Show me the Money!
Much like Tom Cruise in “Jerry Maguire”, many sales managers in media have been thinking “Show me the money!” due to the introduction of legalized sports betting in states across the country. There has been a sense that the advertising revenue from this opportunity will pay off in a big way for media. While early on that may have been the case, nothing is never as easy as it seems!
When a new source of business arrives, everyone wants in. The venture needs new customers and are willing to make a significant investment to gain them. Radio is a prime target for this spending as the power of personality endorsements is a great way to get the consumer excited. For radio stations, the big question is not what the approach is at the beginning of a new income source, but how to sustain long term business relationships that will result in generating revenue over the long term.
The one phrase that has always resonated with me during my time as a programmer is “It’s all about the content!”. The better your content, the more people that will want to hear what you are presenting. In sports media the more you can localize your content, the better the opportunity to connect with the audience. The best programmers understand that there needs to be a smart and strategic approach to the presentation that is ongoing. With the introduction of legalized sports betting there is an opportunity to provide programming that includes discussion of the various lines and elements that the audience is interested in hearing about.
No matter what the sport is, there is always an angle you can play to in the on-air presentation. The key is to present the information in a way that gets the attention of the consumer who could be a potential customer. From a long-term perspective there needs to be compelling storylines that drive the conversation and the engagement. If you live in Boston, you are more interested in what the Red Sox, Celtics and Patriots are involved in. if you live in Los Angeles, it’s about the Rams, Dodgers and Lakers. National storylines must appeal to the broadest set of the audience. Regardless, to be truly compelling the presentation must be more than numbers from a stat line. Sports to many is a soap opera with different characters that drive audience engagement. Being able to deliver payoffs to the audience by smartly integrating the information from the various lines will keep the audience listening for an extended period. In the end, the combination of personality, opinion and timely information is what delivers payoffs!
To achieve maximum success which includes generating revenue and ratings, it is important to have a smart action plan into which everyone buys. The consumer is very demanding in 2023 and they want great content to listen to. I have found over the years, that the NFL is the biggest driver of storylines that engage the audience. From the regular season to the playoffs to the off-season, there are so many different topics. Many of those storylines tie into the gaming industry as there are betting lines on just about everything. When you can deliver the content into what matters the most to your listening audience, the opportunity for synergy on the air in concert with the advertising clients increases significantly. All the different sports offer a connection with those interested in gaming. Football, to me, is at the top of the list. Regardless, it is smart to have a programming strategy that can be tied into the sponsors while at the same time protecting the integrity of the plan.
Take-Aways
- Nothing is ever as easy as it seems.
- New business (Sports Gaming) offers the big initial opportunity!
- It is ALWAYS about the content and connecting with your audience.
- Local storylines can drive conversation.
- NFL is a driver of both programming and sports gaming. Development of a 12-month strategy that connects consumers and advertisers can deliver a payoff for the content platform.
