How can Radio win online ?

Radio is being pressured by Wall Street to build online revenue. You read it in the Wall Street Journal and the industry trades. Indeed, Bear Stearns analyst Vic Miller is not optimistic about Radio. While Miller sees election spending as an upside in 2008, he also notes the negatives: such as share loss to the Internet.

With that in mind….Newspaper websites have been seriously cranking along for almost 10 years now, TV for about 5. What can Radio do to catch up, get into the local online battle, and grow their revenue share?

I recently spoke with a well respected, veteran Radio manager. They asked me if I knew of anybody that might be a good web seller for their cluster. I wondered if they thought all they had to do was hire a “web seller”, and their Internet business would grow nicely from there. I felt like I disappointed them when I replied: “any experienced web sellers will be expensive or tough to hire. The good ones are already making excellent $$, working for a dot com or other leading web property.  Plus, they might be wary of taking a sales job in an industry that is scrambling to catch up. Maybe you should train your current staff first…..while you continue to look for a stand-out web seller?” Here were my additional thoughts about this very common question.

• Taking it slow is not an option. That Newspaper and TV station across the street, is taking online share from you right now. They are using their websites to accomplish that via podcasts, niche content, streaming radio channels, video, etc.. In addition, Google and their ilk are using their powerful technology to steal advertising customers from you. It might seem counter-intuitive to focus on a part of your business that has smaller returns right now, but the longer Radio waits, the tougher it will be to carve out a space online amongst these fierce competitors.

• Understand that your Web assets are first and foremost, business assets. While it may not have the same revenue generation as your terrestrial signal, it IS the fastest growing segment of the marketing/entertainment/news world, and you need to start getting your unfair share of users and revenue. Having your webmaster or marketing person ‘handle’ the web, is not enough. Hire web pros, develop a plan, and train your current staff……now.

• Learn from the success/failures of TV, Newspapers, and other pure-play Web companies. These competitors currently have more Web experience under their belt. Apply lessons learned from them, and save ALOT of time and money.

• Clean up and invest in your websites. Most Radio sites are cluttered, difficult to navigate, shallow, and often act as a ‘dumping ground’ for programming/marketing/sales initiatives. Check your stats and remove anything that gets insignificant/useless traffic. Then, develop a plan that caters to your web savvy listeners, or fills an un-tapped niche in your market. Use your station to drive awareness and traffic to that site/idea. 

• Leverage your close relationships with media buyers/planners; Broadcast reps will always have a shot to pitch interactive or cross platform programs, they already have a built-in trust and familiarity with the buyer. Then leverage your broadcast transmitter and signal. Realize the value to promote a client’s online destination, or a promotion housed within your station site. Radio has it’s very own megaphone on steroids; the transmitter. The dot com pure-plays don’t have this luxury.

• Catch up on Internet marketing and Web 2.0 trends. Hire a trainer/specialist, or poach a Web professional from Print, TV or a dot.com. You’ll have a much better chance of getting on the Web buy, or snagging some nice, incremental revenue. Ex: If you are primarily a spot seller, you can no longer just rely on bringing the “WEB GUY” to the meeting.  If your in programming/marketing, you’ll build deeper relationships with your listeners, and will drive much more ‘engaged’ traffic to your site.

RELATED NEWS:

If you can make it tonite………

Drexel University presents ”The Future of Radio.”

This panel features Tim Sabean, Director of Programming, Howard Stern Channel, Sirius Satellite Radio; E. Steven Collins of Radio One; NPR’s VP of Programming, Margaret Low-Smith and WMMR on-air personality; Pierre Robert.

They will discuss the challenges and the opportunities created for Radio by such rapidly changing technologies as satellite and Internet Radio. They’ll look at what lies ahead for Radio, a broadcast medium that was pronouced dead and buried with the birth of each new technology such as Television, Cable and the Internet.

Tonite: (Wednesday, October 17th)  7 p.m. in Ruth Auditorium, 3215 Market St. Phila. Event is free and open to the public.  View Map