in branding seem to be coming around the idea that the power to make or break your brand-building effort lies not in the quality of your advertising but in the customer’s experience at the point of sale. In radio, that’s your over-the-air product and how your ad rep handles the advertiser.

On one side of No Brand’s Land, brand marketers can control all the implementation, ensuring the advertising campaign is right on, the media coverage generated by your on-air promotion is consistent, your Web site looks the same, and your corporate design is in place.

But on the other side of the No Brand’s Land, salespeople are still doing their own thing. They are cutting and pasting old proposals with outdated information and incorrect messages. They’re fabricating homegrown collateral tools and PowerPoint presentations that are, at best, inconsistent with corporate positioning or, worse, downright inaccurate.

The most frightening thing for brand marketers is that these cobbled-together documents must walk the halls of prospective customers, representing the company’s brand at the most critical points in the sales process. Ouch.

Adding insult to injury, the field-fabrication virus spreads exponentially as this lousy information is perpetuated across the channel on the brand’s intranet.

Crossing Over No Brand’s Land

To navigate and successfully cross No Brand’s Land effectively, marketers must start by adapting brand message creation and delivery to today’s strategic sales processes. Two trends will drive marketers’ efforts to create brand-supporting content that helps salespeople sell.

Trend #1: Value Selling

For more than a decade, sales training and methodology experts have focused on improving the consultative selling skills of salespeople—especially in complex selling environments. The concept is simple: first, salespeople identify customers’ needs; then, they demonstrate the ability of a solution to respond to that customer’s specific needs successfully.

Often called Value Selling or Solution Selling, this dynamic and interactive sales process replaces previously static, one-way techniques that debate the merits of competing features and functions.

While salespeople move toward creating a much more customized sales experience for each prospect, most marketing departments continue to deliver generic messaging using static collateral tools—a one-size-fits-all approach for a one-to-one world. No wonder salespeople are forced to scramble to create custom content, piecemealed from various sources, to demonstrate they have listened to the customer.

The first thing brand managers can do to help is translate their high-level positioning into street-ready value propositions and solution messaging that speak to customers the way salespeople have been trained to sell:

  • Create customer empathy by identifying and demonstrating a proper understanding of the critical do-or-die issues facing your customers. Do that for each level of the decision-making team and link it back to how they do their jobs today.
  • Next, determine and articulate the risks if they do not address these issues. Also, firmly establish and highlight the rewards if they do act. Take special care to find out how your customers will define success—determine what they want to brag about if they are successful in achieving positive results.
  • Then demonstrate how your company’s solution helps them respond specifically—and successfully—to their key do-or-die issues.

Trend #2: Dynamic, Personalized Collateral Building

Value selling has raised the bar, forever changing customer expectations about sales experiences. Customers expect company interactions to be personal, relevant, and tailored to their specific needs.

Meanwhile, marketing departments have tried to keep pace by adopting segmentation strategies, doing their best to tailor messages and create more customer-relevant positioning. However, the tools to deliver these increasingly sophisticated messages through the sales channels have lagged. So, we’ve seen a proliferation of static collateral tools designed to fit every occasion.

Unfortunately, salespeople are neither warehouse managers nor librarians, and they have difficulty tracking and finding suitable materials when needed. In response, marketers have set up sales intranets to supply 24×7 access to support materials.

While these intranets improve accessibility to materials, they don’t resolve the most significant issue facing today’s value-selling salespeople: the need to provide prospects with dynamic, personalized sales communications. With only static documentation, salespeople begin creating unique, customized documents for each sales situation.

Typically, this happens at the expense of the brand and the company. The lack of consistency between radio stations and from salesperson to salesperson—undermines the millions spent on brand awareness advertising. The extra time spent by salespeople crafting these personalized proposals, presentations, and collateral pieces keeps them from time better spent with customers.

Marketing’s big win is that every radio salesperson, even within a multi-entertainment environment, will now communicate a consistent company message. Imagine the brand-building power unleashed when sales reps begin delivering a persuasive, powerful, and pre-approved message at every point of customer contact.

Gary Begin can be contacted at: garybegin10@gmail.com.

Industry Views

Pending Business: Thank You, Mr. President

By Steve Lapa
Lapcom Communications Corp
President

imHow about a collective “thank you” to the 45th president of the United States for keeping your talk radio programming relevant, timely, unpredictable and most of all engaging?

The interpretation, speculation and compilation of facts, opinions and reporting will be non-stop until this chapter of the news cycle meets the next chapter. This is a never-ending saga that keeps the dial locked into your talk radio frequency. This is the content that keeps the electronic water cooler crowded with listeners who can’t get enough.

Whatever comes next in this chapter of history unfolding in front of our collective ears and eyes is the oxygen that keeps the talk radio world alive and well every day. By the way, the 45th president of the United States just may have pulled your typically soft talk radio summer sales out of the basement and pushed you into an express elevator to the penthouse.

Are you still feeling the drumbeat of the naysayers predicting how talk radio will age out? Or better yet, run its course? My prediction is talk radio is about enter a phase previously unmatched in American broadcast history. Seriously. When was the last time a former president of the United States owned the headlines and collective headspace of talk radio hosts and listeners worldwide for so many years? Never.

