Let’s face it, selling print advertising is not the easiest thing to do, especially in today’s digital age. But if you go about it in a smart way, there is a way to achieve double digit program book advertising revenue growth.
Contact All Of Your Current Advertisers First
The most important thing to do first and foremost, and the earlier the better, is to contact all of your current advertisers for their renewal of their program book advertising. These current advertisers are your advertising revenue base, and everything will be measured from this number.
Take Into Account Your Decrease & Loss
Once you have contacted all of your current advertisers, you will have a pretty good idea of where your base revenue will end up. At Onstage Publications, we historically experience a 30% decrease and loss year over year. This means that if we started with $20,000 in program book advertising revenue for a particular market, we’re now down $6,000 right out of the gate. This is due to advertisers either cancelling their ad altogether, business’ that are no longer in business, advertiser’s that may be cutting back on their advertising budgets, etc.
Set Your Goals
Now that you have an idea of where your next season’s program book revenue will be (if you stopped sales altogether) you want to set your target number. At Onstage Publications we like to shoot for 15%-20% net program book revenue growth. So in the particular example above, we would shoot to have total sales for the upcoming season of $23,000-$24,000 in that particular market.
One might look at this and say “well, selling $3,000.00 more is no big deal!” But what a lot of people forget to take into account is that to get to that $23,000-$24,000 goal is the fact that they have to also sell an additional $6,000 to make up for the 30% that dropped out. So now the $3,000 becomes $9,000. Not as easy as the $3,000 but still a manageable number.
New Prospects Are Key
So how do you get the additional $9,000? The answer to this–load up your sales funnel with new prospects.
New prospects are business’ that have never been called on for your particular program book or past advertisers that have not advertised with you in a couple of years. The more prospects you can get into your funnel, the more that will convert to sales. A good CRM will help you manage this process, especially for previous advertisers.
Our program book account executives shoot for 75 calls per day. Of these 75 business’ contacted, 10-15 will be sent more information (i.e. Fast Facts, etc.) And of these 10-15 “hot prospects”, 1-2 will convert to a sale.
So if your average program book ad is $1,000, you can work this formula backwards to figure out how many calls will have to be made over the course of your program book advertising campaign to get to your target program book revenue number.
In this particular example, right around 675 calls. Obviously, this isn’t going to happen in one day, but you need to figure out how many calls can ideally be made per day over the course of your sales campaign. This will also tell you exactly how early you need to get into the market to start your new season’s program book ad sales.
This probably sounds like a lot of work. But the most important thing to remember is that even though you may not sell everyone you call, you will be telling them about your great performing arts venue, the great line up that you have for the upcoming season, and everything else your organization does for the community. So in essence you become a marketing machine for your organization and although you may not sell an ad, you may end up with a season ticket holder or donor!