Industry Views

Pending Business: Nobody Cut Their Way to the Top

EDITORS NOTE:  In addition to conveying a powerful message, the article below by industry expert, consultant and TALKERS contributor Steve Lapa contains a tremendous limited-time opportunity for the readers of this publication to partake in a free offer to receive a valuable radio sales support tool.  We strongly suggest that readers involved in any way with radio sales read this article and take advantage of Steve Lapa’s offer at the end of the piece.    

By Steve Lapa
Lapcom Communications Corp
President

imRadio station personnel could be facing the worst environment – ever!

Endless bankruptcy headlines. Painful personnel cuts. Soaring retail prices. A number of radio companies are struggling, preparing for the worst and there is no cavalry in sight. No matter where we start sorting through the current tsunami of problems, every solution typically ends up in the same place: more income.

I could never understand why we don’t just cut to the chase. It would be a lot more efficient and a lot less painful if we all agreed on one premise – nobody cut their way to the top. Cost conscious, attention to expense detail and planned expansion is one thing… however destroying motivation, morale, passion and attraction for the radio business is fatal. Yet we continue to repeat the same mistakes. What do they say about doing the same thing over and over and hoping for a different outcome?

Imagine if you invented the medium today. Simple advertiser pitch: reach 83-90% of the US population for a CPM lower than your favorite Starbucks drink. Yet, radio still has the never-ending low man on the electronic media totem pole advertising image. Consider all those direct response advertisers who started on radio and “graduate” to TV. Where were the radio sellers partnered with creators focused on performance? It’s a mess, I know. What does it take to power through a mess like the one we are in now? How do we come out the other side generating income for our companies, our families, and ourselves?

Start by looking in the mirror. Re-commit to getting your skills razor sharp and get your focus laser targeted. If you are a seller, manager or owner, re-educate yourself. If you are on the programming or on-air side, passionate about your content, help your sellers and managers. Time to learn the skills necessary to help your team and yourself at the same time. The radio business is becoming so undervalued and distressed, beaten down by too much debt and not enough disciplined, strategic thinking.

Let me step up. I AM WILLING  to share my 40+ years of proven sales and management performance system with you for FREE. No risk, no exchange of dollars, because if we do not fix the radio problem NOW, we all go down together. Radio companies are preparing for the worst. Stop waiting, stop hoping. Go to https://3MinutePlanner.com and take advantage of my offer to help. Sellers, managers, owners, new-think programmers and talents, time to mount up and join the radio cavalry!

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 Agony of Complacency

By Steve Lapa
Lapcom Communications Corp
President

imWhat happens when the world-wide leader is for sale? When they stopped spanning the globe 25 years ago, I thought the budget cut would help the leader. I could still hear the great Jim McKay describing the agony as Vinko Bogataj rolled down that ski slope in utter defeat. There were so many different images of the thrill of victory, but for most of the 37 seasons of “Wide World of Sports,” the agony of defeat was forever connected to that helpless Yugoslavian skier.

Maybe the real story of Disney/ABC/ESPN’s “Wide World of Sports” is lost in the silo of being first in on the marketing ladder and not recognizing opportunity.

The world-wide leader was the first to televise Wimbledon, the Indy 500, and who could forget the Pro Bowlers Tour? Not recognizing the need to expand into targeted sports coverage, pre-empt competitive efforts, and experiment with new media may be a flaw in an otherwise crown jewel. Did Mickey Mouse see the “Rugrats” coming? You mean history repeats itself when the successful get complacent and positive paranoia is the domain of the dot-com entrepreneurs?

Ok, it’s getting a little heavy here. This column is about sales and marketing, not business theory or case studies. Or is it?

The lessons here are classic and are a direct connect to your commission check.

ESPN is searching for answers, and when billions in ad sales, cable fees, streaming subscriptions and theme park attendance isn’t enough to goose the growth curve, well, Houston, we’ve got a problem. But let’s learn how to work with what surrounds us.

— What are the biggest challenges to your business base?

— Can you identify the challenges in your control, and which are not?

— How would you rank your competitors?

— As your local ad market shifts into more digital advertising, who are the winners?

— Can you name the five biggest digital-social media ad spenders in your market?

— Do you keep updated on new ad marketing opportunities presented to your clients?

Forgive the blurry lines that connected the dots in the Disney-ABC-ESPN story. The business lesson, however, is clear. Sellers can only control what they are asked to sell. But when complacency sets in at any level, take a time out and rethink your playbook.

