5 Possible Reasons You’re Not Selling Ads- Part I!
If your ad sales funnel is full but selling ads has become more difficult, it’s a good time to assess the factors that might be stunting revenue growth. Factors like the economic impact on industries and changes in technology have certainly caused shifts in the ad sales landscape, but there are some other possibilities that could also be making an impact.
Price is a common reason people don’t buy: not just when selling ad space but when selling anything. If you are not making sales, price should be one of the first things you look at.
Start by seeing how your prices stack up against competitors and similar companies in your industry. If you are consistently coming out higher, it may be time to assess company costs to see how you could be selling ads at a rate closer to what everyone is doing.
Perhaps you can’t afford to lower prices. Another alternative is providing some extras to sweeten the pot. Media buyers are always looking for value add.
Consider these options:
- Alter your pricing model. Offering services a la carte might be more cost effective than charging a flat fee or vice versa. You might also adopt different models for different services.
- Strategic discounting can help grow sales, but it should not be relied on as a total strategy. When possible, give your ad buyers a little something extra instead.
- Offer additional coverage in print for your digital customers and vice versa.
- Provide sponsorship opportunities for a special section, native ad, conference, or trade show for added exposure.
In a perfect world, most of your leads would be inbound from people with whom you are dying to do business. In the real world, however, selling ads takes finding quality leads that will not only become clients but that can also become long-lasting business partners.
So, how can you tell which customers are right for you?
- Consider developing customer personas based on your best and most consistent customers.
- Periodically survey past and current clients for feedback.
- Use this information to set requirements like industry, budget, etc. that guide your outreach.
- Consider expanding or narrowing your customer base. Perhaps your pool of leads is too general and not specific enough. Adjust your revenue or industry requirements slightly and see if it opens up more possibilities.
Stay tuned for Part II and follow us on Twitter and Facebook for more helpful tips!