As radio fights for its share of the proverbial ad revenue pie, Hispanic Radio Conference attendees got a peek behind the agency curtain with a panel of network experts offering a deep dive into the evolving dynamics between agency advertisers and the radio industry.
The discussion featured insights from Clark Logan, President of HRN Media Network; Natalie Henderson, Senior Audio Investor at Horizon Media; and Mark Mandell, Partner of Integrated Investment at UM Worldwide, offering a deep dive into the strategies that drive advertising decisions in the Hispanic market and beyond.
Mandell emphasized the importance of aligning advertising strategies with clients’ Key Performance Indicators, acknowledging that while the Hispanic radio space has its strengths, it also presents unique challenges. He highlighted the value of unwired networks for their ability to fill local spots efficiently, although noting the increased costs associated with this flexibility.
Mandell explained that as radio competes for agency dollars, we need to be more nimble and targeted. He advocates for data-driven radio, which provides vital insights into key markets, helping advertisers to more accurately target their desired audiences.
Henderson discussed the current advertising trends, pointing out that a large percentage of audio budgets are still dedicated to over-the-air broadcasts, though there is a noticeable shift towards digital platforms each year. She noted the necessity sometimes to consolidate partners to meet KPIs and goals effectively.
On the topic of podcasting, Mandell described the sector as crowded but emphasized the importance of live host-read ads for protecting the listener experience. “There’s no clock in podcasting, giving you a much better read,” he stated.
Addressing the issue of diversity, equity, and inclusion, Henderson noted that agencies are leveraging niche marketing strategies to resonate more deeply with listeners, which in turn brings higher returns on investment.
When asked about the momentum of Spanish radio heading into 2025, Henderson was optimistic: “Brands are building specific budgets for Hispanic advertising.” They are also slowly increasing their audio spend as they recognize the medium’s power.
However, both panelists acknowledged challenges, particularly with attribution – the ability to connect audio ads with consumer actions. Mandell pointed out that radio often captures attention during commutes, but attribution can be lost later in the day as listeners engage with other media. Logan raised a critical point about educating stakeholders about the value of radio. “When you mention AM/FM radio to major brands, they often demand proof of its effectiveness,” he said, underscoring the need for ongoing education about radio’s reach and potential.
The panel agreed on the necessity for quality in both advertising and content to engage effectively with the Hispanic market. Mandell added that joining a network could provide an immediate influx of revenue, especially for stations that might otherwise rank lower in market standings.
In conclusion, while the landscape of radio advertising is shifting, the panelists at the Hispanic Radio Conference 2024 highlighted the enduring value and unique challenges of engaging audiences – Hispanic or otherwise – through radio.
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Everyone in America wants to know if the country is headed for an economic recession. Though no one can say for sure, a recent Bankrate survey reported a 64% chance of it happening in 2023.
“We expect a recession in 2023, and while incoming data for the first quarter have shown a resilient economy thus far, there have been signs of slowing activity,” Mike Fratantoni, chief economist at The Mortgage Bankers Association, told Bankrate. “Coupled with the likelihood of tighter financial conditions brought about by developments in the banking sector, economic activity will likely slow sharply over the next few quarters.”
Whether or not a recession is imminent, taking steps to safeguard your business is a wise move either way. To help you face the future without fear, contact Impact Utah to make your business recession-proof.
Improve your margins through operational excellence
Successful business leaders know that there are always ways to improve. Tightening up your operations is one way to do this. Look for opportunities to make reductions. Work hard to retain good employees — and possibly let go of some you don’t need. Reduce costs where possible.
If you’re not sure where you stand in terms of operational excellence, Impact Utah offers a free assessment tool to help you gauge your strengths and weaknesses.
Learn critical cash management strategies
Perhaps the most important thing you can learn in business is how to manage cash flow in any economy. Start by clearing up your balance sheet and examining your three main areas of cash flow: accounts receivable, accounts payable and inventory.
Be sure to collect receivables on time. If you require payment within 30 days, stick to that agreement. On the flip side, make sure you’re not making payments faster than necessary. If payment terms are between 30 and 60 days, you can push that out to the full 60 if your cash flow situation warrants it.
When it comes to inventory, maintain appropriate levels. You may need to look at items that aren’t selling as quickly as other items and do whatever you need to do to keep things moving.
Grow your revenue
There are two main ways to grow your revenue: effective marketing and increased sales.
First, don’t discount the value of recession-proof marketing. Successful companies such as Venmo, NerdWallet, Uber, Groupon and WhatsApp each got their start during the Great Recession. If you can communicate a unique need or pain point that your product or service addresses, people will likely be willing to pay for it.
Win Jeanfreau, executive director of Impact Utah, outlines several different questions you should be asking yourself to market your business more effectively. These include:
- What problem are you solving?
- How is your solution unique?
- What is your value proposition?
- How will you create awareness of your product/solution?
- How will you get consumers to purchase your product?
- How do you facilitate a purchase and a repeat purchase?
- How will you get customers to refer you to others?
For the full list of effective marketing questions, check out Impact Utah’s webinar on recession-proof marketing.
Also, when it comes to increasing revenue, don’t be afraid to increase prices if necessary.
“Every dollar increase in price is a dollar increase in your profitability,” Rick Papworth, Impact Utah’s managing director of finance, says.
Develop skills and master tools to lead your company through a recession and beyond
Just as a car relies on an engine to keep it running, your business has an engine that requires consistent maintenance. Specifically, Papworth says there are six areas that need to be aligned well for things to run smoothly: strategy, structure, people, work methods, lateral processes and metrics.
Without a clear strategy, you have confusion. If your structure isn’t aligned with your strategy, that creates friction. People who aren’t enabled and empowered aren’t likely to perform well.
Without standards on how to produce products, you’ll have variance. When you leave coordinating processes to chance, you get gridlock. And if your metrics and rewards don’t support your goals, you’ll have disengagement. You get the picture.
To develop the skills and tools you need to lead your company effectively, visit impactutah.org for more information.
Get the help you need
If a recession is in the not-too-distant future, there’s nothing you can do to stop it. But there’s a lot you can do to prepare for it.
Fortunately, you don’t have to try to figure things out on your own. Impact Utah can help you navigate your way through any economic climate. With full-service training, consultation services and a successful track record, you can trust Impact Utah to be a safe harbor and valuable resource. Visit impactutah.org today to learn more.
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Lisa Dent
Weekdays 2-6pm
A native of Rockford, Lisa Dent, heard 2 pm to 6 pm weekdays, began her radio career in Fort Atkinson, Wisconsin in 1981. She has worked at stations in Minneapolis, San Diego, Seattle, and Houston. Dent returned to Chicago in 2002. (Click for more.)
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