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 Big 20 Countdown

By Steve Lapa
Lapcom Communications Corp
President

imNo, this isn’t about college football or New Year’s Eve. Wait, maybe it is.

This is about getting you to start the 20 benchmarks every news/talk or sports talk manager, seller, even owner should be reviewing, analyzing, and preparing on their 2023/2024 calendars.

Call me the Detail Doctor, because as we all know the dollars are in the details.

Let’s start with August:

— College Football kicks off at the end of the month and your packages are closing out.

— The NFL season kickoff is full of new competition, so close, close, close.

— Labor Day is on the way and depending on your market dynamics unique packages could swing momentum your way.

— Early 2024 upfronts should be game planned now.

— Review your recruitment profile.

September:

— Election Day is 9 weeks away. Are you ready?

— Do you finalize goals/budgets for 2024?

— The Jewish community observes High Holidays at the end of the month.

October:

— Tweak your Q4 packages.

— Thanksgiving

— Christmas. Sunday/Monday this year.

— Too early for New Year’s Eve? Sunday/Monday this year.

— Financial Category. We all want second opinions, right?

— Legal. ditto

— Lock in your 2024 goals.

— Monitor pacing for 2024 upfront.

November:

— Check your crystal ball for final 2023/early 2024 performance.

— Daylight Saving Time ends. Change those clocks!

— Start thinking Vegas, baby for the February 11, 2024 Super Bowl.

— How did those upfronts close?

December:

— Renewals for 2024 done?

— Pacing for 2024?

— Actual selling days in the month is deceptive.

— Review those wins AND losses.

— Happy New Year.

This exercise is a simple, functional start point. Every seller, manager, and owner will add, delete, or adopt this list. My hope is you will move to do something to help your 2023 income finish big and 2024 start even bigger!

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: Pulling the Rug Out from Under

By Steve Lapa
Lapcom Communications Corp
President

imWhen was the last time you went shopping for a quality living room rug? Not an oriental, because that is just too easy. We’re talking high quality living room rug that will blend in and stand the test of time… and the dog. Next to fighting with a credit card company, it’s the worst shopping experience ever.

Try this at home when you have nothing better to do. Chances are you want to find the rug of your dreams, so you check out the major department stores. Up the escalator, walk through home furnishings and an employee may or may not be available. Most likely not, so you head to an adjacent department, and someone sends someone who barely knows the product and selection.

This scenario is repeated at most major department stores today, so off we go to our favorite furniture store where rugs are an accessory, like belts in the men’s store. No go here. Time to head over to the carpet, tile, and rug store.

Employees here are a bit more available and knowledgeable, but the quality and selection are just not quite right. Time for the expensive specialty store where expertise and service are #1 and so is price. $10,000 for that!

Time for the online experience to take over with countless purchase options, reviews, and confusing virtual reality options. This is getting painful. The attempted purchase is frozen in frustration. What does this have to do with what we do? Live and learn.

— Are you always available for your advertisers? When business is soft you lob in a mandatory attempt and move on. When business is through the roof, are you quick to return a call or open a new door?

— Do you simply walk through the same motions, or reflect the energy and enthusiasm of an exciting program lineup? Think of the rug seller, flipping through those rugs. Boring!

— Do you earn the price or just blame the boss? Since day one, some sellers find it easier to blame the boss instead of earning the value proposition.

— Are your advertisers frozen in frustration? Feel free to use the phrase that pays. Defrost that frozen decision maker before your competitor does.

A great program director once told me, the best on-air talents observe life with a pad and pen. Their notes come to life when the mic goes on. The same is true for great sellers and managers. Every purchase experience can improve your 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

Pending Business: Shorter and Faster is Better

By Steve Lapa
Lapcom Communications Corp
President

Looks like Major League Baseball is about to show the radio business how to score the winning run. Major League Baseball decided it was time to reverse the aging fan base, declining gameday gates, and shorten three-plus-hours of in-game boredom.

Despite the downhome storytellers doing play-by-play on radio and innovations of TV coverage, the game was getting tedious, and it was time for Major League Baseball to change or slowly but surely face the fate of the dinosaur.

Sound familiar? Yes, there are some baseball innovations that entertained people like the infamous mascots of yesteryear, but MLB is about the hallowed Hall of Fame heritage of pinstripes, red socks, and Dodger blue. Change means risk and in baseball swinging for the fences is a 1 in 18 shot.

