Transcript Powerpoint - Manitoba Magazine Publishers Association

Advertising Sales
Secrets
Presented by
Gwen Dunant
I am an advertising sales
consultant who sells ad space…
My experience tells me that sales reps who have and
know how to use proper sales tools sell more
advertising with less discounting than those who
don’t….
I am an advertising sale
consultant who sells ad space…
…. yet I see poorly informed sales reps who don’t know
what they are really selling, don’t know their
magazine’s competitive set, how to us a media kit, or
show the value of the magazine so that they can sell
against the competition, stay on rate card, close
properly and develop effective value-added packages
that create good long-term relationships with their
clients.
Advertisers will spend their money on
something they believe will work.
A sales rep’s job is to show advertisers
why their magazine is the one they should
spend their money with.
So, to get around this…..
“I’m gonna need a break on the price. What can you do
for me?”
or this…..
“Your competition is giving me…
a free ad…
editorial…
advertorial…
free online ads…..”
….you need to do this….
Show advertisers the value of advertising in
your magazine
AND
Develop attractive opportunities that allow them to
reach your audience.
What you are really selling…
Regardless of size, budget or circulation,
what you are really selling is access to
readers in an editorial environment they
trust.
but let's get back to this…..
“Your competition is giving me…
a free ad…
editorial…
advertorial…
free online ads…..”
but let's get back to this…..
One of the hot trends in advertising is for ‘native
advertising’
but let's get back to this…..
Native advertising is the paid placement of
content, often labelled in some way as having
been paid for or sponsored by a brand.
Sometimes it is written by the brand; other
times by the publication’s staff or its
freelancers or some combination of the two.
but let's get back to this…..
Native advertising is not a new concept.
Media organizations and magazines have run
“sponsored content” and “advertorials” for years.
The rise of native ads is the result of a
combination of factors:
• a brand’s desire to find more effective means
of connecting with their consumers
• need for new revenue models on the part of
the publications
• the democratization of content.
but let's get back to this…..
Native advertising allows brands can tap into
a publication’s existing distribution networks
and content creation expertise, and leverage
the strengths of the publisher’s brand to help
promote and propel that content further.
but let's get back to this…..
Native advertising can be:
• Content created by a publication for a brand
• Content created by a brand, but placed on
a publication’s print or digital property
• It can be treated like editorial content with
regard to its placement
• It can be a section “sponsored” by a brand
• Or the company can have a say in the
editorial content
but let's get back to this…..
Native advertising is not right for every brand.
‘Ditch the Pitch’
It works best when brands are looking to tell a
story, rather than promote a product.
And when it’s created jointly to ensure it
looks, and reads like something readers
expect from your magazine but is also
contextually relevant to the brand.
Alternatives to Native Advertising…
• Advertorials: Advertorials are created by the brand specifically
around brand messaging, and are designed to match the
business category in which they will run. This is an ideal for
advertisers looking to feature products and service information
within a focused environment, such as car-related content in the
automotive section or beauty-related product-pieces in the life
section, to drive immediacy of response.
• Branded content: Also referred to as directed content, branded
content is created by a reputable publisher across different
mediums such as magazines, web, mobile and video to tell a
brand’s story. This approach is ideal for brands looking for
greater control of the content
Alternatives to Native Advertising…
• Sponsored sections: This includes paid sponsorship of editorial
sections or planned editorial coverage. Brands have little, if any,
influence over content.
This is an ideal platform for brands looking to benefit from the
visibility of a pre-determined event (such as TIFF) or popular
topic of discussion (such as personal finance).
• Custom editorial content: This is original content developed by
the publisher’s journalists, that halos an advertiser’s message
and around which the advertiser’s brand message is exclusively
positioned. The advertiser does not have sightline into the
content, nor can they impact the content in any way.
but let's get back to this…..
Native advertising is not right for every brand.
What you choose to offer advertisers has to be based
on:
• Will it enhance the magazine?
• Will it alienate readers?
• Will it be profitable?
Whatever you do, create guidelines for it!
To effectively sell against your
competition you need to know…
The value of advertising in your magazine.
The value of advertising in your
magazine is….
The things that make it special, unique and different:
• Your editorial voice – service journalism, news, fashion
• Your readership - the audience you deliver and how you
deliver it.
• Physical aspects of your magazine, such as the layout,
stock, production values…and more!
• Offerings – online, off page, events, etc.
The value of advertising in your
magazine….
Starts with learning your magazine’s place in the
market.
How do you compare with the competition?
How to calculate CPM
Advertisers use this as a tool to compare different publications with
different rates and circulation.
Step 1: Take the circulation of your magazine and divide it by 1,000.
For example, if your circulation is 18,000, divide it by 1,000 and you
get 18.
Step 2: Divide the cost of a full page, four colour ad by the answer
you got in Step 1.
Let’s say the full page and four colour rate is $1,500. You then divide
$1,500 by 18 and this gives you a CPM of $83.33.