Let’s get ready to refresh our summer vacation schedules, seasonal sales packages, rates, and most of all strategies. Start here:

— Sell the concept. Leave the opinions and banter about indictments, politics and the law to your on-air talent. Focus instead on the unique value of the engaged audience.

— Experts are important. Chances are your talk radio hosts will be smart enough to break down the issues and lean on experts to help the audience understand the ramifications. Credibility and consistency can make your coverage stand apart. Show your advertiser what makes your coverage different and better.

— Talk radio goes where TV and video can’t – the car, the beach, even the backyard. Sell the need to know on the go.

— Unfolding the unpredictable. Your listeners want the “inside scoop” on what the next chapter of this saga looks like. Your on-air talent look for every opportunity to give their listeners a peek behind the opinion curtain. The seller’s job is to bring the value of that connection to life on every sales call.

Talk radio is alive and well every day. It’s up to you to show your advertisers the value of instant access to a trusted voice.

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: The Fastest Billboards

By Steve Lapa
Lapcom Communications Corp
President

imUntil NASA approves company logos on rockets, the fastest billboards an advertiser can buy move at over 200 miles per hour, weigh less than seven ounces and are three-hundredths of an inch thick.

Who wants fast-moving billboards? The longer you can read the message the better, right? Not a problem when a marketer identifies a hard-to-reach target combined with an engaging new opportunity. No, these are not the colorful logos you see on NASCAR vehicles or the old school logos on Formula 1 cars. These are the new-age digital billboards on Formula 1 race cars.

These new billboards are the first of their kind, strategically placed on Formula 1 cars. These magnificent machines, featured at races around the world, can reach speeds of nearly 250 miles per hour. When a race car is moving that fast every ounce of weight counts, hence the paper-thin design. You see (excuse the pun) it is all about a camera angle and what the viewer sees when TV coverage cuts to that strategically placed camera and over 2 million viewers are looking on. Angles count.

Formula 1 racing not a threat to local radio ad sales, you say? Not yet, but when over 13 million people watch the top 12 Grand Prix races worldwide, it’s just a matter of time. The Formula 1 billboard lessons for local sellers and managers are not simple “how many calls, how many closes?” The Formula 1 billboard story is about:

— Sales and marketing innovation in a sport that is nearly 130 years old. The idea of creating a paper-thin, super lightweight digital billboard is an amazing accomplishment.

— Try again. How many times have you pitched a package to an advertiser who told you what was wrong with your package, only to lead to frustration at not winning the business? Can your manager quickly adapt to the advertisers’ needs? Managers, please read that last sentence carefully. The designers of the digital billboard were sent back to the drawing board until the weight and thickness worked for these incredible race machines.

— While you are thinking about getting your pitch together, somebody is already moving forward. In plain English: you snooze, you lose.

— Collaboration is the way to win. It took sellers working with engineers, working with marketers to make the concept work. How about you? Are you comfortable selling in collaboration with teammates?

The sales and marketing innovation clock never stops. How about you? Is your learning clock still ticking?

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. Steve Lapa will be moderating the “Generating Revenue” panel at TALKERS 2023 on Friday, June 2 at Hofstra University.

Industry Views

Pending Business: The News Cycle

By Steve Lapa
Lapcom Communications Corp
President

Photography - BroadcastingIt is an unpredictable thing, this news cycle that drives the headlines.

One day we’re talking about the shortcomings in the American banking system, the next day we’re talking about the ramifications of criminally indicting a past president of the United States. Will somebody please grab a copy of the Constitution? We may need a panel of experts to talk us through what this all means to those of us paying crazy prices for eggs.

The news cycle is spinning faster these days and your news/talk programming should prove to be the go-to source to take a short break from March Madness and slow the news cycle down. Please do not be sidetracked about selling through the negativity that may accompany many of these story lines. As a seller or sales manager, your singular objective is to connect the value of an engaged audience to match your advertiser’s goals, moving the sales process to a natural, positive conclusion. In plain English, stay focused on the goal and close your deals. Let’s review some basics.

— Complex issues are nothing new. Your tenured talk radio hosts have built their careers by helping loyal listeners gain a better understanding of the headlines driving the news cycle.

— Loyalty is the key. Like it or not, criminally indicting a former president of the United States has never happened before. It is complicated to say the least and your audience will trust your on-air talents to present the facts, opinions, and discussion. What does it all mean to me? The audience has been here before and chances are your on-air talent has delivered the clarity and focus they needed when it counted the most.

— Community check-in. Talk radio is the #1 source for your audience to get a better feel for how the community is reacting. That electronic, now digital water cooler is in overdrive. What is everyone thinking?

— The unfolding drama. Let’s face it, we all have an opinion and we all enjoy speculating on what’s next. Talk radio is the perfect forum where your audience will weigh in every day.

When your talk show hosts are front and center, doing what they do best in a meaningful and entertaining way, your advertisers experience the benefits of what only your great talk radio hosts can deliver.