Getting a little too close for comfort? Fans and sponsors needed a new spark to ignite baseball fever, so MLB responded with a pitch clock to speed up the game and bigger bases to bring back one of the most exciting plays in sports. Guess what? Games are being played faster, gameday attendance is up 8%, TV viewership is up 14% and according to the Insider, social media views are up 67% as under-35 demographics are up 14%. Let us start connecting the dots to our business.

— News/talk radio relies on a 55+ audience. Nothing wrong with the “money demo.” But talk radio needs to look ahead to what happens AFTER the election cycle.

— Most daily talk shows are three hours long. So were most MLB games… until this year. Shorter became better as attendance and viewership shot up. Wake up radio programmers, hosts, managers! Do we have the courage and budget to program and sell shorter, faster moving programs? Radio is so stuck in an outdated model; the low growth is about to make another appearance in bankruptcy court.

— Fans got excited and social media exploded. Last time I checked, Savannah, Georgia was Nielsen radio market #145. No news/talk radio station in the top 100 U.S. radio markets has as many Facebook followers as the Savannah Bananas baseball team.

— Fans and sponsors needed a new spark. What has your radio station offered lately that is new, exciting and lights the fuse for sponsors and listeners?

Recently, a 21-year-old baseball star stole two bases then decided to steal home and the fans went crazy. Through the years we have seen the play. But every time it happens the fans in the stands are on their feet, cheering, high fiving, and re-living every detail of the excitement. Baseball is back, bigger and better than ever. All of us can learn from today’s changes in America’s Pastime.

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: Good News Bad News

By Steve Lapa
Lapcom Communications Corp
President

Survey says, the good news is, 49% of local direct advertisers use AM/FM radio.

The bad news is, the same survey says, 65% of that same group uses social media advertising. Advantage +16% for the digital team. The good news is, you are comfortable selling/managing digital and social media vehicles because like it or not your local advertiser is leaning in on the digital/social media advertising opportunity.

Survey says, more bad news, 54% of the local direct advertiser group is buying event-sponsorships. The good news is, you are comfortable selling/managing event-sponsorships because like it or not your local advertiser is leaning in on the event-sponsorship advertising opportunity.

Now for the closer, survey says, over 50% of these local advertisers are now budgeting only 2% of gross revenues on advertising. Thank you Borrell for the researched eye-opener and thank you pandemic for shrinking the local advertiser’s marketing dollar.

Show of hands, please, anyone reading this totally surprised? The online digital/social media advertising world has been on a double-digit growth tear as long as anyone can remember. The growth continues as AM/FM sellers stand by and watch the parade go by, sorry guys. The facts are… there are roughly 310 million smartphones in the U.S. According to the last Edison survey, 68% of U.S. homes own 1.5 radios. In round numbers 338 million radios at home. Wait, what? Are there almost as many smartphones as AM/FM radios at home? Anyone own more than one smartphone? I thought there was a radio in almost every room in your home. Not anymore, you say? Quite different from the average five radios per household when many reading this column earned their first double digit commission check as a member of that fun loving sales team. The times are a changin’ and I hope you are changing with the times. Let us start here:

Update your value proposition for “Why Radio?” Make it current and relevant to today’s media ecosystem.

Sharpen your new selling skills. Get ahead of the curve and leave your competitors in the dust.

Ask yourself, “What happened?” The numbers of smartphone users are growing. Maybe not as fast as in the past but growing. The number of AM/FM radios in the home is shrinking. Look to your leadership for some answers.

When the trend is NOT your friend, it’s time to think like the great leaders who built our country and media empires, “Lead, follow, or get out of the way.”

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: You’re Halfway Home

By Steve Lapa
Lapcom Communications Corp
President

imCongratulations! You’ve made to the halfway point this year.

Stand by to prepare for the second half of the year like you never have before. This upcoming second half could be so confusing even WAZE may not get you home.

The economy is sending so many mixed signals it is almost impossible to distinguish flashing warning signs from healthy growth curves. From home sales to new car sales, prices are holding as mortgage rates are at a 15-year high and new car prices redefine sticker shock.

Hiring in many categories was robust over the last few months, signaling a better economy ahead. Here comes the tricky part. For most in the news/talk sales world, the next quarter isn’t exactly on fire and as usual precious few sellers and managers are working on Q4 as they wrestle with the headwinds they now face.

Sorry to report there is no fast fix or instant solution. But let’s at least try to review some basic game planning:

— Are you still spraying and praying, or have you zeroed in on growth targets? Every survey says, “revenge travel” and dining out are big factors in local economies this year. What’s on your target list?

