Which Metrics Matter?

There are metrics that matter – but not all metrics are created equal. We believe radio stations searching for the right metrics for selling the web won’t find gold in web site Visitors, Page Views, CPM or Impressions.  For many years radio has been known as the ‘idea’ medium…promoting ‘theatre of the mind’ within a more mobile and personalized platform.   While many sales staffs of TV and newspaper sat by their phones and fax machines awaiting RFP’s and waged negotiation battles, radio was playing on a different field…the field where challenges, ideas, and solutions came to life.  But now…during a time when virtually anything can be measured in new media, many radio operators are being drawn into the metrics game along with their traditional media brethren.  After all, if it can be measured, we’ll all be held to those same standards, right?  Wrong.  Never allow yourself to forget what makes radio different.  If you ask business owners today which medium has consistently brought them the most innovative ideas and solutions, I’d be willing to bet radio would top the list.  However, you can’t just sell glitz & glamour.  In today’s marketing world, results and accountability do matter…and so do [the right] metrics. 

1. Funnel Approach—The Big Picture
In our Reboot Camp workshops, we teach the ‘funnel approach’ of integrated campaigns.  You start big…you can deliver Cume and AQH numbers—expose your listeners to a message that targets a very specific group within the mass. Within that targeted message is the first call to action…leading the target online for more information beyond the :30 or :60 second commercial.  That creates visitors…the first layer…the luke-warm lead.  Taking luke-warm to warm generally involves some type of interaction…that second call-to-action.  Ask them to do something more…download, give feedback, take a survey, listen to audio, watch a video, submit a photo, join an opt-in list for updates on the advertiser’s products or services, etc.  By doing so – you are defining the target even further, allowing your advertiser to focus on conversion.

2. Visitors/Unique Visitors—The First Layer
It’s not what you think.  We’re not talking about the total number of radio station web site visitors.  In fact, if you’re comparing radio station web site visitors to those of TV and newspaper (we know agencies do!), radio will lose almost every time.  The reason:  radio is ALREADY MORE TARGETED than the other mass media options.  Radio’s advertisers are already narrowing their prospect field by choosing the best qualitative fit for their customer, thus fewer overall ‘visitors’, but more qualified.  That’s why radio will never win in the cost per thousand (CPM) game…because we don’t have as many “thousands” online as TV and Newspaper.  And after all, what matters most to your advertiser: More visitors…or more qualified prospects?  The answer:  you should only really begin counting results (visits) at the point of entry into the first layer of call to action…specific visitors to a specific destination.

3. Interaction—The Second Layer
Getting them there is half the battle.  That means they heard something on-air that interested them enough to investigate further.  Now, find ways to interact in some way with the information or advertiser.  Some examples might be:
 Registration (Register for a roomful of furniture)
 Sign-ups (Sign up for our weekly ‘Thrifty Tips’ newsletter)
 Download (Download a $500 coupon good for any new Ford)
 View (Watch a product demonstration video)
 Listen (Listen to the highlights of last night’s game)
 Purchase (Purchase product or service online)
These metrics can be measured by looking at registrations/downloads/sign-ups, video and audio download/play sessions, sales, etc.  These metrics tell your client how many luke-warm leads became warm leads...or in some cases, customers. The number is smaller, but more qualified… based on engagement, not impressions. 

4. Opt-Ins—The Third (Optional) Layer
Once you have the prospect interacting, IF your goal is to build some sort of database for the client, you can utilize an opt-in question (at some point of interaction) to gain permission for continued communication of some sort (notice we said ‘permission’—the ‘Me’ Media aspect where the visitor controls everything).  Some examples of opt-in questions:
 Would you like someone to contact you regarding this offer?
 Would you like to receive our weekly Thrifty Tips newsletter?
 Would you like to become a member of our Advisory Board?
 Would you like to receive future money-saving Tax Tips?
Opt-ins are your hot leads, your truly ‘qualified prospects’.  These are YOUR listeners who have heard a message, responded by visiting an address online (via your station site or specific URL), interacted in some way with the site…and responded favorably to continued communication with your advertiser.  It doesn’t get better than that. 

5. Shift The Focus
In our training, we repeat the phrase ‘shift the focus’ often.  Agencies and metrics-savvy clients will try to box you into the CPM game.  Eventually, that sort of buying criteria will dwindle away in an ROI driven world.  However, even as most of the world learns the importance of engagement and interaction, there will still be those who insist on yesterday’s measurements (regardless of whether it makes sense).  It’s important that your reps understand the funnel approach, which metrics matter and how to shift the focus from ‘visitors’ to ‘qualified prospects’.  So the next time their feet are held to the fire about your low number of site visitors, they will be able to remind the client that your success is driven by delivering ‘qualified prospects’…the only number that really matters.  Ask the advertiser if they’d rather “impress” 50,000 people, or interact with 50 people who are truly interested in buying their product or service. 

By Tonya Eberhart, Managing Partner, Remerge Media