Sample CPM analysis chart
Publication:
1x 4/C Rate:
Circulation:
CPM:
Canadian Living
$36,565
512,220
$71.39
Chatelaine
$49,400
596,887
$82.76
Cottage Life
$11,840
71,528
$165.53
Downhome
$1,799
41,380
$70.48
Prairies North
$1,705
19,209
$88.76
Saltscapes
$6,993
34,688
$72.60
Toronto Life
$14,160
92,342
$153.34
Source: CARD and PMB
NOTE: These number are fabricated for teaching purposes and are not to be used in a real life setting.
TIP:
You can use CPM to compare any size or colour ad.
Media kits
This is how many advertisers will experience
your magazine, so it needs to:
• Portray your reader to the advertiser.
• Speak for you when you aren’t there.
• Corroborate claims & add credibility.
Media kits
Are an opportunity to showcase the
strengths of a magazine – the things that
make it special, unique and different - so that
it shows advertisers the value of the
magazine to them.
Media kits
Should contain all the information needed to sell with
so that it becomes a reference source and a script.
Media kit contents
Four key components:
Editorial Information - Editorial Mandate &
Editorial Calendar
Circulation Information
Readership Information
Rate Card
Editorial mandate
Magazine’s voice is a powerful selling tool…
• Clear declaration of what your magazine is about.
• Showcases your strengths.
• Differentiates you from your competition.
• Your promise to keep attracting the readers who are your
advertiser’s clients.
Editorial Environment
This is an area where you can set yourself apart.
Do you have:
• Niche topics
• Relevant editorial
• High-profile writers
• Outstanding photography
Circulation “Must Have”information
Since rates are based on circulation, you need…
• Audit statement
• Breakdown by geography, age, profession, etc.
• Detailed information about distribution
Since you are selling access to readers
in an editorial environment they trust,
you need to know who your readers
are….
You need to know your reader
demographics in order to identify
your target market:
•
•
•
•
•
Gender
Age
Income
Education
Profession
You need to match your target market to
that of your potential advertisers.
PMB
Tells you who your readers are
http://www.pmb.ca/public/e/product_data/reports_online_gateway.shtml
Readership/subscriber surveys
Tells you how your readers relate to the magazine
Readership Information
This is an area where you can set yourself apart.
Do you have proven readership surveys that show:
• Subscribers read the magazine cover to cover
• How much time is spent with the magazine
• How magazine affects purchasing (articles/advertising)
• Core reader
• Demographic breakdown of your readers as well as passalong readership
• Geographic breakdown of your readers
TIP:
Selling access to readers allows you to sell
campaigns based on continuity.
Sell campaigns based on readership
not specific editorial!
• Its more time efficient.
• Lets you lay out and project future ads.
• Lets you offer better placement and
helps avoid late ads.
It’s better for the advertiser and your magazine.
Rate cards
Should show:
•
•
•
•
•
•
•
Net/gross
Agency commission
Frequency discounts
Rates for various sizes
Cash discounts
Regional breaks
Penalties for overdue accounts
Rate card
• Do the math.
• Never go off rate card.
• Use rate card as a negotiating tool.
Additional Offerings
You can’t sell from an empty basket
Additional information…
You can put whatever you want in it as long as it moves
the sale along.
TIP:
Use the media kit to save time!
TIP:
Put your media kit online!
Put your media kit online!
• People like to explore online, especially media buyers.
• Your rates are public.
• You look like you are hiding something if you don’t.
Put You media kit online!
Does this work?
Hi John,
Thank you for your interest in Canadian Hunter Magazine.
Please call or email me if you have any questions.
Best Regards,
Gwen Dunant
Canadian Hunter Magazine
4 Duck Street
Narnia, ON, Canada
L6K 5B9
Building Relationships with clients
Clients value sales people who deal with them professionally
and help them meet their goals
• The difference between being a “friend” and being “friendly”
• Don’t confuse being social with doing your job
• Don’t be “pesky” be persistent
Building Relationships with clients
Pesky: repeated calls and emails to buy an ad.
Persistence: contacting clients with opportunities, news or offers
that would be of benefit to them.
What makes a good sales rep?
• Selling space is a profession and the goal is to be professional in
that profession.
• That means being honest, dependable and business-like in your
relationship with others.
TIP:
Mistakes can be relationship builders too!
Before you contact the client…
• Learn as much as you can about what is being advertised
through the client’s web site, sales literature, newspaper, etc.
• How do they present themselves?
• What aspect f their business do they emphasize?
• Find out if there is a fit between what is being advertised and
your magazine.
• Find out if the client advertises in magazines – how do you
compare?
Before you contact the client…
If the client advertises in magazines – how do you compare?
Editorial
Readership
Circulation
Layout
Production values
Offerings
CPM
Develop your pitch to highlight what your magazine does best
in these areas against your competition.
Contacting the client…
Do you sell in person, over the phone, or through email?
• Likely to do a combination of some or all of these.