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

According to Research…

By Walter Sabo
Consultant, Sabo Media
A.K.A. Walter Sterling
Radio Host, Sterling on Sunday

Jim Bohannon - Talk radioOh, excuse me, hold on. Here it is! The hourly report from quasi research companies or real research companies like Nielsen declaring that radio is just fine, thank you! Massive surveys (choose one) reveal that radio works! Radio appeals to younger demos! Radio moves product! Radio has more listeners in AM drive than the “Tonight Show” has viewers! A landslide of data proves that after 100 years of success, radio is a viable medium.

Crazy stuff.

As both a radio executive and host, I don’t need to know that radio works. I see the sales results from your show and from “Sterling On Sunday.” No advertiser gives us money for the heck of it. The checks clear; there’s your proof. The research that is desperately needed would support innovative, disruptive programming. Radio will grow its place in American media by surprising listeners with new formats, new forms of presentation and things that are… new.

Radio exists today because of innovations like Top 40! Urban! Progressive Rock! AOR! Modern Country! FM Talk! and The Seven-Second Delay!

Today, however, there is nothing harder than selling a radio executive a new idea. Any new idea. It is hard for a very good reason. Radio stations are major investments and failure is expensive. In 1977, the most expensive radio stations in history sold for $11 million. (WMAL/WRQX-FM, Washington DC.) In absolute dollars, experimentation was a minor financial risk. Risk would be manageable if owners had sophisticated research tools to test new ideas.

State-of-the-art new product research is required to take radio safely onto the golden path to innovation. How’s your research and development budget? Oh.

Each television network invests about $100 million a year in developing and testing new shows. Those networks deploy stunning techniques to find and test new ideas. There will be new formats and techniques when the collective “we” is finally convinced that radio is a success. Then our research investments can be focused on cutting-edge product research tools that can guarantee a successful pilot season and future.

Walter Sabo, consultant, can be contacted at Sabo Media: walter@sabomedia.com. Direct phone: 646-678-1110.  Check out www.waltersterlingshow.com. Meet Walter Sabo at TALKERS 2023 on June 2 at Hofstra University.

Industry Views

Pending Business: AI Meets Sales

By Steve Lapa
Lapcom Communications Corp
President

Talk radio - PodcastHave you picked up the most recent buzz around Artificial Intelligence? It’s hard to miss it.

Seems like the AI buzz is getting louder as more companies face the pressure to improve efficiency and profitability during this roller coaster economy. From Silicon Valley’s tens of thousands of layoffs to Steak ‘n’ Shake closing 30 locations, the heat is on.

Companies vested in the terrestrial radio business have known this pressure for years as we function in a world of single-digit growth and AM radio stations going dark as the real estate is worth more than the FCC license. For the first time, some of the players on the podcast side are feeling the financial heat as the congested podcast world fights for highly competitive ad dollars.

How can AI be a resource in the broadcast radio and podcast ad sales world? Here are two examples of what could be around the corner on your next sales email, Zoom or from the office phone pitch.

— AI audio/phone recognition. Imagine software tracking your phone pitch or Zoom call collecting phrases that identify rate objections, efficiency objections, competitive objections, talent objections, even content objections. Management teams skilled in reviewing the “phrase data” analyze everything from the number of times the objection is raised to the category or tenure of advertiser raising the objection(s). Fast forward to solutions. If your team is made up of multiple sellers with various levels of experience and similar objection(s) appear frequently, management responses and adjustments happen faster, with less stress as the numbers tell the story, not the seller in a confessional. Those adjustments appear in coaching bubbles on your screen as you engage.

— AI shows us the phrase that pays. By now you should know many of the key words and phrases that are sales friendly, grab attention and move you to a close. As well as the opposite – those dreaded turn-off words that turn a warm conversation into stone-cold ghosting. What if the AI software interfaces with your emails? AI could be programmed to identify the key phrases that help close a deal as well as those that are deal busters. I once attended a sales seminar that coached away from using the word “contract.” Not a good takeaway for me. All I could imagine was the legal team slapping their foreheads.

Something tells me the AI software discussed already exists working in the field somewhere helping a sales team become more efficient and crushing the earnings barrier. It’s only a question of when our radio/audio world will be smart enough to adapt the tools for a smarter sales path.

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

Monday Memo: Baseball Bonanza

By Holland Cooke
Consultant

Joe Pags - Talkers MagazineAs The Beatles sang, “It’s been a long, cold, lonely winter.” Baseball – even Spring Training while it’s still chilly in March – says “Here Comes the Sun.” That’s what baseball means… to listeners.

To local advertisers, it’s an opportunity for The Little Guy to sound big. In the words of one GM – who has made a pile of money selling baseball – “It’s ego and envy.”

Sales: It’s a thing, not a number

 The sponsorship package cannot be quantified on a-cost-per-ANYTHING basis. It’s not “efficient” in agency terms, but baseball is powerful “reputation appropriation.” Translation: Advertisers can tell the world they’re big-enough for baseball.

— The rapid-response plumber, the roofing repair guy, and the lumber yard or hardware store or any independent local retailer slugging-it-out against big box competitors can be part of the Astros or the Braves or the Cardinals or the Dodgers or the Rangers or the Giants brand.

