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Sales Strategies for a Down Economy

Sales Strategies for a Down Economy

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Sales Strategies for a Down Economy

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  1. Sales Strategies for aDown Economy Presented by: Jim Taszarek

  2. Sessions Will Cover • Environment • How do we respond • Framework for action • Ten ideas • Activity • Packaging • Proposals • New initiatives • Morale boosters

  3. Economy May Face • Prolonged Pain, • History Suggests • [ WSJ, May 5, 2008 ]

  4. Economy Grows at 1%, Home Sales Increase [ WSJ, June 27, 2008 ]

  5. Dow Reaches • Bear Territory • [ Bloomberg, July 2, 2008 ]

  6. U.S. Advertising Spending is Flat in First Quarter 2008 +0.5% [ Nielsen Monitor Plus, June 26, 2008 ]

  7. Commercial Radio Revenue • Jan -6% • Feb -2% • Mar -8% • Apr -2% • May -8% [ Source: RAB, Miller, Kaplan, Arase, & Co. ]

  8. What are you seeing in your market?

  9. insanity

  10. insanity: doing the same thing over and over again and expecting different results

  11. Accept • Commit • Plan • Act • Play

  12. The Plan – A 60 Day Sprint • One Page • Commitment • Activity • Offer • Proposals • Rewards

  13. If we are doing MORE ACTIVITY with a GREAT OFFER, communicating with EFFECTIVE PROPOSALS and HAVING FUN... hard to believe we can’t change the result compared to not doing anything at all

  14. #1ACTIVITY MATH #1

  15. Too much time on small accounts

  16. Large Accounts Stick Better

  17. Top Categories • Education • Performing Arts/Museums • Healthcare/Medical

  18. Next Four Categories

  19. MOM =Average Monthly Spending $ Monthly Billing # Accounts

  20. MOM Tells Us What… • We’re already comfortable with • The market thinks we’re worth • We think we’re worth

  21. Weekly Activity • Appointments • Proposals • If the market is down 8% then increase activity by 20% • Set personal goals and mgr. hold to them

  22. Activity Math • Reduce time on small accounts • Larger accounts increase retention • Target accounts in top categories • Recommend schedules that increase MOM • Present more proposals every week

  23. #2RECESSION TALK #2

  24. A Must Read Advertising in a Recession by Bernard Ryan Jr. American Association of Advertising Agencies Website: aaaa.org 4 Download PDF, Price $45

  25. American Business Press Study [ Source: Advertising in a Recession, Bernard Ryan Jr., AAAA, 1999 ]

  26. American Business Press Study [ Source: Advertising in a Recession, Bernard Ryan Jr., AAAA, 1999 ]

  27. McGraw-Hill Study [ Source: Advertising in a Recession, Bernard Ryan Jr., AAAA, 1999 ]

  28. Center for Research and Development Study [ Source: Advertising in a Recession, Bernard Ryan Jr., AAAA, 1999 ]

  29. Procter & Gamble When the president of Procter & Gamble was asked his opinion about the reduced rates for ads for the 2002 Super Bowl, he said the company was taking advantage of the lower prices to do more advertising – with the goal of increasing market share. [ Marketing in Tough Times, John Kypriotakis ]

  30. Kmart “There is no doubt we made a mistake by cutting to much advertising too fast. Clearly we’ve learned where the threshold of pain is in advertising.” Chuck Conway, CEO Kmart [Marketing in Tough Times, John Kypriotakis Business 2.0, February 2002 ]

  31. Summary of Studies If continue to spend same level or more: • Sales and net income higher • Higher sales growth • Increase market share • ROI similar to if you had cut expense

  32. For Reference Kirk Nelson’s article Sales In A Down Economy • www.deiworksite.org • Click resources for member stations • Click underwriting sales & mngt. • Click articles & reports • Search the word “recession” in this section

  33. #3UNDERWRITING - MEMBERSHIP MARKETING PROGRAM #3

  34. Underwriting-MembershipMarketing Program Corey Lewis WBUR, Boston

  35. #4PROPOSAL SHARING INITIATIVE #4

  36. Description • Everyone submits one client focused proposal each week • Purpose • Improve proposals • Update database of proposals • Make it fun with incentives • Most clever, best idea • Best cut and paste proposal • Best renewal proposal • Best use of research

  37. Examples • Camelback VW Subaru Proposal • Halo effect • Authority • Cut and pasted for over $150,000 • Blue River Interactive Group • Creative • Logical

  38. Social Proof Financial advisors using public radio to reach their target audience • Fidelity Investments WBUR, Boston • UBS WBEZ, Chicago • Vanguard WBEZ, Chicago • Estate Planning Council of Seattle KUOW, Seattle • Compass Bank Private Client Services KUHF, Houston • Frost Financial Management KUHF, Houston • Johnson Investments WVXU, Cincinnati • Meyer Capital Management WVXU, Cincinnati • RW Baird (starts August), WVXU, Cincinnati • Alpha Investment Management WVXU, Cincinnati • Bartlett & Company WVXU, Cincinnati • Legacy Capital Management Capital Public Radio, Sacramento • Cumberland Consulting Group, WPLN, Nashville • Independence Trust Company, WPLN, Nashville • Mastrapasqua Asset Management, WPLN, Nashville • Robert W. Baird, WPLN, Nashville • Wausau Signature Agency, WPLN, Nashville • First Tennessee Bank Wealth Management, WPLN, Nashville

  39. “We steer professional services and high end retail clients to public radio. We find that we reach business leaders, visionaries, decision makers, people that have a lot on their mind and don’t need radio to be noise. For the investment you get twice the value. You’re getting exposure and you’re endorsing a positive part of our community and you’re giving back to the community.” Evette White CEO, White, Thompson, Cunningham and Regen Authority

  40. Authority NPR Halo Effect works for Camelback VW Subaru Presence:Basic linkage with KJZZ / KBAQ through consistent on-air messages, written in the elegant manner listeners expect Affirmation:Emphasizes support for public radio vs. product information, as demonstrated by pledge drives, donor support Integration:Shows in-line support with stations’ core values – some Camelback VW Subaru messages highlight your community activities; you also support special station events. [ Source: Jacobs Media, 2007 ]

  41. 7 Questions for Proposals • Does your proposal demonstrate that you understand the wants & needs of your prospect? • Does your proposal offer a conclusion that will enable the prospect to make a “yes” decision at the end of your presentation? • Is the presentation crafted in such a way that it addresses the buyer’s behavioral (DISC) needs?

  42. 7 Questions for Proposals • Have you incorporated some of the Laws of Influence to enhance buyer motivation? • Is there a specific scheduling recommendation based on the prospects wants, needs & budget requirements? • Is there a customized sample copy based on the prospects specific business needs that promotes the Halo Effect? • If the proposal is passed around, will others understand the presentations relative value without the aid of a presenter?

  43. Proposal Sharing Results

  44. #5OUT OF THE OFFICE AND INTO THE SANDBOX #5

  45. Surprisethem on a hot day

  46. Surprisethem on a hot day

  47. KUHF Underwriter Luncheon

  48. Throw a Party

  49. #6INVENTORY / PACKAGING #6

  50. Supply & Demand The theory of supply and demand describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ---Alfred Marshall