If you run an ad-supported business, then you already know ad spend has taken a big hit in the wake of COVID-19. But the outlook isn’t all doom and gloom. Media companies that can tailor their products to rapidly changing business practices and consumer behaviors can position themselves for success now—and in the eventual post-COVID recovery.
New Customer Loyalty Opportunities
We all know about the toilet paper shortage. But what about shortages of your “favorite” products? Your preferred almond milk. Your go-to bread. The takeout Italian food you used to order every Friday night.
Chances are, you’re making do with something different. And you know what? Sometimes you like it better than the product you’ve chosen for months—or years—on end. Think about this when your sales reps are pitching your ad sale.
It’s well-documented that businesses that continue advertising through a recession or downturn gain market share.
Here’s some food for thought, though. During this particular economic disruption, some products aren’t available, and others are just plain hard to get. This opens up opportunities for your advertisers to build their brand among a population of people who are willing and ready to try new things.
From restaurants that offer curbside pickup, to local breweries that offer delivery, it’s important to convey to potential advertisers that they have an opportunity to communicate directly with your audience.
Connect Your Audience to Your Advertisers
Your audience wants to know who is open for business and how they’re reacting to the crisis. Your advertisers want to tell as many people as possible how they can purchase their wares and support their staff. Webinars, directories, and social media tie-ins are all ways you can help spread the word. You can even consider distribution tie-ins for your published products.
Think about packaging these new options with your traditional ad products. Not only will this help support your bottom line, it will encourage advertising businesses to try new things that can have an immediate, long-lasting impact on their community recognition.
Be Flexible to Build Longstanding Relationships
Discounting is hard to avoid right now. Map out strategies that allow your advertisers to continue benefiting from your advertising as conditions change. This may include payment plans, or tiered pricing, or package discounts for trying new products. As communities around the globe work to find a new normal, your flexibility in a time of crisis will be remembered.
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