Are you always looking for new ways to elevate your advertising revenue within your media sales teams?
I would you like to share with you what I believe are the main ways we can do so. Let’s see if you are on the same track. Or indeed, maybe I can steer you.
What are the best approaches to attract, persuade, and service your advertisers?
3 key drivers of ad revenue growth
Ultimately, it’s all about getting to grips with the core foundations of our approach to advertisers. In the ever-evolving world of media, staying ahead of the curve and adapting ourselves to the constantly changing preferences of both client audiences and the advertisers themselves is crucial for media sales teams to thrive in.
For me, in that environment, there are a number of key drivers of growth:
- Audience fragmentation: At base level, audiences consume media across multiple platforms, and media companies have the opportunity to reach a wider and more diverse audience by offering targeted advertising solutions. We all understand this.
- Data-driven advertising: Advertisers are increasingly seeking (unique) data-driven insights to optimise their campaigns and ensure they are getting to the right audiences, at the right time, with the right message. Media companies that can provide valuable audience data and analytics play a pivotal role in this process. That’s where our first-party data strategy comes to the fore. Sharing the insights with advertisers (selling them at a premium) needs to be high on our priority list.
- Seamless channel advertising: Advertisers are now seeking integrated ad solutions that cover many platforms, allowing them to create a consistent and seamless experience (for their target audience). Media companies that can offer such solutions are well-positioned to capture a larger share of ad budgets.
8 strategies for ad revenue growth
To capitalise on the above drivers and boost our ad revenues, media sales teams should adopt a more strategic approach more than perhaps ever before.
I believe there are eight interlinked, specific things which are part of that required strategic approach:
- True specialism (via expertise) is crucial. We need to develop specialised expertise about specific ad formats, ad platforms and targeting strategies to become a “go-to” trusted resource for advertisers seeking tailored solutions.
- Data collection/analysis where we embrace data-driven sales methodologies by collecting and analysing audience data to identify behavioural patterns and preferences. We have to leverage this data to develop compelling sales pitches and tailor solutions to specific advertiser needs. Maybe AI can assist us here?
- Strong customer relationships where we are able to develop strong relationships with existing and potential advertisers by building both trust and understanding of their business goals. We need to proactively provide insights and recommendations to demonstrate to them the value of our media.
- Tech integration. Utilising advertising automation tools and data analytic platforms to streamline our sales processes, improve campaign performance tracking, and enhance customer service. Again, is this a job for AI?
- Multi-channel capabilities with integrated advertising solutions that cover multiple platforms, including digital, print and social media. We need to provide advertisers with the flexibility to reach their target audience across their (and maybe even our recommended) preferred channels.
- Creative storytelling that demonstrates the effectiveness of our media platform(s) via equally compelling storytelling case studies that showcase the impact of successful ad campaigns.
- Embracing change. Staying abreast of any evolving trends in ad technology, in consumer behaviour, and in data/privacy regulations to ensure our sales strategies remain relevant and effective.
- Continually learning and innovating. Encouraging a culture of continual learning and innovating within the sales team to adapt to new market dynamics and to develop razor-sharp sales strategies. As an example, what do our sales teams know about sustainability in advertising?
Only by understanding the evolving needs of advertisers and leveraging data-driven insights can our sales teams can become truly indispensable partners in driving ad revenue success and, as a consequence, build deeper/stronger advertiser relationships.
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