Based on your years of sales and management experience, it’s certainly reasonable to estimate that 70-80% of media salespeople never, or rarely, move beyond a client’s immediate needs. This leaves countless revenue opportunities on the table. While that’s an informed estimate rather than a published industry statistic, it reflects what we’ve all seen every day.
Most sellers still spend their days chasing obvious prospects like car dealers, healthcare providers, furniture stores, banks, and restaurants. Of course, these clients and prospects remain important, but many sellers unwittingly walk past dozens of revenue opportunities simply because they don’t fit traditional boxes.
Without sounding too judgmental, the biggest missed opportunities don’t stem from a lack of prospects. They often result from a lack of imagination.
Here are some of the most overlooked categories to consider when prospecting:
B2B Marketing
Manufacturers, logistics companies, software developers, industrial suppliers, accounting firms, engineering companies, and commercial construction businesses too often view radio and TV strictly as consumer advertising. In reality, these companies are constantly recruiting employees, building brand awareness, and establishing credibility within their industries. Media companies should show them how broadcast, digital, podcasts, streaming, and social platforms can accomplish those goals.
Employee Recruitment
While more sellers have recognized this as a major category, many still haven’t dug deep enough or realized how often employers compete for talent. Sellers tend to wait until they’re asked whether they can help identify candidates instead of proactively proposing employment marketing campaigns. Most managers know that well-designed recruitment campaigns combining broadcast media, streaming audio and video, social media, and digital advertising can generate recurring revenue.
Economic Development Organizations
Chambers of commerce, colleges and universities, technical schools, workforce development agencies, hospitals, and nonprofit organizations. These institutions often have sizable budgets dedicated to awareness and education, fundraising, and community outreach. Too many sellers contact them only when sponsorship opportunities arise instead of positioning themselves as true marketing partners.
Existing Client’s Vendors/Business Partners
Perhaps most surprising, sellers often neglect to ask clients about the companies they work with. Existing advertisers all have accountants, attorneys, insurance agencies, suppliers, technology providers, real estate firms, and countless other vendors. Asking a question like, “Who are your most important business partners?” uncovers a network of qualified prospects that already have trusted connections.
Internal Communications
Large companies often need help communicating with their employees about a wide range of topics, including benefits, safety, career growth, wellness programs, enrollment opportunities, and company events. If you have digital capabilities, you can create videos, podcasts, newsletters, and internal communication campaigns that generate revenue outside of “traditional” advertising.
Community Events
This category represents another overlooked opportunity. Programming departments and on-air talent often give away free airtime and PSAs for festivals, conventions, sports tournaments, 5Ks, charity fundraisers, expos, and other local events. In reality, these events require months of planning and promotion to succeed. We often assume 501(c)(3) organizations don’t have advertising budgets or have only limited resources. That may be true in some cases, but many have dedicated marketing dollars. Don’t assume anything. Rather than giving airtime away or offering less impactful sponsorships, propose comprehensive marketing partnerships that include on-air promotion, streaming, social media, digital advertising, email marketing, influencer content, and event production. No one spends money if they think they can get it for free!
Stop thinking only in terms of advertising budgets.
Nearly every existing client has budgets outside advertising that you can convert into revenue. I often met with marketing departments that said their advertising budgets were depleted, only to discover that human resources, public relations, and training departments had budgets of their own. Those dollars exist outside the marketing department, meaning fewer competitors are pursuing them.
The most successful sellers don’t sell commercials. They sell solutions and solve problems. When they broaden their conversations and ask, “What challenges are you trying to solve?” entirely new business begins to appear. The next great account is likely already in your market. Are you looking for advertisers or opportunities?
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Bob Lawrence writes weekly columns on radio leadership and business. He most recently served as market manager for MacDonald Broadcasting in Saginaw, Michigan. Throughout his career, Bob has held virtually every position in the business over his 40+ year career, from being on-air in Philadelphia, San Diego, and San Francisco to programming legendary stations including KHTR St. Louis, KITS Hot Hits and KIOI (K101) San Francisco to serving as the head of all programming for Saga Communications and working for the Radio Advertising Bureau. Before landing his current role, Bob helped lead Seven Mountains Media’s cluster in Parkersburg, WV/Marietta, OH. He can be reached by email at BGLawrence@me.com.
Bob also honed his research skills over ten years as Senior VP of Operations at Broadcast Architecture, eventually launching his own research company and serving as President/CEO of Pinnacle Media Worldwide for 15 years. Bob spent five years as VP of Programming for Saga Communications before joining New South Radio in Jackson, Mississippi as GM/Market Manager. Prior to joining Seven Mountains Media, Bob served as General Manager for the Radio Advertising Bureau, overseeing its “National Radio Talent System”.