How to attract advertisers to pay for radio commericals
Creating a stable revenue stream is the greatest challenge to be handled when starting a radio station. Access to a stable income source for the radio station means that you can hire the best talents, build great programs for broadcasting and attract an even larger audience.
As an owner of the radio station, you will have to design a balancing act where your radio station does not starve for advertisers, nor does it losses the interest of listeners because of excessive stacking of commercials in the content.
The first few days after starting a radio station are the most difficult days for attracting investors. Advertisers will pay only if you have a listener base and you hardly have any during the initial days. This is why radio stations need to make provision for working capital for operating during the first few days.
Once you have established a reasonable base of listeners, you can approach advertisers who you think could be interested in reaching out to the demography that you cater to. For instance a youth radio station must approach only those advertisers who have products or services targeted at youth.
You should also be ready to offer lower rates than the prevalent commercial rates in the market. This can be a great entry lure for advertisers. You can always revise prices later to match the market rates, once these advertisers see the benefits of advertising through you.
Secondly, you should approach the advertisers with some samples of pre-designed template commercials. Advertisers can be lured, if you can show them some visible benefits without getting them too involved in the commercial production or programming aspects.
Having said that these template programs should also offer scope for customization as desired by the advertiser.
Offering advertiser loyalty programs by rewarding frequent advertisers with bonus air times or offering discounted rates must also be used to decide the promotional plans for attracting and retaining advertisers in a newly started radio station.
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