The Wait is Worth It

The Wait is Worth It

Are you a patient person?

Or does waiting create anxiety?

For me, it all depends on the why I am waiting.

I’m sure it is that way with you too, to some degree.

At the end of 2019 I was cleaning up my email and found a series of newsletters from Roy H. Williams.  Roy goes by the moniker The Wizard of Ads, like my nick name is ScLoHo.  Every Monday for several years, Roy’s newsletter arrives in my inbox.  It’s called the Monday Morning Memo.

Now there’s nothing but predictability in what I just shared with you.  I can count on receiving the appropriately named Monday Morning Memo from Roy Williams on Monday Mornings.

Wouldn’t it be nice to know that all things were predictable?

The Monday Morning Memo dated September 16th, 2019 talks about something I talk about too.  I call it the buying cycle, Roy calls it the purchase cycle.  Both of us are referring to the same thing.  And it has to do with time.

Roy used the example of engagement rings. Roy says:

330 million Americans will purchase 2 million engagement rings this year. This means that 1 American in 165 will buy an engagement ring.

There has been a tendency for digital marketers to emphasize the zero moment of truth.  That’s the instant that a person is ready to go out and hand over their credit card for a few thousand to buy that ring. The digital marketers are looking at that as the time to be in your face with their ads for diamonds.  After all, for many of us, it’s now or never.  Actually in the wedding game, a significant number of us get married more than once, so those diamond ring digital marketers may get a second or third chance down the road.

However the buying cycle or purchase cycle as Roy refers to it, is not the same for everything we buy.  I bought gas the other day, something I do about once a week.  Filling up my gas tank is a much shorter buying cycle than buying an engagement ring.

Also it is important to recognize that most of us have habits that we follow with many purchases and unless there is a reason to change our habit, we aren’t going to change them.

Earlier this year, my office moved from the northwest side of Fort Wayne, Indiana to the southwest side.  I live northeast.

When my commute to the office changed, so did some of my buying habits.  Until this move, I never would have used the gas station or grocery store that I use now.  A few years ago the breakfast place I would visit stopped selling my favorite beverage so I changed.

Because you just can’t advertise a sale and it will convince everyone to stop what they are doing and go and buy from you right now… that is why you need to move from a self-centered marketing plan to one that is customer-centered.  Being there when they need what you can offer is critical.  Reminding them and inviting them, every week is what this is all about.

Looking for the Very Best Sales People

Looking for the Very Best Sales People

It’s a crazy time out there.  It seems like so many companies are suffering from shortages.

First it was supply chain issues that were either created or amplified by the numerous complications of Covid-19 shut downs in 2020.

Then came staffing shortages.  Even as businesses wanted to open up after the worst of Covid, many businesses simply didn’t have the people.

I’ve talked to numerous business owners and employers and most are in the same boat of not having the ideal working conditions and employment pay and benefit packages to convince someone to come work for them.

While each week I give them advice, I’ve also been listening to the people who want to work to hear both sides.

And as a result, the company I work for, Federated Media located in Indiana with radio stations in Fort Wayne and the South Bend metros have made a few adjustments and improvements.

As the General Sales Manager of WOWO Radio, I need to hire at least TWO new advertising sales people for immediate openings I have.

While pay and income is important, the people I add to my team are not entirely focused on their paycheck.  Here’s a couple more very important things that I know are important how we accommodate, no more than accommodate, we purposefully incorporate in our culture.

  • Remote work versus 9-5 office hours. Before I came here nearly a decade ago, Federated Media in Fort Wayne created a Work From Home set-up for our advertising sales teams.  Most weeks, my sales team only come to the office two hours a week.  Once for a Weekly Individual Focus Meeting aka One-on-One with me, their sales manager; and once a week for a WOWO Sales Team meeting.  When I was selling and not in management, you would rarely see me in the office.  I was meeting with clients or in a coffee shop.  Two hours a week here, the rest of your work day… go do what needs to be done to create success.
  • Brand New Flexible Paid Time Off policy.  This was launched this summer and basically it means instead of having to use vacation time to take the day off to take help your kids get moved into their college dorm, or whatever is going on in your life, just take the time off.  For sales people this really wasn’t as much of an issue, because sales people set their out schedules anyway, but this really benefits the support staff that work in the office every day.  Guilt Free days off is what I heard someone say.

Here’s what those two things mean for my sales team.  I want you to have a balanced life and do it without feeling guilty or feeling pressure that you have to conform to old fashioned working hours.  I work with you to make sure the couple of weekly meetings we have are a good fit for you too.  Currently our weekly sales team meetings are at 9am on Thursdays.  We used to have them earlier but that created a conflict with one of our team whose child needed to be dropped off for school at a time that created a conflict with an 8:30 meeting, so we changed it a few years ago.  Also, ever since March 2020, our weekly sales team meetings have been on Zoom.  We will return to having them in person in the future but that’s not likely until 2023 or 2024.   I’ll explain more on why in a moment.

