We have all been there before…. an advertiser cancels for no apparent reason. You call them back and get no return call. You email them and no return email. You speculate. You wonder. You lost.
So, what now?
Here’s a better question: How much time do you dedicate to your advertiser retention plan? We know it is easier to retain a advertiser than find a new one. But you also have to work just as hard to keep your advertisers as you had to earn their business in the first place.
Let’s do the math: When you add up the time prospected and meetings to close the deal, you probably spend at minimum of 16 hours selling a client. So in the last year did you spend 16 hours on retaining that advertiser? I bet the answer is no.
Here are 10 key points to consider when creating a advertiser retention program:
1. Are all advertisers equal in the program? Do you offer more incentives to those that spend more with you?
2. How much of your profit will you re-invest in this program? To determine this you simply need to calculate how much money you spend acquiring one new advertiser.
3. Who will champion this program? No champion… no success.
4. Do you do advertiser appreciation parties or special gatherings at trade shows?
5. Do you host lunch and learn seminars with and for your advertisers?
6. Have you considered offering monthly sales or business coaching to your advertisers? You have a ton of expertise to share. Or share the latest study findings or helpful stats. They want it. Trust me.
7. What about a monthly conference call or webinar for your advertisers featuring an expert on a certain topic like social media or web design?
8. Consider VIP call-in lines to give exclusive access to a human at your company when they call in to your office.
9. What about exclusive events or retreats? Sounds expensive? Hmmm… What does replacing a advertiser cost? Do the math.
10. Provide a quarterly reader survey for your clients to help them learn more about their customers. It’s a great service for your advertisers and you get the benefit of the data too.
Create retention goals for yourself, commit to an action plan and track the results. It requires commitment to work well. No matter if your plan involves a monthly phone call to check in, offering a webinar or hosting a trade show event, all these touch-points can add up to one BIG difference in your advertiser retention rate.
More about Ryan: Ryan Dohrn is an award winning sales coach and sales trainer. He is also an international motivational speaker and the author of the best selling sales book, Selling Backwards. Ryan is the President and founder of Brain Swell Media, a boutique sales training and sales coaching firm with a detailed focus on sales training and coaching for media and technology companies.
Niche Media has created super niched-out events specifically for magazine publishers for over 12 years. We’ve helped pave the way for the era of boutique events that connect specific audiences and provide great educational, friendly and super-fun environments! Plus, Carl Landau–Niche Media’s Grand Poobah–also created a blog all about creating and marketing targeted events: blog.NicheEventNation.com Check it out!
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