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by: Bridget Runolfsdottir IV


Bridget Runolfsdottir IV
GPA 3.97

Jeffrey Ward

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Jeffrey Ward
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This 9 page Study Guide was uploaded by Bridget Runolfsdottir IV on Sunday September 6, 2015. The Study Guide belongs to ADV 378 at University of Texas at Austin taught by Jeffrey Ward in Fall. Since its upload, it has received 53 views. For similar materials see /class/181543/adv-378-university-of-texas-at-austin in Advertising at University of Texas at Austin.

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Date Created: 09/06/15
Advanced Media Sales Exam 1 Review CUT THE CRAP No long responses 23 sentences at most Material covered 4 realities of media supported business 1 Advertising is not art for art sake Every effort must have clear business mission 2 Assume consumers are and will be completely selfish All marketers should operate with this premise All they care about is quotWhat s in it for me 3 Money is made in distribution content provider and sellers 4 Advertising is the economic engine of media business Elements of media economics model ex Mexican radio station bloggers Advertising Distribution Content equally weighted all 3 must be met to be successful Could also be Advertising Audience and Medium Commercial ratings A tutorial handout How commercial ratings are described Research TV s new best friend and mobile handout Definition of sales identifying and satisfying customer needs profitably o Trickery doesn t work not profitable to work on shortterm 0 Goal in sales process is to want to become a trusted business advisor in sales processcontinuum This rarely happens because the advertising agency has little influence on business company You must be asked for business advice to become trusted business advisor 0 Advertising has no place in profits Profit is up to the company itself advertising can only generate audience qualified customers Profit is a promise that advertisers can t keep because all they want is value 6 tips on having successful client relationship 1 Understand that at times relationship will be strained a It s not about you you don t matter on a personal level in the relationship b Nothing wrong with honest disagreement c Good people fix it and get past it emotional people get caught up 2 Do not promise what you can t deliver a Very tempting but you will be put on the spot 3 Serve client s best interest don t try to please them a Help them do best they can not be happiest b Happiness wears off quickly if it doesn t work and they won t come back to you c Very shortterm business and tenuous d Sit back and watch keep mouth shut 4 Always brief your boss a If boss gets blindsided by client that s on you b Management is about putting out fires 5 Everything is in writing with clients a No exceptions even if clients insist don t work with them b Specifications that much be on any agreement i What s to run ii When you get paid iii When you get finished 6 When you get fired don t flip out in front of client a Don t think it s personal let it go b Usually for good reason c In business life you only want to be known for your skills What advertising clients want with buys 1 Good information as much detail as possible to prove you offer a qualified customer 2 Advertisers want you to think like them 3 Deadlines 4 Specifications Why 65 seconds is not 60 seconds 5 Placement to be clear Description of value helping clients meet their stated objectives o If they don t have objectives you will both fail 0 Forget the idea of people buying what s cheapest 5 additional items an advertiser wants 4 primary objectives of media salesperson 1 Don t be backed into empty promises 2 To develop new business a This is a constant business desire because it drives up demand always ups prices 3 To retain and increase current business a Continue to provide clients with evidence that it s a good investment 4 Increase customer loyalty Dos and Don ts of media salesperson 1 Don t lie to advertisers they WlLL bail a When you re not knowingly deceiving but clients think you are this is ok to debate 2 Don t allow clients to feel like they ve lost a negotiation a Should go out of your way to make them feel like it s a good deal for them 3 Don t be unfair to advertisers a Treat all clients the same 4 Don t accept advertising in bad taste or falsemisleading advertising a Have balances of own standards b Have an answer of what is quotgood taste for company C Is it legal Is it misleading beyond acceptable d If you re ever broad in the business you WILL get sued and probably lose e You have no right to knowingly deceive 5 DO represent the client a Get them fairest deal possible b Goal is to become trusted business advisor i Successful and make more money this way 6 DO keep privileged information confidential a People in real world suck at this b Learn to shut your mouth and not talk so much c Examples include I SALARIES ii Client strategy iii Budget iv Creative plans v Media plans d When campaign is launched it s still up to the client to disclose this information i Even if client says OK salary should not be discussed 2 primary sales strategies 1 Sell solutions to adv and mkt problems a Learn to relate objective to ideas hard part b Make presentationssales pitch to make things clear i quotHere s your problem here s how to fix it 1 Need both of these parts 2 Everything else is fluff 3 Easier to close deals this way c Not always so simple 2 Reinforce value of medium a No icebreakers talk about what matters to the client b Learn to pull information out of client Breaking down advertising prospects into 5 categories Numbers game 1 Those who don t believe in advertising a Much of selling advertising in real business world is first to convince that it s worth it 2 Those who believe in advertising but not in the medium advertising is selling newspaper radio internet 3 Those who believe in the medium but not in your outlet station channel frequency a Different interests and audience b Must educate client on value of outlet and dismiss stereotypes 4 Those who have used outlet in past and was dissatisfied with results 5 Those who have had no problems at all with outlet Methods of prospecting target potential advertisers 1 2 By Season got to talk to them months in advance 3 By category 4 By geographic region 5 By advertisers in your medium 6 By inactive advertisers 7 By current advertisers 8 By business civic or social organizations 7 steps of sales cycle should be a quarter flow in a circle 1 Prospecting 2 Be qualifying a Generate qualified customers for company 3 Needs analysis 4 Presentation 5 Answering objections 6 Closing amp implementation 7 Management C3 Marketers demanding ratings for each Definition of sponsorship very specific investment in an entity to support the overall organizational objectives marketing goals and promotional strategies 0 To be a sponsor company is not just buying ad space but actively involved with physical presence at event 0 Looking to tap into product exclusivity no other competition involved Concept of rights fees and provide example 0 Amount paid for marketing ownership to event or series of