— Open your eyes. What’s hot and what’s not? Here in Florida, there are two Peloton stores in two major malls as well as a full display in our local Dick’s Sporting goods. All three venues are forever uncrowded – as in empty. Yet have you checked out the price of bicycles, golf clubs, or leisure wear? The consumer is spending, but not where you may think.

— Back to the basics. Medical, dental and general wellness should always be on your radar as most of us are ready to invest in health and happiness. Does the category profile show on your target list?

— Unpredictable economies require smarter financial and legal plans. Are your listeners ready for a financial check-up? Laws change and staying current with tax and estate laws is always a challenge. The news/talk audience always over-indexes on financial qualitative.

— How is your competitive periscope? Are you aware of any new media competition that may be carving into budgets? Have you come to terms with the growth in local digital marketing or is your head still in the sand?

The second half of this year is up to you. Make it or break it, it’s your 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

Pending Business: What Will You Focus on Today?

By Steve Lapa
Lapcom Communications Corp
President

imSimple question, tricky answer. Unless you are organized.

If you are a professional athlete, you are paid to put points on the board or stop the opponent from scoring. Did you ever watch a competitive body builder work in the gym? Some have a journal and a tripod to mount their mobile phones recording technique as they work through their routine, carefully blending form and precision. The professional entertainer? Paid to sell tickets. Professional politicians? Easy, get the most votes.

Professional ad seller? You get paid to close business.

Is the better question, “What business will you close today?” Of course, it is. Wait, most sellers never start every day with the stomach-churning question, “What business will I close today?” Maybe that question is a little too focused. After all it drills down the process to the very measurable result of being organized, skilled, and focused. Just like that high achieving athlete or getting a ticket to that sold-out performance, someone was ready to answer that elegantly simple question, “What will you focus on today?”

Let’s start the process of learning how to better sharpen our focus skills. Suppose we start with an easy how-to, as in how-to prioritize your call activity. Your sales calls will fall into five major categories:

— New Business. The lifeblood, the very oxygen of the radio business. Remember this: radio advertising, when measured honestly (political ads, COVID economics adjusted) is a single digit growth business. Unless you are making developmental calls, attrition, competition, and the wobbles in the economy will overwhelm you. Make the developmental calls a priority.

— Renewals. The most efficient sale you will make is the business you currently have. Work on renewals when timely.

— Service. My experience is this is the number #1 weakness of most radio ad sellers. Learn how to follow-up, check-in and listen without looking for a transaction. It’s about making sure your rapport is healthy and ready.

— Collections. Do you need an explanation? Just be sure of your numbers and documentation before you make the call or send the email.

— Internal. Collaboration with management, programming, production, or biz ops starts here.

Simple enough. Five columns to list, prioritize and budget your daily call activity. Owners and managers who are reading this, help your sellers when they get distracted. What will you focus on today?

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: Recruitment 3.0

By Steve Lapa
Lapcom Communications Corp
President

imIt’s that time of year. College graduates are pushing out resumes. Are you open for entry level sellers? Any turnover on your sales team this year?

In April, we reviewed new data impacting today’s college graduate entry-level sellers. 97% are open to jobs unrelated to their new degrees. 56% of Americans, as in their parents, do not believe a college degree is worth it anymore.

There’s more. According to a recent Wall Street Journal article, a survey by college healthcare provider Timelycare, shows 53% of (2023) graduates want a full work-from-the-office environment, while only 21% are good with total remote. Are we saying entry-level sellers WANT to work from the office? These young people want the commute, politics, and distractions of the office workplace environment. Are you kidding me? The good old days?

The survey results do make some sense when you stop to realize most of the new grads spent a good part of their COVID-impacted college lives logging into classes, missing several semesters of lecture hall instruction and dorm life.

Now comes the closer: these isolation years caused these new grads a lack of “soft skills” or what we used to call social skills. Recruiters, colleges and universities are now coaching these new grads in everything from “How to Start a Conversation,” to proper in-office dress, to eating at the same pace as your business lunchmate.

Not kidding here, all you 50- and 60-something sellers and managers. This round of recruiting entry-level sellers is totally about “How To…” and you may want to consider video and an eBook once hired.

Let’s face it, with AI coming fast, the future is here and like everything else in sales, there is no clear “How To…” handbook. But recruit we must as nothing happens without a seller. Loyalty is quickly fading as new, younger sellers want a different experience.

