The Rebound for Radio
The next six months will be an interesting time for Radio operators. As we get to the next stage of the pandemic and start to see unemployment numbers drop and businesses re-emerge, Radio is uniquely positioned to benefit from this recovery.
Unlike digital media and many traditional media, Radio has a beacon into local markets and has a personal relationship with its audience. In addition, the sales professionals at Radio stations have a direct relationship with local advertisers and know the challenges and needs of these businesses. They are often viewed as a trusted advisor to business leaders.
Now, the recovery will vary from market to market based on their local economy, the severity of the impact in that market and the constraints, or lack thereof, on their constituency and local businesses. How a business has been impacted and its emergence from the shutdown will also vary based on the specific service provided. For example, a hairdresser or restaurant may have been much more severely impacted as compared to a B2B provider in which their employees have continued to work from home.
Radio is the perfect vehicle to announce a new opening or special service or promotion. Given their rate card, they are also better positioned to create awareness for these smaller businesses. And while TV spots will be flooded with political ads in the second half of the year, Radio has, and will have, more avails to promote these recovering businesses.
As we look at the local landscapes, we believe that Radio will be successful with a number of key verticals. This includes education, restaurants, legal services, home services and many more.
Now is the time to start planning and implementing strategies to position your radio station or group for the rebound.
To focus on current Radio opportunities and to help plan for next year, we’ll host the webinar, U.S. Local Radio: State of the Industry Now and 2021, on Tuesday, July 14 at 11 am eastern.
Our Managing Director, Rick Ducey, and Chief Economist, Mark Fratrik, will offer a state of the industry review to examine our forecast estimates, share of wallet estimates across media and Radio’s unique opportunities.
Then, to wrap valuable sales instruction around the conversation is our guest speaker, Mark Levy, President of Revenue Development Resources. Mark has 35+ years of experience and expertise in growing organizations’ teams, profits and impact.
Details on the webinar here. I hope you can join us for this valuable conversation.