All of this work-time flexibility could be taken advantage of by people who don’t have the self-discipline or desire to be productive.  One thing we have always had is a high bar to pass in order to be considered for employment with the WOWO Advertising Sales Team.  Everyone must first take an online sales talent assessment that measures a dozen different talents thru a series of about 60 multiple choice questions.  It takes between 30 and 60 minutes. Here’s the link: http://bit.ly/Work4WOWO .

Only about 40% of the people who take the talent assessments will qualify to move forward in the process.  Someone asked me this summer after they were told their talents did not match what we were looking for, what he could do to improve for the future.  Nothing was my answer.  There is a difference between Talent and Skill.  Talent is part of who you are that doesn’t change; while skill is teachable, trainable and can be improved.  Similar to our height and weight.  Once we become an adult, there’s nothing we can do to increase our height. However we do have control over our weight.  Height = Talent; Weight = Skill.

With the shortage of people looking for jobs, have we lowered our standards?  Absolutely not.  I’ve made the mistake of hiring someone whose talents were marginal and there was only so much improvement they could do… it wasn’t worth it.

How did we get so smart to be able to evaluate a person’s sales talent online?  We didn’t.  We work hand in hand with our sales consultancy, The Center for Sales Strategy who have evaluated thousands of sales people and are pretty darn good.  So good that we use C.S.S. for more than hiring.  They are our partner in on-going training.  Which brings me to my next reason to apply to join me at WOWO:

On-Going Training and Professional Development. I just mentioned the Center For Sales Strategy which is our companies lead sales consultancy.  I also have additional resources and training from both outside experts and internally.  Bottom line is we don’t just bring people on board and wish them luck.  We are always providing training and resources to help you be successful.

I will also be upfront and honest with you.  Currently I’m in my 3rd year as the General Sales Manager at WOWO, after 7 years selling myself for WOWO, plus years of radio, advertising and sales experience elsewhere.  These past 3 years I’ve observed what it takes for someone to succeed and what others have done that have prevented them from being successful.  If you are not willing to do what it takes, and to take the actions needed, be coachable and want to win, then this is not the place for you.

We are an elite team at WOWO and Federated Media.  I was watching the Legacy series on Hulu over the weekend.  It’s the story of the LA Lakers and how they became successful with multiple championships and that is what we are building here too.  Want to see if you can join our team?  Contact me.

 

 

The Demise of the Newspaper

The Demise of the Newspaper

I bought my local newspaper on a recent Monday and was saddened by how tiny it has become.

About 8 years ago, I was able to get custom circulation reports for the two local daily newspapers from my connections at the Radio Advertising Bureau.  I watched as the number of readers dropped and the advertising rates climbed to make up for the loss of revenue.

The numbers for the morning paper showed that between 2009 and 2014, circulation had dropped 34% while ads rates climbed 18% in just 5 years.  The morning paper has being delivered to only 25% of the households by 2014.

The numbers for the afternoon paper were worse.  In those same 5 years, their circulation dropped 40% while ad prices climbed over 18%. The afternoon paper was being delivered to just 8% of the households by 2014.

The reason all this sadden me is that my parents were big fans of the paper.  I was a paperboy as a kid, delivering my route after school.

Local journalism had it’s home in print.  Sure, we had broadcast media too with TV stations staffed with reporters and some radio stations had a decent news department also, but the newspapers, they were the ones that had the time and space to print the in-depth stories beyond headlines.

The reason the afternoon paper stopped publishing was revenue which was related to circulation.  My numbers show they had less than 13,000 subscribers in 2014 and even with the higher ad rates, they couldn’t sell enough to keep the paper alive.  I’m not sure how the morning paper stays alive these days.  I know the number of readers have continued to drop since 2014.  Those numbers are no longer available for me to research but it’s obvious by the size of the paper.   August 29th the paper had a total of 16 pages, divided into two sections. The first section had 4 advertisers, plus 2 pages of classified ads. The other section had zero regular ads, just a paid legal notice.

Why does advertising matter?  According to Media Landscapes, 80% of the revenue comes from ad sales, not subscriptions.  I paid $1.50 for my 16 page newspaper last month and even thought that is outrageous, it’s not enough to sustain them.