Let’s prepare a starter list for recruiting entry-level sellers in today’s world. Here are 10 suggested questions and concepts to cover the basics:

— Why do you want to join our sales team?

— What do you think is the most important quality a seller must have?

— How would you define a sale?

— When was the last time you experienced rejection? What did you do?

— Give me an example of a recent success in a competitive situation.

— If you could do anything professionally, what would it be?

— I am going to hand you my pen. Sell it to me.

— What is the difference between a Winner and a Champion?

— What do you think the most important thing an advertiser wants to hear from a seller?

— Tell me what specifically brings you to sell for _______?

I’m sure you have your own recruitment strategy/profile. Is it current? For the seller, that younger team member may be different from what you expect. The best seller I coached was an Art History major.

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: 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: Get Your Head Straight

By Steve Lapa
Lapcom Communications Corp
President

imAre you a multiplatform juggler? If you sell or manage for a radio station, the answer is yes.

Why? Because it’s been part of the radio ad sales DNA since radio advertising shrunk to single digit growth.

Maybe someone reading this column can research or remember the last time radio industry pre-pandemic ad sales grew at double digits. It’s a tough putt, for sure.

Radio sellers were the first to reach across the aisle and “cross-sell” event sponsorships, concert tie-ins, publications, prize catalogues, bridal fairs, recruitment fairs, half-off fairs, sports and leisure tie-ins, hurricane guides, meet and greets, and it all started with a simple concept called a “remote.”

Radio ad sales strategy has come a long way since the first five-year plan had no projected double-digit growth. Even worse was the negative growth forecast for many markets. I remember that famous local market slogan “last one out, please turn off the lights.”

Those simple, linear, fun-to-present packages that required nothing more than easy-to-follow graphics, reasonable pricing, and a testimonial letter required little training, re-skilling, and new technical understanding. The toughest questions were about electrical outlets, display details, and when do we load in?

Covid killed some of those income generators, but you can add in pre-pandemic tired, low-energy sellers and managers taking concepts for granted as the final nail in the coffin.

Wait a minute. Aren’t brides still making decisions? Is inflation driving us back to coupons and looking for daily deals? Seems like sports-related advertising always thrives, right?

Some concepts will return, others will be reimagined, and a few are gone forever. Back to the future. Digital and social media sales will shape your sales future whether you like it or not. The digital/social media growth trend is moving at a non-stop, double-digit pace, pushing every competitive sales team to learn more and sell faster.

Smart, energetic thinkers are planning the next move, reshaping the past for what will sell tomorrow. It’s been almost 25 years since the first Blackberry phone. Sometimes innovation leaves iconic concepts in the dust. Here is where all of this goes. Get your attitude ready to learn and earn.

— Your glass is never full. The next time a manager introduces a new opportunity open your thinking

— Ask questions. Remember “new” is a powerful sales world door opener. Be sure YOU know how this new opportunity works. Leave your ego outside the sales meeting.

— Local advertisers like a competitive edge. Procter & Gamble built the most successful package goods marketing in the world with “New and Improved.” Learn from the legacy winners.

Managers and sellers want to win new business. Are you prepared to learn how?

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: Father’s Day

By Steve Lapa
Lapcom Communications Corp
President

imYou have still have six weeks to make Father’s Day your sales success. Stop taking for granted, this always undersold 100-plus-years-old celebration.

Father’s Day is a $20 billion business that rarely dominates a radio sales meeting. Did you have a full sales meeting devoted to selling into the Father’s Day gift giving cycle?

Your most valuable sales asset, your on-air personalities, can be helpful in brainstorming, collaborating, even creating unique sales opportunities. They know their audience.

The National Retail Foundation projects only an $80 difference in the average gift spends between Mother’s Day and Father’s Day. Still the typical radio ad sales team rarely takes the time necessary when it comes to brainstorming this annual opportunity. Unlike Mother’s Day where “natural” categories like flowers, candy, dinner, spa days, even jewelry make the annual target list, what does your target list look like for Father’s Day? How creative is your Father’s Day planning… especially since neckties are still out?

Could it be because Father’s Day was hatched in Spokane, Washington as a complement to its senior partner, Mother’s Day?

It really doesn’t matter. These takeaways may help guide your thinking as you approach any holiday marketing. Let’s start with a Father’s Day profile that should broaden your thinking:

— Forget the old school. Consider this: 81% of gift givers are looking for “unique” or “experience” oriented gifts. A true opportunity to open your prospecting targets. Would Dad enjoy a weekend staycation?