— Low-hanging fruit: Prospects who are, personally, fans. For decades, we’ve been telling reps at conservative talk stations to pitch businesses that fly big American flags. So which local retailers do you know to be baseball fanatics?

— Milk the value-added stuff affiliates get. Include some tickets in the package. Take ‘em to a game and bring ‘em up to the broadcast booth for a selfie with the radio team. Can you rent a sky box for a game and throw a client party?

— Make a list of guys-who-own-guy-stuff businesses. Home improvement and auto repair have always been opportune.

— Second and third-generation retailers might family-feud about other things. But grandfather AND father AND son can agree on this expenditure lots quicker than you can get consensus about a ROS spot package on “Kiss” or “Lite” or “Magic.”

— Baseball is a high-affinity branding opportunity. I don’t know when I will need to buy a tire…because nails lurk. But I already know where I’ll buy it, because they advertise in Red Sox games. And get this! All year long, that particular advertiser says, in all his commercials, in a thick Boston accent, “You go, Red Saux!”

— Warm list: Who’s advertising on stadium signage? That’s an ego clue. But it’s just branding. Radio can add-value to that expense by “telling your story,” and adding a call-to-action.

— Baseball = beer, so prospect DUI defense attorneys, and auto body shops. 😉

— Reps: You’re not calling from KXXX. You’re calling from Padres Radio. The team logo is in your email and sales material.

— Way-back-when: As Mickey Mantle launched one into the cheap seats, Mel Allen would proclaim it “another Ballentine Blast!” Back to the future: I’ve been at games where everyone there got a free something because the team did such-and-such. Can you invent a cool feature for local sponsorship? Every listener who says they heard ___ gets free ____ the next day.

IMPORTANT: Update copy as the season progresses. This is a franchise, not plug-N-play programming that babysits nights and weekends. Nothing says auto-pilot and disserves clients like spots and promos that crow “Baseball is back!” in July.

I was the Motor-Mouth Manager

War story: I programmed WTOP, Washington in the 1980s, long before there were Washington Nationals. We were your Orioles Baseball Station; and I was managing a union shop…but I ended up joining AFTRA because our announcers were newscasters who couldn’t say “Mid-Atlantic Milk Marketing Association” as rapidly as I, an ex-1970s Top 40 DJ.

— So – believe it or not – the company paid my initiation fee. And every time there was a change in that 65 seconds-of-copy-crammed-into the 60-second opening billboard that ticked-off all the sponsors, I got ‘em all in, and I got $10-something in my Pension & Welfare Fund. Sweet. But I digress…

— To OUR ear, that whole word salad sounds hellishly rushed. But to ADVERTISERS, it’s like having your caricature on the wall at the see-and-be-seen steak house. Every business named there is a someone, associated with everyone else there. They’re part of a local Orioles or Mariners or Mets Baseball Who’s Who. And everyone who isn’t isn’t.

— I’ve been on calls with reps closing baseball packages because “It’s worth it just for the promos!” So, include sponsor mentions in ROS promos.

— That said, sell enough in-game frequency to be heard. Two or three spots per game won’t be.

Next week: Avoiding the most common error I hear baseball stations make.

Holland Cooke (HollandCooke.com) is a consultant working at the intersection of broadcasting and the Internet. He is the author of “Multiply Your Podcast Subscribers, Without Buying Clicks,” available from Talkers books; and “Spot-On: Commercial Copy Points That Earned The Benjamins,” a FREE download; and the E-book and FREE on-air radio features Inflation Hacks: Save Those Benjamins.” Follow HC on Twitter @HollandCooke

Sales

Pending Business: How Do You Handle Mistakes?

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?

(more…)

Front Page News Industry News

Monday, August 1, 2022

Beasley Broadcast Group 2022 Q2 Net Revenue Rises 8.8%. The first radio-based audio firm to report 2022 second quarter financial data is Beasley Broadcast Group, which reveals net revenue of $64.8 million, an increase of 8.8% over the same period in 2021. The company also reports an operating loss of $5.4 million and a net loss of $14.5 million and explains the losses saying, “The operating loss in the second quarter of 2022 primarily reflects an $8.6 million non-cash impairment loss due to an increase in the discount rate used in the analyses to estimate the fair value of FCC licenses and goodwill in a rising interest rate environment. For the comparable three months ended June 30, 2021, the company recorded $1.5 million of other operating income, net from life insurance proceeds related to the death of George Beasley, the company’s former chairman. As a result of these factors, Beasley reported a net loss of $14.5 million, or a negative $0.48 per diluted share, in the three months ended June 30, 2022, compared to net income of $0.2 million, or $0.01 per diluted share, in the three months ended June 30, 2021.” Beasley CEO Caroline Beasley states, “Beasley delivered another period of strong top-line results in the second quarter, reflecting solid year-over-year growth across all of our revenue sources. Net revenue increased 8.8%, inclusive of a 4.3% rise in audio revenue and a 34.3% rise in digital revenue, with digital accounting for 16.5% of second quarter net revenue. Digital remains a central component of our revenue diversification strategy, and the momentum we are seeing in our digital business is further underpinned by our ability to grow digital revenue 37% on a quarterly sequential basis, while also improving our digital margin. Our new business performance was robust this quarter, as we recorded $7.8 million in new business revenue, representing a 60% increase from the first quarter of 2022 and 16% growth over the comparable prior year period. In addition, we acquired a small white label digital agency at the end of June, which will immediately contribute positive cash flow and synergies. We believe these results continue to demonstrate the inaccuracy of the perception that radio is more challenged than other segments of the technology, media, and telecom sectors… We are keeping a close eye on the declining economic environment and initiated cost reductions beginning in the second quarter. Looking ahead, we will continue to focus on controlling what we can control, maximizing our growth opportunities, managing our expenses and capital structure, serving our audiences and advertisers and delivering results for our stockholders.”