If your business was one of those that used to rely on print ads, you’ve likely switched to something else.  Digital ads or something online has been a favorite experiment for many.  And while I have used digital and bought because of online ads, unless you know what you’re doing, you can get lost.  Also the rules are always changing in the online world as they evolve.  I’ll save my thoughts on digital for another day.

I will however put a plug in for another old time media that is still going strong despite the repeated predictions of its demise.  I’m referring to radio. National numbers say 92% of the population tunes in to a radio station every week.  That’s a far cry from those 8% or 25% numbers I shared a few moments ago referring to newspapers.

My team at WOWO or myself can give you details on what’s been working for the businesses that advertise on WOWO  and create similar success for you too.  Just contact me, Scott@WOWO.com.

 

 

Make The Right Adjustments

Make The Right Adjustments

“We gotta do something”

That’s been the theme for 2022 from many business people.

So they prepare to Make Adjustments.

Making Adjustments is neither good or bad.  Actually it is something that all of us are doing all the time.

The question that often comes up is “What adjustments are we going to do?”

I urge you to stop for a moment and take a few deep breaths before making any decisions.

As hard as it is, now, more than ever, is time to remove emotions from your decision making process.

Emotions can be temporary, and decisions can have lasting consequences.

If you are running a business and you don’t have a strategic plan in place, it’s time to create one.

If you have a plan, but it was created before March 2020, it’s time to review it and see if it needs updated.

If the plan you created isn’t working right now, it’s time to see why and take a look at the whole picture.

For nearly 6 years I have served on the Board of Directors of Homebound Meals of Fort Wayne and I am in my final 6 months.  Besides myself, there is one other board member who has been there as long as me and his term expires early next year like mine.  The organization has been around since 1971 and during that time there have been dozens of board members, hundreds of volunteers, and thousands of recipients of the lunch time meal program.

Their mission has never changed.  The strategy and tactics used to fulfil the mission have certainly evolved over time including the last few years.  I am confident that the partnership between the board and Executive Director will keep the organization around for many more decades as people come and go.

Making the right adjustments is also something I have seen take place at the church my wife and I attend.  We’ve been members for nearly 20 years and have seen numerous changes take place in leadership as some Pastors retire or are called to other places to serve.  Besides the church, we also have a school and they have had people changes too over the past 77 years too.  This summer their Executive Director, Mark Lange stepped down to move forward with other areas he and his wife Sue are being called.

I bring up Mark’s name specifically because I’ve known him and his wife Sue since I was 13 years old and we went to the same high school.  Our church and school, Holy Cross Lutheran in Fort Wayne was going thru some transitions that many older churches have gone thru and that was simply changes in the make-up of the congregation that was part of what was going to have an impact on the finances of the church and school.

A few years ago, I was one of a dozen who were asked to serve on a task force to explore the future needs and future circumstances using demographic studies, internal surveys, and antidotal stories.  Mark showed me how each year we had a financial plan and each week he would release numbers that showed how our income compared to the plan. He also included the actual expenses which were the reality of what was spent and I learned in my conversations with Mark how we were making adjustments as the year progressed.  Besides having the initial plan or budget, we also had a plan on what adjustments to make as needed.

No matter what business you are in, there are a few things you need to always include in your plan:

  1. Products and Services to sell
  2. Have the People and Infrastructure to create those Products and Services
  3. Invitations to potential customers to buy your stuff and ongoing marketing to keep those customers.

Some of you have had to change the portfolio of products or services you sell.  I’m not talking about completely abandoning everything, I’m talking about making adjustments. Fast Food places that were short staffed ran drive-thru only and closed their dining rooms for awhile.  Some restaurants limited their menu to their best sellers.

I’ve also seen some of you expand and not shrink.  Two ways to do this have been to add more products to sell to your customers.  One company added a second business that went hand in hand with their primary business and it’s created more opportunities.

The other way to expand has been to raise prices.  Too many businesses have been afraid to pass along increases to their customers because they were afraid of losing customers.  But inflation is one of the biggest headlines of 2022 and you really need to pass along your additional costs to your customers.  They are expecting it.  No, they won’t like it, but they will understand, (most of them).  You will also lose some.  A few years ago I told one of my clients that she needed to raise her prices which she resisted at first for those same reasons. However this is the ideal time to do it.

Some of the adjustments you may be tempted to make is to cut your advertising.  To which I say, maybe.  However the answer is probably maybe not.

It really depends on your overall strategic plan, not just current circumstances.  While I sell advertising on WOWO Radio and lead a team of advertising sales pros, I’m also a marketing and advertising consultant.  I want what is best for you and your company now and for the future.  If we can help with using the advertising resources of WOWO radio and our online options… great.  But I don’t want you to buy advertising from us or anyone that isn’t in your best interest.