— Like it or not online shopping is becoming the norm, yet when it comes to Father’s Day, nearly 50% are still shopping at retail locations. Another reason to freshen up that prospecting list.

— Despite inflation, 76% of Americans will celebrate Father’s Day.

— The average spend is projected at $171. Not exactly Christmas numbers, but welcome income to any retailer.

Sellers and managers often overlook obvious income opportunities that could come easily. Chances are your local talent have a connection to Father’s Day that could make a difference on a sales call. Don’t overlook the opportunities right in front of you as you approach the next sales call.

Happy Father’s Day!

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: You

By Steve Lapa
Lapcom Communications Corp
President

I’m one of the lucky ones. In my marketing work I get to speak with radio/audio sellers and managers around the country at companies privately and publicly owned, as well as that increasingly rare breed – the radio station owner/operator. They all share one common fault. Yes, I said fault. Can you guess what it is? Probably not, because you too may share the same fault.

I’m one of the lucky ones as I was warned about this early in my career. Before we look in the mirror, let’s recall what Harry Beckwith said in his 2011 book, You, Inc. His premise was, “The first thing you sell is yourself.” Having trained hundreds of high achievers, my experience is that premise is one of the most subjective statements you will ever hear. How do you sell yourself with grace and humility? How does your ability to sell yourself stand head and shoulders above the next seller on the Zoom call or in the advertiser’s office without over-the-top braggadocio? While on calls with one high achiever, there was always a pause point where that seller took a side bar that started with, “Believe me, I’ve been working for ____ for __years…..” Sound familiar?

After a few calls on the same advertiser, the tenure pitch gets stale. The focus on “me” gets confused with building credibility through proven performance. Sorry, but You, Inc needs an update.

You see the missing link – the fault most sellers and managers share – is the lack of investment in “You.” In plain English, most sellers and managers fail to invest in themselves. We fail to recognize it takes a financial and time investment to keep our skills sharp, our minds focused on performance, and our teams coordinated with a win-win attitude.

There is a reason why high-level tennis professionals work and compete under the watchful eyes of well-compensated coaches and trainers. Pick a competitive career, from sports to entertainment, and somewhere in the mix you will find a coach, mentor, or trainer paid to help improve performance. But rarely will you find a seller or manager in the highly competitive radio/audio sales space investing in improving performance. Sorry to all you managers reading this, but who is coaching you?

Books, seminars, videos, online programs were and are still part of “stay sharp, stay current” training. Sales and managing sales departments is a moving target with change built into every day. Recruitment, strategy and digital dynamics move ahead with or without you. It is never too late to understand the investment necessary in “You” to keep sales and sales management skills improving every day.

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: NAB – Never Assume the Basics

By Steve Lapa
Lapcom Communications Corp
President

Welcome to the NAB edition of Pending Business.

Wait, not that NAB. I am talking about the NAB that affects every manager and seller in the broadcast business, especially radio. This NAB is all about Never Assume the Basics.

Timing could not be better. Borrell and Associates just released a report that validates the Covid pandemic-driven changes in the local advertising marketplace. The shifts are so big, they most likely will change the ad world for a long time. The report shows the measurable local advertising marketplace is now at approximately $143 billion dollars. If you believe the numbers in the report, 67% of local ad dollars are placed in digital media advertising. Simple math says 33% of local ad dollars are now split, radio, TV, all print, outdoor and direct mail. Now that is a genuine showstopper!

These numbers are a tough pill to swallow, especially for those of us who remember the days when (print) newspapers were the king of the hill of local ad dollars. Whether you accept the numbers or not, the trend is your friend, and no manager or seller wants to be left behind. The major drivers behind this seismic shift in local ad dollars are the giants of social/digital media. Members of what TV personality Jim Cramer calls the FANG set – Facebook, Amazon, Google – you know what I am talking about. The shift in local dollars happened and continues happening right before our collective ears and eyes. Some of us are changing with the flow, others are still satisfied just reading a competitive radio monitor report during the Monday morning sales meeting.

Let us pause right here and get back to the danger of assuming the basics. You know what assuming can do, so let us regroup. Zoom back and take a treetop view of how you reconcile the basics of:

— local ad budgets

— sales prospecting

— packaging

What’s changed in your approach to prospecting? What NEW information and new businesses are you targeting? How has your competitive information flow adjusted to reflect local market changes? What is the newest package concept in your sales arsenal? Are you up to speed on the newer social and digital media initiatives in your local market?