Monday Memo: Review Airchecks…Later. As “automation and syndication have made radio less-local,” consultant Holland Cooke calls talent coaching “a lost art”; and he uses this week’s column to offer tips “for hosts and DJs who feel neglected.” Read more here.

 

Pending Business: The One Thing Every Advertiser Should Know. Radio sales pro Steve Lapa says that any radio seller who wants to be successful has to answer the following question: “What is the one ‘thing’ every advertiser should know about my on-air talent?” In other words, what is the unique selling point that can be connected to your on-air talent and only the talent you represent. Read his column here.

Alex Silverman to Lead Programming at All-News KNX-AM/FM, Los Angeles. News radio programming pro Alex Silverman is moving to Audacy’s KNX-AM/FM, Los Angeles to serve as director of news and programming, effective September 19. He’s been serving with the company as brand manager for the company’s all-news KYW-AM/FM, Philadelphia since 2018. Prior to that, he was assistant director of news and programming at Audacy’s WCBS-AM, New York. In his new role at KNX, Silverman will “oversee the station’s editorial strategy and newsroom, including broadcast and digital operations, with an eye towards audience and revenue growth and engagement on all platforms.” Silverman states, “KNX News is iconic. I can’t wait to work with the amazing team to build the future of the brand and set the agenda for news coverage in Southern California. Thank you to Jeff Federman, Chris Ebbott, Jeff Sottolano and Bill Smee for their confidence in me and commitment to impactful local journalism.” Silverman is a graduate of Syracuse University’s S.I. Newhouse School of Public Communications. He serves on the board of directors of the Radio Television Digital News Association and has been an adjunct instructor at Fordham University, where he designed a course titled, “Social Media for Journalists.” Silverman takes over the role from Ken Charles, who did not renew his contract with the company.

Dwight Jaynes Joins Afternoon Show on ‘Rip City Sports Radio 620.’ Sports talk host Dwight Jaynes is joining Chad Doing at iHeartMedia’s KPOJ, Portland “Rip City Radio 620” as co-host of the “Rip City Drive” program that airs from 3:00 pm to 6:00 pm. Jaynes, also known as “The Godfather,” spent 25 years as a sports columnist for the Oregon Journal and The Oregonian covering the NBA’s Trail Blazers and has co-written two books about the team. He also spent 11 years at NBC Sports Northwest, hosting “Talkin’ Ball” and “Posting Up.” Prior to that, Jaynes hosted the “Morning Sports Page” show alongside Doing on KXTG-FM, Portland. Doing says, “I am thrilled to be reunited with my former partner. Dwight is a Hall of Famer for good reason – no one has more experience covering Oregon sports. I look forward to making compelling radio with him every day. His sports knowledge and storytelling are unmatched.” Jaynes comments, “I am beyond excited to return to sports talk radio – especially with my old partner Chad Doing – who I believe to be one of the best in the country. The best part of our shows has always been our willingness to take on the tough issues – sports or otherwise – and find creative ways to shape discussion and opinion. At the same time, you never quite know what we’re going to do next… because we don’t!”

Clay Travis & Buck Sexton Interview Trump at LIV Golf Tourney in Bedminster, New Jersey. Pictured above with former President Donald Trump are Premiere Networks syndicated talk hosts Clay Travis (left) and Buck Sexton (right) at the Trump National Golf Club in Bedminster, New Jersey, the site of the LIV Golf tournament. Trump joined the duo live on their show discussing such topics as recession, China and Taiwan, and whether he’ll run for president in 2024, about which he said, “Very hard for me not to run to be honest. And also the polls indicate from the Republican standpoint it would be easy. And I think I was up 11 points on Biden the other day… I don’t know why 11… If you guys ran, you’d be up more than 11… In my mind, I’ve already made the decision.”

Stacey Thomas Named Director of Marketing for iHeartMedia Philly. Eighteen-year iHeartMedia Philadelphia staffer Stacey Thomas is promoted to director of marketing and promotions for the cluster that includes sports talk WDAS-AM “The Gambler” and WTEL “BIN: Black Information Network.” In this role, Thomas will oversee the Philadelphia brand portfolio and will be responsible for developing, planning, and directing all marketing and promotions efforts. She previously served the cluster as media integration director. iHeartMedia Philadelphia market president Jeff Moore says, “It has been remarkable working alongside Stacey and watching her persevere through numerous changes and challenges. A tireless worker who puts the needs of iHeart Philly above all else will now get the chance to put her stamp on the promotions department in a time when making deep and meaningful relationships with our audiences and partners couldn’t be more important.”

