In this third part of our series examining how to build a grounded revenue budget for 2019, we’d like to offer our top three recommendations for growth in 2019.
Recommendation One: Implement verticals-based revenue budgeting for 2019.
It is not enough to just know if you are ahead or behind your overall budget targets, but where your firm is over-performing or under-performing to take effective action. Improving in one vertical or category can have a meaningful impact on your bottom line.
Recommendation Two: Develop strategies based on competitive profiling by business category.
If you can identify the size of local advertising and share going to other media, you can develop strategies to exert concerted effort to take share away from these competitors. By focusing on the right categories, your allocation of resources will be much more efficient, and the probability of success will increase.
Recommendation Three: Arm your sales team with the information they need to be successful.
If a sales team can demonstrate more knowledge of how a prospect’s or client’s competitors are using local media and the perceived ROI of your media, your account execs can help clients more efficiently allocate their advertising spend. Then, your team is on the path to becoming a trusted business advisor as opposed to just one more of the 20 AE’s or so approaching each local business every month.
2019 may be a challenging year. To be successful, your team must completely understand the dynamics of your local advertising marketplace and develop strategies based on this knowledge to increase your share of wallet. We would be happy to assist you.
BIA understands your local marketplace, as this is our business. We are ready to assist you today. Contact us if you’d like to discuss your market, competitive media share or need assistance with budget forecasts using our intelligence dashboard, BIA ADVantage.