The panregional media and advertising market has a new media type: Radio. In early 2010 Prisa launched its panregional radio sales effort and today in our Latin Interactive Section we analyze how Prisa Panregional Radio monetizes its content.
At our Miami Panregional Summit 2011, Prisa presented a Decalogue with several important tips to monetize radio content panregionally. Below the most important ones:
– Offer more than just radio: Prisa Radio is present throughout various businesses across the value chain of music, like musical events. They call this a “360º management”.
– Global management and local adaptation: According to Prisa, global management is what guarantees success and permits economies of scale, but it is also very important to adapt to the reality of each market. “Music is universal and radio is the most widespread means of communicating it, but the consumption of both varies greatly in each country”, Prisa stated at the Summit.
– Exceed the expectation of the customers: Prisa explained this tip with the following phrase: “The best loyalty is that the customers never feel cheated. We always give them more”. As an example, when Ballantines accepted the sponsorship of the Premios 40 Principales Gala, the participation of Cher was not expected. Her photo with the award and Ballantines logo appeared in almost all forms of media in Spain and America.
– Integrate advertisement across the value chain: Prisa Radio is present throughout nearly the entire value chain of music. But they don’t include the recording and physical distribution (although it is an important part of our business in Portugal). “Everything, or almost everything, can be commercialized. Including the lyrics of a song into a slogan for a campaign”, Prisa said at this point.
– Continuous innovation and new products: Prisa has launched for example, a musical in Spain, both in Madrid and Barcelona, for two seasons. It has had permanent sponsors.
– Resolve any communication need: According to Prisa, the youth consume music in different platforms and they offer their customers communication solutions for nearly all of these consumer formats: Listen to radio, Watch music television, Streaming audio and video, On demand internet TV and radio services, Navigate through specialized sites, Purchase and download music, Share music, Create a music community, Purchase tickets, Concerts and festivals, Buy merchandise, A lifestyle.
– Effective communication solutions: With no need of complex infrastructure or extensive technological investments.
– Promotion is an essential part of the product: Prisa said that it is important to perfectly integrate the promotion so that it is attractive to the consumer and the advertiser. “The quality of the advertisement must not cause a rejection in the consumption”, added.
– No intermediation with the customers: Improve the flow of communication with the customers.
– Create events to link with the promotion: Prisa events are based on the idea of linking the artists with their listeners and keeping brand positioning as the main goal. “The artist develops the brand”.
Finally, the presentation concluded that “A product isn´t complete without advertisement”; “Evolution is not easy. Are we going to be less than the goats?”