Ava Lynn LaRue Named Inaugural MIW Mentee in Minnesota. The Mentoring and Inspiring Women in Radio, Inc and the Minnesota Broadcasters Association announce that Ava Lynn LaRue is named the inaugural mentee for the “MIW Mentoring and Inspiring Women in Minnesota” program. This partnership between the two organizations is led by MBA president Wendy Paulson and is MIW’s newest mentoring opportunity and the start of its three-to-five year strategic plan to partner with state broadcast associations across the United States and assist in building in-house, ongoing programs devoted to coaching and guiding the next generation of radio professionals. LaRue is the station manager for Q-Media Group, LLC in Red Wing, Minnesota. MIW board president Ruth Presslaff says, “Lightning struck twice! Partnering with Wendy has been positive, productive, and way fun. And then to meet the powerhouse Ava LaRue and have the opportunity to work with her is what the MIWs are all about. Thanks MBA, Wendy, and Ava!” Paulson adds, “A huge ‘thank you’ to all of the incredible women who applied to participate in the 2022 ‘MIW Mentoring and Inspiring Women in Minnesota’ program! The judging committee was blown away by the depth of talented women that applied to be part of this pilot mentorship program!”

Biden’s Energy & Health Bill, Inflation Reduction Act, November Midterms/2024 Presidential Race, COVID-19/Biden Positive Again, Pelosi’s Asia Trip, Russia-Ukraine War/Global Food Crisis, Deadly Kentucky Floods/Western Wildfires, Monkeypox, and Nichelle Nichols & Bill Russell Die Among Top News/Talk Stories Over the Weekend. The fate of President Joe Biden’s energy & healthcare bill; debate over the SchumerManchin authored Inflation Reduction Act; November’s midterm elections and the 2024 presidential race; the rate of BA.5 subvariant infections in the U.S. and Biden’s testing positive again; House Speaker Nancy Pelosi’s trip to Asia and China’s threats if she visits Taiwan; the Russia-Ukraine war and its effects on the global food supply; the continuing threats of flooding in Eastern Kentucky and the Western wildfires; the growing monkeypox epidemic; and actress Nichelle Nichols and basketball legend Bill Russell pass away were some of the most-talked-about stories on news/talk radio over the weekend, according to ongoing research from TALKERS magazine.  

Sales

Pending Business: One Thing Every Advertiser Should Know

By Steve Lapa
Lapcom Communications Corp
President

 

PALM BEACH GARDENS, Fla. — Here is a simple question that every talk radio seller who wants to be successful must answer: “What is the one ‘thing’ every advertiser should know about my on-air talent?” In other words, what is the unique selling point that can be connected to your on-air talent and only the talent you represent.

And try your best to move past audience ratings because they come and go. “We’re number #1!” is an important validation, but when the time comes to move into the price=value equation, beauty is in the eye of the beholder.

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Sales

Pending Business: SiriusXM’s Chutzpah

By Steve Lapa
Lapcom Communications Corp
President

 

BLOCK ISLAND, RI — Chutzpah!

That’s the way most AM/FM radio vets reacted to the recent SiriusXM ads. By now you should know about the upheaval over the “Why waste your time with AM/FM radio?” broadside attack launched last week.

Imagine, a frenemy like satellite radio calling our baby ugly. Chutzpah! Nobody does that to the people who gave most satellite radio talent their start, right?

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Sales

Pending Business: Stop the Whining!

By Steve Lapa
Lapcom Communications Corp
President

 

PALM BEACH GARDENS, Fla. — Can we please stop the whining!

Have you noticed that annoying trait creeping up more often in your daily routine? From hospitals to hospitality, airlines to air conditioning repair, understaffed businesses are short-handed, resulting in unproductive pushback.

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Sales

Pending Business: You Only Know What You Know

By Steve Lapa
Lapcom Communications Corp
President

 

PALM BEACH GARDENS, Fla. — That’s what happens when most of your sales or management life is spent at one station or in one market.

On the one hand, you know your station and market inside out. You are the tour guide who can navigate the advertiser through every fork in the road. You are proud of your station’s heritage and conversant with the demographics, psychographics, and socioeconomic profile of the population that resides in your coverage area. Rates, packages, program lineups, and historical revenue figures are at the tip of your tongue. Any out of the ordinary question is answered with a fast access, “Let me get back to you.” All are important traits that are critical components for top sellers and managers.

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Front Page News Industry News

Monday, May 9, 2022

Pending Business: Howdy Partner. Radio sales pro Steve Lapa writes today about the strange use of the word “partner” for the advertiser on a radio program. Lapa says, “Do our advertisers (customers) really want a partnership in the true sense of the word? Or do our advertisers want what everyone else wants: maximum value at the best price?” Aside from the inaccurate nomenclature, Lapa wonders if the “partner” designation affects the sales effort. Read his column here.

 

Monday Memo: “Gas cards? OR…Bitcoin?” “Imagine asking a contest winner to choose THAT?” consultant Holland Cooke asks. In this week’s column, he recalls “when radio stunts were fun,” and how a contest “will sound as big as you make it sound.” Read more here.