Make no mistake, I am not advocating breaking the foundation. Yet we cannot ignore market dynamics. Some companies are driving change and growing in the digital/social media ad space, while others are slower. The great Teddy Roosevelt said “Lead, Follow, or Get Out of the Way!” Leadership is never easy. When it comes to sales, it should be a constant goal. Do not let anyone push you out of the way.

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

Industry Views

Pending Business: How Would Elon Musk Price Radio?

By Steve Lapa
Lapcom Communications Corp
President

Theory vs. practice is always a fun exercise. What happens when someone is bold enough to step out and break the mold to achieve their goals? Do you stop and learn, or do you simply stay in your comfort zone and take a pass?

The headline was “Tesla Drops Prices Again” and they beat their quarterly sales goal. Do you drop your prices to make your sales goals? We are not talking about summer specials, weekend paid programming, or sports packages. Tesla made flat-out price reductions to roll the dice on volume, confident in the product and the marketplace to drive volume for the second time this year.

Ever visited a Tesla store? You will be shown a price card. Every time I asked a question, they tapped a keyboard. No real selling, just facts. Let us do a deeper Tesla-style analysis.

 

Why drop prices when you have nearly two-thirds of the EV market? Is it because your competition is gaining on you? Because you will miss your quarterly projections and you don’t like losing? Because an incentive to buy is about to expire (government credit)? Because you are a world class disruptor? Because you know by lowering prices you will own the news cycle? Because there is still room for old school price wars to stimulate demand and distract the competition?

Survey says, all of the above. How about the opposite? What if Tesla’s strategy was like what most of the radio managers and sellers reading this article would do? The “urgency” trigger. “Buy today, because prices will go up on ______.” The radio/audio “urgency” pitch strategy is so predictable – seasonal, political window, a change in management policy, sell-out level. Heck, Teslas are on back order and they still dropped prices. WWED? What would Elon do? Probably fire us via Twitter. Back to earth and our highly competitive radio/audio world. Here are the takeaways.

— Know your competition. My current experience in one of America’s largest radio markets is price strategy IS driving volume and helping a great radio station make goals. The higher-rated competitor is standing still as the business shifts.

— You don’t have to be loud to be a disruptor. Sitting Bull won by knowing how to sell his idea. He organized, collaborated and was patient. He won by quietly disrupting then got loud when the timing was perfect.

— Do your homework. “Urgency” as a price lever has been around since the Mad Men ran Madison Avenue. Have you ever reviewed how your urgency plan can be maximized? Or is the strategy played out?

— Who Cares? If you lower rates today until New Year’s Eve, will the rate reduction create enough local market buzz to drive the volume to beat your goals? You can always raise rates once your foundation is comfortably in place. Oops! Did I just demonstrate real world grid card selling?

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

Industry News

Pending Business: Attracting New Recruits

By Steve Lapa
Lapcom Communications Corp
President

Ask any sales manager what the #1 challenge they face is and nine times out of 10 the surprise answer is not “more business.” Generating more business takes a well-oiled machine that starts and ends with a focused, well-trained sales team. And therein lies the challenge question I hear every week. “Where can I find more good salespeople?”

With all the sophisticated technology available today – from Zoom and Teams to data mining and social media – it is hard to comprehend why any viable radio station would have difficulty recruiting “good salespeople.” I rarely faced that challenge in any of the markets where I worked. No matter what the ownership structure or market size – from Buffalo to San Francisco – recruiting and retaining “good salespeople” was only an occasional problem.

If you are a manager at any level, in any market, responsible for recruiting and training “good salespeople,” you may never view the task the same way again if you follow these six simple steps:

1)         Recruitment should always be on your “To Do” list. Always, period, the end. Like the sun rises every morning, recruitment is a regular part of your day.

2)         Times are changing, build your bench. If your sales team is a mix of generations, any given team member may decide to move on for reasons you may not understand. Be prepared. Turnover happens, don’t be ambushed.

3)         Do you have a written profile of the ideal candidate for sales? Sound crazy? Try it right now. What are the three must-have qualities of every successful seller on your team? Those qualities may now be changing with newer digital, social media, and programming changes.

4)         Is your compensation structure competitive? This is one of my favorites. Depending on ownership you may or may not have the degree of flexibility you want. However, you may find a friendlier structure through performance incentives.

5)         Would you trust members of your current team to interview a candidate? I used the technique often over 15 years. Sometimes the culture in your sales department is unique or you may feature team performance incentives. The power of teams is a proven winner in most businesses.

