The Broadcast Media Industry Faces a Pivotal Moment; Evolution Is the Path to Survive and Thrive

The broadcast media industry isn39t that old compared to most of those that make up Wall Street and Main Street yet it39s changed so much over the last 100plus years The drivers behind this come from many factors technology advancements consumer demand how businesses seek to generate buyer interest competition for ad dollars and more They didn39t happen all at once it39s been gradual and incremental as the framework of the broadcast media industry reinvents itselfIn the first quarter of the 21st century there39s uncertainty about where the industry will go as it faces both challenges and opportunities However this is an irrepressible and ingenious field so this moment we face now is pivotal and the start of an evolution While some inside and outside the industry may use the term quotdinosaurquot to describe it negatively they may not realize the resilience of such a species the dinosaurs of billions of years ago evolved into presentday birds It39s a fitting metaphor for the broadcast media landscape and it39s got wingsWe Must Address Challenges to Evolve Grow and ModernizeSo what is the right path for the industry to evolve You can39t progress with growth and modernization without looking at the challenges that stand in the way There are both existing and emerging obstacles The first is grasping how expansive the content ecosystem has become We live in an omnichannel world making everything a little more complicatedComplicated doesn39t mean bad necessarily Broadcast media sellers now have more products than ever to connect advertisers with audiences However that also means there are more ways for companies to spend those budgets and they all want a presence everywhereAs a result many stations have integrated these new tactics into their portfolio Success and revenue increases haven39t been instantaneous as organizations needed to invest in technology people and processes You39re taking your once simpler model and expanding and reimagining it to meet the needs of today39s advertisersYou39ve been evolving to keep pace yet the tools you use haven39t always given you the room to grow and modernize Have the industry39s technology partners been too slow to respond to changeTechnology Must Move In Step with Local Broadcast and Media SalesIf you look across your tech stack now you may see areas in need of improvement or be overwhelmed by the many platforms needed just to function as a local media seller today You39ve seen innovation in operations and production areas Why have things been slow in technology that builds and drives revenueIt39s not a lack of innovation but we39re in a niche industry with a limited market that requires deep knowledge While we haven39t had to wait billions of years like the dinosaurtobird evolution modernization of the technology you need to sell more seamlessly has taken some time because of the unbelievable change that39s transpired just in the last decade Developing flexible reliable intuitive technology built specifically for media companies required an investment of time and resources So where has innovation taken us thus farThe Next Generation of Technology Is Fueling the Future of Local Radio TV and Digital SalesEvery part of the broadcast media industry can survive and thrive with the right tools processes and strategies Here39s what the evolution of technology now enables for radio TV and digitalFor radio your pain points have been disparate systems manual work and a lack of data to drive decisions Solving this requires integration automation and data insights from a traffic and revenue platform Upgrading and expanding your tech stack with these solutions will keep you agile in this evolutionThe local TV sales process has had its technology challenges fragmentation inconsistent pricing and the inability to sell multiple formats Ultimately you need technology that optimizes pricing placement strategy and workflows based on data in a comprehensive solution It39s not too much to ask you can find it with a true endtoend TV sales platformThirdparty digital has become an effective way to grow revenue and be a complete partner to local businesses The problems that have kept this from being a smooth transition include using technology that39s too complex and struggling to level up seller knowledge What you seek is a platform that makes it easy to pitch sell and execute and most don39t deliver on this because they weren39t designed for sellers like you However you can now adopt a total solution that does the ad ops for you and provides the upskilling education and support that local sales professionals need to win digital businessAnother aspect of this next generation of technology is how it aligns with your workflows Getting this right improves efficiency and productivity This parallel accelerates the processes and consolidates the systems required ensuring sellers spend more time selling not typingThe third component is your people They need regular training on tactics and selling strategies Finally they need knowledge resources to keep learning things like how to create a winning ad mix to achieve a goal or handle objectionsStart your experience here We go into all these topics in depth in a visually exciting way because we know our audience and how much you enjoy great mediaClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillageorgMyersBizNet

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