• Clients will let you know the best way to communicate with them.
Know your client’s preferences!
• Are they partial to email, phone calls, drop offs, pop-ins, lunch invites,
swag?
• Is there a time of day or day of the week that is the best for reaching
them?
• Do they like to schmooze or cut to the chase?
• Do they respond to authority? Would it help to “cc” your
management or senior players on their team?
Know your client’s advertising objectives
Why are they advertising?
• To move inventory?
• Create awareness?
• Keep up with their competitors?
• Image building?
Know your advertising objectives for the
client…
• Sell a print campaign?
• Sell a print/online campaign?
• Upselling what they have in the competition?
Selling starts with listening
Selling is:
90% listening
&
10% talking
“I never learned anything when I was talking.”
Larry King
Interview technique
• Who do they want to reach?
• Where are they advertising now?
• What do they look for when choosing advertising?
• What do they like about where they are now?
• Who is their competition?
• What makes their business unique and different from their
competition?
Interview technique
Don’t interrupt!
You have to find out what your customers are thinking so don’t
finish their sentences, interrupt or assume you know where
they are going with a thought.
Building the Fit…
Start using the research and you’ve done and the
information the client has given you to show how your
magazine is the perfect advertising vehicle for them.
Building the fit…
Features & Benefits
It’s not about your grass seed,
it’s about their lawn.
Your job is to manage the
sales process
Selling is an ongoing process so you must keep
moving the sale along by giving clients:
• Direction
• Next steps
• Deadlines to respond
Close!
You must close the sale!
You’ve built the fit, shown the value of advertising in your magazine,
closing the sale is the next logical step.
Closing is not…
Thinking, feeling or wondering….
“Do you think you might want to advertise in my magazine?”
“How do you feel about advertising in my magazine?”
“I’m wondering if you want to advertise in my magazine?”
Wishy-washy questions, will get you wishy-washy answers.
Close!
“I recommend we begin your campaign in our June issue with a half
page four colour advertisement….”
You will either get the business or you will get objections.
Handling objections
Client will not buy until they are sure they are making the right decision.
See objections for what they often are:
• An objection isn’t a “No” – it’s your cue to start selling
• Requests for information and another opportunity to sell.
Handling objections
Requests for information and another opportunity to sell:
“Your circulation is too small” – you didn’t shown them that it was the
right circulation.
“You don’t reach my market” – you haven’t shown them that you do.
“You don’t give free pages like your competition” - you haven’t shown
them why advertising in your magazine is worth it
Handling objections
And the most dreaded objection:
We don’t have the budget.
It means you haven’t convinced them of
the value of your magazine.
Handling objections
We don’t have the budget…
Is not permission to negotiate price but get creative:
Value-added, post-dated cheques, waive terms, rate-protection,
monthly payments, etc.
TIP:
Sometimes “We don’t have the money” from a past advertiser means they
haven’t paid their last invoice.
Clean up the debt and advertising will likely resume
Work as a consultant to get
around common ‘dodges’….
“I don’t have an answer yet” – “Is there anything I can
do to move this along?”
“I’ll let you know next week” – “Is there anything
more you need from me in order to make the
decision to advertise with us?”
“I’m not ready to make a decision yet” - “How can I
help you make that decision?”
Consider this before you ‘deal’…
Sometimes you do leave money on the table if it will affect other
advertisers and erode confidence in sales staff.
Sometimes walking away will get you the respect and ultimately the
dollars you need and deserve.
Gwen’s Top 10 Sales Tips
Never let a contract expire. Once advertisers learn they can live with out you, they do.
Make sure your rates are in line. Too many publishers give too much away.
Don’t do the clients thinking for them. “I won’t call him about our upcoming issues cause I know he
doesn’t have the money”. It stops you from selling to them.
Don’t buy the client’s excuses for not buying advertising space. “It’s not a good time…”, etc. It stops you
from selling to them by waiting till there is a good time.
Realize that objections aren’t “No”. They are often requests for more information or help.
Don’t get caught up in other problems with the magazine. It derails the sales conversation.
Sell readership not editorial. This lets you sell campaigns based on continuity.
Sales is 90% listening and 10% talking. Effective sales people listen more than they talk.
To make money today, upsell your current clients. They are already sold on the magazine.
Wishy washy questions yield wishy washy answers Q: “Do you think you might be interested in advertising with us?”
A: “Perhaps that might be worth thinking about”.
Thank you!
An example….
The Atlantic’s failed Scientology experiment embedded
the term “native advertising” into our collective advertising
consciousness.
Before their experiment, the earliest search for the term
“native advertising” appears in February 2011, and it didn’t
climb into double digit searches until November 2012.
Why did they pull it? Here’s what the Atlantic did wrong:
Used a mushy expression “Sponsor Content.” It’s what
publishers use when they don’t want ads to look like ads.
The design layout looked too much like the design of
Atlantic.
The editorial looks too much like Atlantic editorial.
They also forgot a clear call to action.