6)         Are you plugged in to the new-think of today’s entry-level seller? Here are some current facts that may change your view of recruiting younger sellers:

   a) A study at the University of Chicago showed 56% of Americans think a college degree is not worth the money. Wow, is that different from most job postings!

b) As job markets become unpredictable, 97% of graduating seniors are open to alternative careers, as in not their major, this according to a study by iCIMS.

Finding “good salespeople” should never be viewed as a management headache. Once you make the commitment, the next great seller could be your next interview.

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: Planning & Organization

By Steve Lapa
Lapcom Communications Corp
President

On a scale of one to 10, where would you rank yourself on planning and organization?

If you are the #1 seller on your team, how do you rank your ability to plan and organize? If you are working your way to the top, how prepared and organized does the #1 seller on your team look?

Planning and organization don’t mean every hour is filled. Top-tier sellers know interruptions are a given. Demands change on a moment’s notice and change is a constant. The day-to-day selling environment is rarely a walk in the park.

The underlying question is how do you prepare to plan? How do you evaluate the opportunity flow to determine what to emphasize and what to abandon? Which projects do you add, and which ones do you delete?

These are tough calls – these drop/adds – as you painstakingly review time, effort, and emotional attachment in each of your sales projects. But here is the good news. All of us, every seller and every manager, can use fresh eyes on planning and organizational skills. To that end, here is my simple gift to you. A timeline of 13 upcoming sales opportunity events that should be income generators. Let us liberally countdown the sales lead time from today, Monday, March 27 to many of the income producing events that drive your sales calendar. Your specific station may not directly tie-in, however, many of your local sponsors are planning right now. So, let us get busy:

Mother’s Day              6 weeks
Memorial Day             7 weeks
Father’s Day               12 weeks
Independence Day      14 weeks
College Football         22 weeks (Season kickoff)
Labor Day                   23 weeks
NFL                            24 weeks (Season kickoff)
Halloween                   31 weeks
Election Day               32 weeks
Veterans Day              32 weeks
Thanksgiving              34 weeks
Christmas                    38 weeks
New Year’s Eve          39 weeks

There sits the 2023 friend or foe selling calendar before your eyes. Do you have the historics, wins/losses and opportunities organized? How about your competitors? What about newer digital and social media integrations that may need more lead time? Is there any turnover in decision makers at key accounts? Ready to wake up and smell the coffee?

Every high achiever knows, everyone wants to win. But are you properly prepared and positioned to win? Another three minutes of planning a day goes a long way!

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 Lappa 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

Pending Business: What’s a Sale?

By Steve Lapa
Lapcom Communications Corp
President

Photography - BroadcastingLet’s take a lesson from arguably the greatest college basketball coach of all time: John Wooden.

The coach wanted every UCLA player on the same page, so he took time in meetings to explain the proper way to put on those old school basketball socks. You know, the ones that came up to mid-calf, usually double stripped at the top. There was a clear method to Wooden’s genius. Taking meeting time to show budding superstars like Kareem Abdul Jabbar and Bill Walton something so fundamental achieved several goals.

 — Fundamentals count. There is nothing more basic than how to properly put on your socks and mastering the basics wins.

— Short cut the basics and you will suffer. Having worn those socks through thousands of school yard games myself, rush the process and painful blisters follow.

— Every player starts every practice, every game the same way.

Every year I would conduct one sales meeting asking my team to answer the question, “Can you define a sale?” I know, that’s way too basic for sellers earning six figures. It’s an embarrassing waste of time for the tenured sellers who had proven themselves in the field every day. Was I wasting the time of those newer team members who were looking forward to the highest commission rate in the market?

Try it. Chances are you will get so many different answers your sales team will seem like a Cirque du Soleil act.

There IS a simple, legal definition of a sale. It all starts with an “exchange.” Once you dissect the definition and focus on the dynamics of the “exchange” you will understand how and why a sale is a process that needs constant care.

Most sellers and managers move right past that critical dynamic. You know the one that requires confidence from both the buyer and the seller. That one dynamic, the exchange between confident buyer and seller goes back to 1626 when it was rumored Peter Minuit bought Manhattan Island for 60 guilders or $24.

There is something to be said for getting all sellers on the same page by starting with the basics.

John Wooden’s record 11 national championships still stands. I figured if it worked for the greatest college basketball coach of all time, it could work for me. Emphasizing the basics should work for you too!

Enjoy the Madness this March.

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: 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