 

Audacy First Quarter Net Revenue Up 14%. For the first quarter of 2022, Audacy reports net revenue of $275.3 million, an increase of 14% over the same period in 2021. The company also saw its net loss shrink from $21.6 million in the first quarter of 2021 to $11 million in Q 1 of this year. Audacy provides financial data by segment and reports that spot revenue (national and local) was $173.9 million, while its digital segment (including podcasting) rose 16% to $53 million from the $41.6 million reported in the first quarter of 2021. Audacy also breaks down net revenue by format type and reports music radio revenue was $140.4 million; sports radio revenue was $53 million; and all-news & news/talk revenue was $48.3 million. Audacy president and CEO David Field comments, “I am pleased to report that Audacy posted strong first quarter results, delivering 152% growth in Adjusted EBITDA led by double digit revenue growth in both digital and spot radio. With our scaled, leadership position across broadcasting, podcasting and digital audio and our differentiated premium content offerings, we are well positioned to drive rapid evolution and innovation across the organization to capitalize on the outstanding growth opportunities in the dynamic audio marketplace. In Q1, we launched the Audacy Digital Audience Network, an addressable aggregate of 60 million listeners across our app, streaming content, and podcast lineup, enabling precision targeting at scale coupled with real-time optimization and reporting. We are looking forward to a number of exciting additional product and content launches and enhancements over the course of 2022 that will accelerate our audience growth and bolster our advertiser appeal.”

 

Beasley Broadcast Group Reports Q1 Net Revenue Increase of 15.6%. Reporting its financial data for the first quarter of 2022, Beasley Broadcast Group – parent company of Beasley Media Group – states that net revenue was $55.7 million, an increase of 15.6% over the same period in 2021. The company is also reporting an operating loss of $2.7 million in Q1 compared to an operating loss of $2.5 million in the first quarter of 2021. The increase in operating loss is primarily the result of an increase in operating expenses, which reflects additional cost of sales related to the revenue increase, other expenses related to sports and marketing, and additional expenses related to the company’s digital agency build out. Beasley’s net loss for the quarter fell to $3.7 million compared to the net loss of $10.7 million reported for the same period a year ago. Beasley CEO Caroline Beasley states, “First quarter results highlight ongoing progress toward our goal of returning all of our revenue sources to pre-pandemic levels. Net revenue rose 15.6% inclusive of a 35.5% rise in digital segment revenue, which accounted for 14% of total net revenue in the quarter, marking further success of our digital transformation strategies. Comparing our revenue performance to the first quarter of 2019, revenue was down $2.0 million, or 3.4%, as the 2019 results benefited from events and other revenue that has not fully recovered from the effects of the COVID-19 pandemic. Total outstanding debt as of March 31, 2022 was $300 million, as we did not have any scheduled debt payments during the quarter, and we had $50.7 million of cash and cash equivalents on hand at quarter end. We made an interest payment of approximately $12.9 million in February and repurchased $5 million of our 8.625% senior secured notes at a discount early in the second quarter. Our strong liquidity position enables us to make debt repayments while providing us with increased financial flexibility to pursue a potential acquisition or investment within the digital space, should an opportunity arise that could accelerate our digital growth, provide synergies or improve financial results. Looking ahead to the second quarter and second half of 2022, our focus remains on driving further revenue diversification and audience expansion, improving margins, benefiting from the return of the political cycle, maintaining a strong and flexible balance sheet, reducing net leverage and growing free cash flow. We expect progress on each of these fronts as we continue to close the gap on our pre-pandemic revenue and SOI levels and grow from there. I am extremely proud of our team members across the company for everything they have done and are doing to help us move past the challenges presented by the pandemic. We have clearly accomplished a lot and I believe we have many more opportunities ahead to build the company and enhance stockholder value.”

 

Ramsey Solutions Wins Webby Award for Borrowed Future Documentary. The documentary film Borrowed Future – produced by Ramsey Solutions – will be recognized as the Best Video Documentary in the Longform category of the 2022 Annual Webby Awards. Known as the “best of the Internet,” the Webby Awards are presented by the International Academy of Digital Arts and Sciences, the leading international awards organization honoring excellence on the Internet. Borrowed Future was originally released as a podcast in 2019 and reveals the inner workings of the predatory student loan industry that keeps borrowers trapped in debt. Directed by David DiCicco, the story follows college graduates who owe between $9,000 and $1 million in student loans, a college graduate who paid cash for college, and a group of high schoolers who haven’t made their choice yet. Leading voices like Mike Rowe, Seth Godin and Dave Ramsey are also featured. For weeks, the film held top spots on multiple streaming platform charts: #1 documentary on Google Play, #2 documentary on Apple TV and #5 documentary (rent or buy category) on Amazon Prime Video. Dave Ramsey says, “There’s no doubt we stirred up a holy ruckus with this documentary, and I’m so proud of the team that put it together. The student loan industry is downright evil. We definitely can’t bank on student loan forgiveness, and it’s about time America said, ‘I’ve had it!’” Webby Awards executive director Claire Graves comments, “Borrowed Future has set the standard for innovation and creativity on the Internet. This award is a testament to the skill, ingenuity, and vision of its creators.” The 26th Annual Webby Awards will take place in New York City on May 16. See more about the film here.

