Discover how to harness the power of promotions to reach your goals and learn how you’re already on the right track. From revenue growth to audience development, we’ll show you how promotions will help you reach those objectives!
3 Things Everyone in Media IS Focused On
- Revenue
- Audience Engagement
- First Party Data
What Will the Rest of 2023 Look Like?
According to Borrell Associates, we are currently seeing recession warning signs. BUT, this should not be something that scares you. We’ve recently been through this during the pandemic, and we all learned a lot through that time, and have come up with strategies to turn this into an opportunity.
Borrell Associates determined that during the pandemic, larger businesses failed, but smaller businesses were the ones who got creative, dug in, and persevered. We also saw that there was a shift in mindset within consumers to support local businesses, and this has carried through to today. Results driven advertising is also top of mind – which can be delivered through promotions.
There is also evidence, according to Borrell Associates, of strong growth in 2023 due to companies putting more resources into their advertising budgets. Twice as many people have said they are going to spend more on advertising in 2023 than those who said they will spend less. This means there is more of an opportunity for YOU to reach out to those companies and prove how local promotions and marketing drive results.
How Second Street Fits Into Your Strategy
We aren’t asking you take on something new – Second Street is a piece of what you’re already doing! We want to help you get MORE out of what you’re already doing.
Revenue
- Push sponsorships tied to current initiatives: Use your current initiatives and build upon them – add sponsorship tiers, add lead-gen questions, include an opt-in that you can segment upon
- Sellers should continue to be consultants: Your advertisers are not experts and will rely on you to determine the best strategy. Make sure your team are knowledgeable and have to tools to act as the experts for your advertisers.
- Set revenue goals big enough to matter: Make sure you’re focused on goals you care about and that the goal is big enough for you to be invested in reaching it.
- Target the top categories and sell recurring campaigns for efficiency: Focus on top categores and recurring revenue instead of small, one-off deals. Make the most of your time and effort by selling a monthly or quarterly promotion package.
Borrell Associates has also shown that younger businesses have less marketing expertise, and you should be there to support them! If you can be that trusted marketing source and consultant, they WILL come back to you and continue to spend with you.
Audience Engagement
Audience Engagement is one area in which you could easily stand out from the crowd. Focus on topics that:
- Your audience cares about
- Align with your editorial calendar or programming schedule
- Are highly shareable
For example, put a poll question within your top story for the day to engage with your community about current topics AND drive audience growth.
You can also align audience engagement with driving revenue. A promotion that can deliver both massive engagement and revenue:
- Has mass appeal
- Focuses on an right advertiser that wants these mass appeal campaigns
- Can be run all year long
The best example of a promotion that can achieve both of these goals is the Best Of. It will be the #1 audience engagement and revenue generating campaign you will run.
First Party Data
We know that everyone is at a different point in launching their First Party Data strategy, but the one thing that is for sure is promotions are the PERFECT tool for you to gather First Party Data, no matter where you are in the process. The deprecation of third party cookies will have a large impact on the media industry, as the National Association of Broadcasters predicts the local media industry stands to lose 42% of its digital ad revenue, equating to $4 billion annually by 2024. Having a First Party Data strategy is an absolute necessity.
Promotions are what will help you bridge this gap, allowing you to continue to grow your audiences while also learning more about those audiences. And this is not adding a huge amount of work to your plate – First Party Data is already a part of your current strategies. Now is just the time to put a larger focus on it! Create promotions that focus on categories you need to grow within, tag those promotions to build your data points for segmentation, ask your audience for information you need, and gather explicit consent all at once.
Check out the slides!
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Liz is the Senior Director of Customer Success and has an extensive background in media. She is a huge advocate of the power of promotions for every department within an organization, including sales, marketing, audience development, and editorial.