Friday, January 30, 2015

DON’T JUST SELL ADS


One of the biggest mistakes of ad sales people is that they spend their time just dialing for dollars trying to sell the next issue. The regular customers are usually happy for the reminder but it is the companies that are not regular customers that are the hardest to close; and they are the ones who learn your technique and soon find ways to avoid your calls all together. Just think how much easier your job would be if the companies that you call are anxious to hear from you and will drop everything just to talk to you. How is this possible you ask? What is the secret?


The secret to super successful ad sales is to serve as a company’s marketing consultant. Your primary job is to provide customers and prospects alike with pertinent, valuable marketing information that will help the customer do their job better. The best way to do this is to become an expert. There are thousands of sites and articles on the internet that talk about advertising effectiveness; what works and what doesn’t. Help your customers spend their ad dollars in the most effective way by teaching them about what works. You also need to become an expert in your industry or your community so that you can provide valuable insight on the trends in the marketplace.

In these economic times you cannot afford to just be an ad sales rep. You need to bring value to your customers and prospects every time you talk to them. Eventually your phone number will be on their rapid dial as they rely on you for all kinds of information. Once that happens what do you think will happen with their ad dollars? Not to mention the fact that you have been so important to their job that they will trust your recommendations. It is really pretty simple.

As an example I was visiting with a regular customer of mine in his office a couple of weeks ago. We were talking about how the economy had affected his business and he was afraid his ad budget would be reduced in 2015. We had a long conversation about how he could stretch his ad dollars by running inserts in my magazines rather than full page ads. He was very excited and wanted a proposal for that. During our conversation he mentioned a new startup company that he would be partnering with to help grow his business. I asked for his contact there. When I returned to my office I went to the new company’s website and learned exactly what they did. I called his contact at the company and asked a lot of questions about their product and marketing plans for it. She said they had not yet developed a marketing plan or budget but they were working on a press release. I asked her if she was going to exhibit at the big trade show in October and she said that they were. I then asked her if they would be holding a press conference there and she told me she didn’t know anything about it. I explained what I knew about it and told her I would send her a link to the show’s site that would allow her to sign up if she wanted to. I told her which time slots would be the best and why and then I offered to send her a list of all of the editors in my industry (yes competitors too), with contact information, so she could send them press releases. At the end of the call I mentioned that I would put together an advertising plan that would give her company high visibility as economically as possible.

I proposed a six time half page program starting in October for the trade show and running every other month through August 2016. Within three days I received the signed contract for the full program. She told me that she really appreciated the help and recommendation on an advertising program. She told me that my magazine would be the only one they would use.

Case in point, if you become a company’s marketing consultant the ads will come automatically.

Happy Selling!

FACTS, JUST THE FACTS


Have you noticed that the business of selling advertising has changed? Teaching this old dog new tricks is nothing short of a miracle as I remember fondly the day when selling ads meant “print” ads and the most sophisticated question I got was “How many readers do you have and what does it cost?”


I am working with a client now who in a recent email said, “I want data driven understanding of the influence your readers have over the buying process”. Say what?

This customer doesn’t want to know how much it costs or how many impressions he’ll get. He is looking for a multi-media platform to promote to people who are proven to have influence to buy his product. He also wants to know what my readers consider to be the most reliable way to learn about his products and what convinces them to make that purchase. As I break down that request I realize that what I need to do is some research – fast.

In response, I launched a ten question survey on www.surveymonkey.com to 1,000 of my e-newsletter subscribers who fit the demographics of those most likely in need of his products. Some of the questions I asked were:

“What best describes your involvement in the purchase of products”?
A. Evaluate
B. Recommend
C. Approve
D. None of the above

“Where do you get your information on new products”?
A. Industry publications
B. Industry electronic newsletters & websites
C. Tradeshows
D. Visit with a sales rep
E. Personal recommendations

“What most influences your decision to buy a product”?
A. Industry publications
B. Industry electronic newsletters & websites
C. Visit with a sales rep
D. Personal recommendations

Interestingly, 70% of the respondents reported that they “approve” purchases for their company and 82% said they got their new product information from industry publications, e-newsletters and websites. Only 17% ranked a visit with a sales rep as a top category on either question.  This not only illustrates that my readers have influence to buy products but that they are looking to publications and websites like mine to get the information they need to make those decisions.

I am going to follow-up with a focus group next month at an industry meeting to augment these results but I think that it is pretty clear that readers of our publications and electronic offerings still view us as the most reliable source of information when considering buying products. In this data driven world research is golden. Use it well.

Happy Selling!

DO YOU KNOW WHAT YOU’RE SELLING?


I am amazed at how many ad sales professionals I work with have only a vague idea of what sets their products apart from the competitors. “What makes your magazine unique”? is a question I regularly ask that is met with a bland explanation about how they are the bible of the industry or the premier publication. Really? What does that mean?


In order to position your publication for success in sales you need know, specifically, what you offer advertisers that no one else can. Not only do you need to know this but so does everyone in your organization. So how do you make this happen?

Unique Value Statement.
Creating a Unique Value Statement of each of your publications and offerings is essential in presenting a clear picture to advertisers about why yours is the best choice when doing a media plan. A UVS should be short and to the point and it must be backed up with data or research.  Some examples of great UVSs are:

1. “ShowTimes is the only publication written and printed onsite and distributed to all attendees at the tradeshow”
2. “Foglights.com delivers more impressions than any other website in the weather industry”
3. “Band Magazine has the lowest Cost Per Thousand of any publication serving the college marching band market”
4. “Cameras Expo has more attendees than any other tradeshow in the photography field”
5. “The Niche Magazine Conference is the only conference targeting small to mid-sized publishers with exclusive content on revenue generation.”

These Unique Value Statements all tell the advertiser that by buying advertisements or sponsorship with them, they are getting something that they can’t get anywhere else. Without a UVS, publishers all look the same which creates an environment where the media buyer makes decisions on price or circulation alone.

So how do you create a UVS for your products? First gather all of the sales and marketing staff at your company and work on it together. Determine three benefits that make your offerings the best of any of your competitors. Do you have data or research to back up these three benefits? If not, pick one that you can substantiate with data. You must be able to support your claims so if you have no data it is time to do some research. Types of data are circulation statements, rate cards, website metrics, tradeshow attendee numbers, in-house or readership research or any other data that helps support your claim. You must have this information on your publication as well as all of your competitors.

Once you had found ONE (or the best) unique benefit with data, then create your statement. It should start with the name of your publication and be concise as the examples above. Once you have a final UVS it should be used by every sales person on every call and in all marketing and promotion materials. Take the guess work out of buying advertising for your customers. Tell them why you are the best with a well written Unique Value Statement.

Happy Selling!