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90
Days to Revenue Recovery
by
Kim Peek
I
received a refreshing phone call the other day. An AE needed help developing
a presentation for a national retailer who, for many years, has been a
devout newspaper advertiser and has been resistant to using cable.
Rather than using the soft economy as an excuse for cancellations and
reduced ad budgets, this AE intends to turn the tables on clients and
prospects. She is determined to exploit their insecurity about the
economy--and their concerns about the effectiveness of their current media
plans in that economy--to win over new advertisers. I think her approach is
a nice change of pace. While everyone else is thinking gloom and doom, this
superstar is thinking of ways to gain new business.
Face
it: 2001 isn’t shaping up to be the type of year we expected it to be.
Advertisers large and small are slashing ad budgets, and industry analysts
are predicting the economic slowdown will impact revenues well into the
first half of 2002. Sure, ad spending has slowed, but there’s no rule that
states it must impact the cable industry – or your business. Rather
than accept defeat, get out of your comfort zone and try something new.
Astute advertisers will continue to spend, so give your prospects a new
reason to buy…from you!
To get out of your
rut, use the following list as a starting point. Use one or two ideas,
combine them or just start your own list. The important thing is to be
resourceful: brainstorm with your sales team to come up with innovative ways
to help your customers be more successful.
Make a serious attempt at growing your business daily and you’ll be
on your way to revenue recovery in 90 days or less.
Focus
on “recession resistant” categories. Categories such as funeral
homes, supermarkets, universities, hospitals, home improvement, auto
after-market, construction, pharmaceuticals, home furnishings and mortgage lenders will
continue to spend money because people will continue to need these goods and
services.
Conduct
an informational seminar on “Thriving in an Economic Downturn”
and offer an annual package to those who attend.
Visit the Small Business Administration’s web site for helpful
tips, or team up with your area’s Small Business Development Center.
Hit
the streets.
It’s not enough for AEs to increase face time with clients; managers must
too. Captains want to deal with captains, so get in front of your biggest
clients and prospects and hammer-out some deals!
Offer
“Welcome Back” packages. Develop a special package to
entice your former clients to return to cable. Churn is a part of the
business; how long the client is off the air is up to you.
Reward
prompt payment.
Show your best customers you appreciate their business by offering a
one-time package for customers with a strong payment history.
Customer
Appreciation packages. The value of exceptional customer service and referrals cannot be
overstated. Declare an upcoming month “Customer Appreciation Month,” and
present your long-term customers with certificates of appreciation. Ask for
referrals and offer an incentive package to those whose colleagues buy.
Writers’
Strike Package.
In the event of a writers’ strike, cable could be a big winner. Many
analysts predict that a strike will cause broadcast ratings to crumble and
cable networks to flourish. If a strike occurs, use it as an opportunity to
introduce loyal broadcast advertisers to cable.
Be
aggressive. Tell
the cable vs. competitive media story incessantly, and run compelling
“call-to-action” ads to solicit new business.
Get
back to the basics.
Work on phone skills, presentation skills, negotiating skills and overcoming
objections. You must be sharp to stay ahead of the competition.
Increase
daily activity.
Make more in-person calls and more phone calls. Intensify prospecting
efforts and step-up the number of formal, research-based presentations given
weekly.
Ask
for the order!
Make a conscious effort to ask for the order one more time each day.
It’s a simple step, but one that will greatly impact your billing.
Where
will you be in 90 days? AEs who rest on their laurels and plan to wait-out
the sluggish economy could experience the same fate as the business-owner
who quits advertising. Anyone can be an order-taker. It’s the sales teams
that make a concentrated effort to improve sales performance--by changing
the way they think about new business development--that will persevere.
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