 

Brandon Tatum Joins Salem Radio Network for Syndicated Radio Program. Conservative media figure and former Tucson police officer Brandon Tatum is joining the Salem Radio Network to fill the slot Larry Elder held until his retirement from radio in early April. He will assume duties as host of the 6:00 pm to 9:00 pm ET program on May 16. The third hour of the program will be repurposed into a podcast. Salem SVP of spoken word Phil Boyce says, “Salem conducted a nationwide search, and some very big names were interested in taking this important slot. Brandon brings a unique talent to Salem, and has a strong following among the nation’s youth, with his involvement with Turning Point USA. His compelling story is riveting.” Tatum has been serving as director of urban outreach for Turning Point USA and hosts the popular program “The Officer Tatum Show” on social media platforms including YouTube. Tatum says, “Words cannot describe what a blessing it is to be a part of the Salem family. I am incredibly humbled and honored to continue the legacy of the great Larry Elder. My mission in life is to serve God with the gifts he has given me. Being the voice of and for the people is one of those gifts.” Additionally, Tatum co-founded Blexit with Candace Owens, an organization “dedicated to changing the narrative in the black community through education, community outreach, and empowerment.” Carl Jackson, who has been subbing as guest host in Elder’s absence both last summer when he ran for governor, and more recently after Elder’s decision to retire from radio, will continue as a regular sub for Tatum.

 

TALKERS News Notes. Philadelphia sports media legend and Pro Football Hall of Famer Ray Didinger announces he’s retiring from his weekend radio program on Audacy’s WIP, Philadelphia. The station reports that Didinger said on yesterday’s program that he co-hosts with Glen Macnow, “Sunday, May 29th will be my final show. I am ready to transition from Ray Didi to grandpop.” Audacy says Didinger covered the NFL for The Philadelphia Bulletin and The Philadelphia Daily News for over 25 years and in 1995 his name was added to writer’s honor roll in the Pro Football Hall Of Fame. Didinger also worked as a senior producer at NFL Films, as an Eagles TV analyst on NBC Sports Philadelphia…..SiriusXM announces that Jessica Casano-Antonellis joins the company as SVP and head of communications, reporting to chief marketing officer Denise Karkos. In this role, she will be responsible for all aspects of the company’s communications function, including strategic communications, brand reputation management and media relations. Karkos adds, “Jessica is a valued and respected leader who brings a wealth of strategic communications experience in the media, entertainment and technology industries to SiriusXM. She will be an incredible asset to the company and will play a key role as we continue to tell the story of SiriusXM as a leader in audio entertainment.”…..Former KQQZ, St. Louis station owner Bob Romanik – whose self-given nickname was “The Grim Reaper of Radio” – has died at age 72 while in hospice. According to his obit in the Belleville News-Democrat, Romanik served as an East St. Louis police officer and chief of police in both Washington Park and Valmeyer, Illinois during his career. He was a notorious raconteur who liberally used racial epithets on the air and referred to his programming as W.A.R. or White Awareness Radio. In 2020, after attempting to conceal his ownership of KQQZ and failing to show up for FCC hearings on the matter, the Commission permanently dismissed his application for renewal.

 

The Economy, Roe v Wade, COVID-19, Russia-Ukraine War, Midterms/Trump & the GOP, January 6 Investigation, and Musk & Twitter Among Top News/Talk Stories Over the Weekend. The sinking Dow and NASDAQ, the high price of food & gas, and the ongoing supply chain woes; the reactions to the leaked draft of a Supreme Court decision to reverse Roe v Wade; the rising rate of COVID cases in some parts of the U.S., concerns about new variants, and the ongoing lockdowns in China; Russia’s war in Ukraine and Vladimir Putin’s propaganda; the November midterm elections and Donald Trump’s influence over the GOP; the Justice Department’s investigation into the January 6 Capitol attack; and Elon Musk’s attempt to acquire Twitter were some of the most-talked-about stories on news/talk radio over the weekend, according to ongoing research from TALKERS magazine.

Sales

Pending Business: The Anecdote

By Steve Lapa
Lapcom Communications Corp
President

 

PALM BEACH GARDENS, Fla. — News and talk radio sellers are boring.

Sorry if I offended you. But that’s what I see in the marketing work I do.

It’s all about numbers on paper. If ratings are not part of the pitch, it comes down to a laundry list of predictable guests, a boilerplate bio, and whatever else is fast and easy.

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Sales

Pending Business: It Should Be Easy

By Steve Lapa
Lapcom Communications Corp
President

 

PALM BEACH GARDENS, Fla. — How easy is it to do business with you?

I’m betting it’s more difficult than you think. Most professional sellers rarely “eat their own dog food,” as in be the advertiser at your talk radio station.

Try this exercise. Be the client trying to make an advertising inquiry. Is the experience of going through the switchboard at your station friendly or is it the typical “if you know your party’s extension….”? Is it a confidence builder or killer as you go undercover and try to navigate becoming an advertiser?

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