More on what happens when you cut advertising in a future article.  For now, I urge you to Make the Right Adjustments for the Right Reasons, based on a Strategic Plan, not emotion.  Need help?  Contact me.

WOWO’s Baby Boomers Still Want to Spend Money With You

WOWO’s Baby Boomers Still Want to Spend Money With You

6 years ago, May 2016, I wrote an article titled, WOWO’s Baby Boomer Audience Wants To Spend Money with You.

It’s still true.

Despite all that has happened the past 6 years with the economy, with politics, with.. well, you name it… the WOWO Radio Audience has money to spend and they are spending it every week.

I’m getting some fresh research into our audience and the audiences of other media and it is fascinating.  I also have more than 6 years of antidotal stories of businesses using WOWO than I had when I first wrote the original story. What follows is what I wrote in 2016 with a few updates.

I’m going to lay this out for you, Mr/Ms Business Owner in the Fort Wayne area:

WOWO’s Baby Boomer Audience Wants To Spend Money With You

A lot of attention is given to the under 50 crowd because, well, people over 50 are nearly dead,  Or dead broke.  Or drooling toothlessly in their soup, or…

I wonder what other myths you have about Baby Boomers? I found an article that addresses some of them.  We’re going to look at them in a second.

First the relationship between WOWO & Baby Boomers.  WOWO radio was the radio station we listened to as school kids to find out if we had to go to school or if old man winter caused the school’s to close or delay.  As a 6 year old when my family first moved here, we learned that Bob Siever’s was Mr. WOWO with all the answers in the 60’s and 70’s, (my youth).

Now in 2022 WOWO continues to have the most loyal audience in town of adults over 21 years old and the biggest chunk of those 60,000 weekly listeners are baby boomers.

Let’s break some Baby Boomer myths from the article:

Who’s got the money to spend? Boomers accounted for 70% of the disposable income in the United States in 2012, and they will continue to be the wealthiest generation in the country until at least 2030, when they’ll still have nearly 45% of the disposable income. Ten years later, in 2022, Baby Boomers still have more than half the wealth in the United States according to the Federal Reserve.

Here’s 3 more from the article:

1. Baby boomers are not tech-savvy.

Both Steve Jobs and Bill Gates were born in the boomer years, and their generation was the first to experience the massive productivity increases that technology can drive.

Baby boomers are just as tech-oriented as are younger generations. Eighty-two percent of Boomers use Facebook, with 15.5% spending more than 11 hours per week on the site. Boomer women are also one of the fastest-growing categories on Pinterest. They also spend more time consuming and sharing content online than do other demographics.

In 2022, Boomers are also using Instagram, and doing online shopping.  Boomers are even teaching their grandkids how to use technology!

2. Baby boomers are reluctant to spend money.

Adults 55-64 consistently outspending the average consumer in nearly every category.

In fact, if taken as their own economy, the 100 million Americans who are aged 50 and over would rank the third largest in the world behind the U.S. and China. When it does come to retirement, however, two-thirds plan to spend more time doing things like shopping, traveling and entertaining.

And some more numbers from 2022:

  • Baby boomers account for about 38 percent of pet spending. [Source: Pet Business Professor]
  • Baby boomers increased their spending on new clothes by 28 percent compared to before the pandemic. [Source: Retail Dive]
  • 59 percent of baby boomers are willing to pay extra for socially compliant, sustainable products. [Source: Deloitte]

3. Baby boomers are old fashioned.

A recent study called Baby boomers “media-loving, eternally optimistic, self-indulgent consumers.” Now that they’re rid of burdens like college tuition, mortgages, and child care expenses, they’re looking to re-tool themselves and re-define their lives. Now rid of debts and obligations, they have the means to do it.

My 2022 update: Baby boomers are no longer the largest generation, but they do possess more wealth than Gen Xers, millennials and Gen Zers. With high average spending and a propensity to indulge in luxury purchases, baby boomers have an outsized effect on the overall health of the economy.

 

Want some examples of Boomers?  Boomers are not your elderly grandparents. Prince was a baby boomer. So was David Bowie. George Clooney, Barak Obama, Donald Trump, Bill Clinton, Paula Abdul, Jeff Bezos, Tom Cruise, Tom Hanks, Kenny Loggins, Brad Pitt, Jerry Seinfeld, Demi Moore, Madonna, Oprah … all baby boomers. Not a single, crotchety, old fogy among them.

Adding to the clear proof of Boomers’ immense consumer power, they drive almost 50% of all retail sales whereas Millennials represent a mere 10%.

Here’s the opportunity that you have with WOWO Radio.  Want to see how it can work for your business?  Contact me.