What has proven a difficult time for many retailers and local businesses has become just as perilous for broadcast. Radio has been affected by a dramatic decrease in ad spend because of the shutdown of many non-essential companies and cancellations of sporting and entertainment events.
Despite the uncertainty, most economic scenarios expect the situation to improve by the end of 2020 or the beginning of 2021 at the latest. To survive the crisis is one thing, to emerge strong and sustainable from it is quite another.
Major events like the COVID-19 pandemic that affect whole populations can transform lives in more ways that one. But it does not just have an effect on the duration of the event. It can also act as a catalyst for significant changes thereafter. So broadcast needs to be prepared for what comes next.
Change Always Brings Opportunity
Change is often difficult, challenging, and threatening. However, it also creates opportunities. ALWAYS.
Some industries will take longer to get back up to speed than others. But with some insight on what the “new normal” will be going forward, you can also learn how to target industries that may have been off your sales team’s radar.
- 74.6% Of US Consumers say they intend to avoid Shopping Centers and Malls
- Nearly 50% Decrease in Traffic to Travel Sites
- 58% of People Ages 18 to 39 Claim to Have Ordered Grocery Items Online
- 161.4% Increase in Traffic to Supermarket Websites
- 16% Claim They Will Spend More on Videogames
So what does this tell you?
- Industries related to travel and entertainment will continue to see hardships after the pandemic is over. Shopping at malls will most likely see decreases from normal traffic.
- Industries that will continue to see increases are related to in-home entertainment and delivery services for products they may not have traditionally used them for (ie. groceries).
You need to be reaching out to these up and coming sectors now!
Make Digital a Key Part of Your Contracts
If ever there was a time for you to concentrate on upping your digital sales, it is now. More people are online (and for longer), and the chances of seeing ads or interacting with your website or app are greater than ever. Most importantly, that won’t change when COVD-19 is over with.
If you have never done a good job (or really tried!) selling digital, then now is the time to start the transition with your teams.
Require your sales team to have a line item for a digital component every contract . Get your sellers used to selling digital and the buyers used to paying for it.
Take Advantage of Ad Networks When Local Can't Keep Up
Nothing is uglier than an empty ad slot….and I’m not referring to the visual aesthetic, I’m referring to lost revenue opportunities.
Nobody likes ads that have been pulled or empty ad slots from reduced or canceled local advertising. It doesn’t do you, your advertisers or the audience any good for your sales ecosystem to be broken by previously reliable businesses pausing their ad campaigns.
But the right platform (like OneCMS) with built-in AdManager, AdSense, and AdMob API’s, your sites and apps can generate revenue even when your sales department comes up empty. Your sites and apps can still be pulling in cash by taking your excess inventory and filling those empty slots with network advertising.