events 0 Decide what makes ratings go up and what ads to buy to make money back 31009 FIRST CLASS AFTER FIRST TEST Guest Speaker on Thursday Personal people meters go in your car and detect all signals Measures in car listening Radio industry was terri ed at what they would get back but rating were actually better than they thought they d be The radio business is in recall it doesn t matter if they listen only if they say they re listening so it s very inexact As a business person or employee you will nd that the most satisfaction comes from other people using your ideas and them working if they don t use them it s because you suck at convincing them to We are bad at communicating 0 Rules For selling your ideas 1 Allocate planning time Ask yourself if I have 10 minutes of their time What is most important What matters to them Thinking strategically makes you a better communicator 2 Relating the objective to the idea The path here should be very clear Get to the point and speak in terms of what matters and what matters to them When they don t understand what you re doing they are going to give up on you 3 Never use unsupportable examples It s very easy to get caught up in throw away terms things they are going to ask you about and that you won t be able to answer Think Think Think of what you re are going to say but don t script it always be ready to provide a good example for them though If you say ROI or pro ts than they are going to ask how much 4 Resist the natural temptation to talk about yourself Your clients your boss and your coworkers on care about themselves 5 Stay Positive Do not evoke negatives because it will only succeed and doubts that might not have been there in the rst place No reason to introduce negatives take them in a positive way to a better place 6 Do not shock If you don t hire us today then you re going to go bankrupt Don t scare them Giving a presentation in a funny hat There is no upside to shocking someone not even with an icebreaker IN YOUR WORKING LIFE ALL YOU WANT TO BE REMEMBERED FOR IS MERIT WHAT YOUR IDEAS ARE AND WHAT YOU VE DONE 31209 Guest Speaker Scott Gilmore Vice President of Emmis Communications Emmis Communications is a publicly traded company owns Texas monthly and 6 radio stations here in Austin biggest concentration Owns a total of 23 radio stations all over the country a small company Owns some magazine publications as well They have an interactive division as well rst started to develop websites for the radio stations but now does that for other companies iFastest growing part of companyi Major newspapers shutting down with economy the way it is to publish a paper today costs a lot and revenue is down Newspapers in Austin are probably down about 50 from last year Local TV Splintering because so many choices of channels Youtube HBO satellite TV is down about 40 Radio is down about 30 Last year radio saw positive growth which is how they know it is largely due to the economic crisis Last year total consumption of radio was 95 9 now it s 90 it s not a consumption problem They are starting to stream a lot of their stations HD Radio Converted to digital spectrum streams that give additional signals Higher quality than original content allowing more texts and information to be transmitted with it Can see the title and artist while in the car It s going to take awhile to lter in Satellite radio has great content but are not seen as competition because they require subscriptions people don t want to pay an additional 10 a month when they can get it for free Soon you ll be able to get intemet in your car next 5 years maybe Radio is still the 1 place to nd new music Royalty issue Radio plays royalties to song writers for the use of their music not to performers though because hey make money by selling records and radio promotes their concerts etc Fair Use Does Youtube have fair use They re ghting Viacom They may shut down youtube Royalties go to RIAA consolidated Money goes to the record labels People Meter The intemet and web have brought a whole new accountablitiy to advertising Radio still uses the diary system pencil and paper Still not a great piece of technology but it s expanding It s a small device that tracks what you re listening to in your car etc Problems Being challenged by minority broadcasters as being discriminatory If you re an illegal immigrant or believe in conspiracy theories you are not going to want to do that With diary method they got better samplings of the population Diary method also was a way to vote for your favorite station that may be the station they remember but they aren t listening to it as much as they claim Arbatron says they are going to make sure they get a good sampling They want it to be with you at all times and for you to be listening to it all the time What do advertisers think They are just using it as an excuse to get lower rates They like it because there is a higher accountability and accuracy Scramble for placement when the technology pin downs exactly when people are listening Highest ratings are the rst and last positions so is the pricing structure going to change Yes It s interesting because based on these people meters you may be able to tell the in uence on people s buying habits as a reaction to advertising not a lot of cooperation for this though 32409 Presentations 0 Elements of media sales presentation Audience focus How do you get somebody to pay attention and care Talk about what matters to them relate it to them Leam to say you a lot Grabber Openings How to begin a presentation in a meaningful way 0 Strategies for grabber openings say it twice and get the heck out of the way DONT SHOCK Use one of these in your presentations 1 A Vivid image This is store traffic in the last 2 months among men 1834 it s down 25 lets talk about ways we can improve it draw a graph on the board Clear focus and relevant 2 An imp01tant statistic 91 of sports purchases are made within a 6 mile radius of the store itself This is how we are going to narrow it down Set it up so that what you offer to them is important to them 3 A rhetorical question Can dish network afford to let prime star continue to speak to the customers you want Would you like to generate increased store traf c Lets talk about how the quali ed customers that I offer can make that happen ask a question then let it sit don t talk too much Ask these questions in very simple ways and probably more than one way 4 An example or story Rooster Andrews a sporting goods company in Austin was wiped out by competition Made a lot of mistakes in marketing they advertised price and that s it but then academy came in and won the price game What if someone had told them the story of Breed and company a hardware store Breed is insulated from Home Depot because they don t compete with Home Depot they advertise location and that they sell certain things boutique John Mackey CEO ofwhole foods 32609 The development and delivery of a persuasive presentations Common Mistakes 1 Failure to put yourself in other people s shoes This is when you begin to talk at someone rather than involving them you should be saying you a lot 2 Failure to precisely state the problem or opportunity Talking jibberish rather than relating the objective to the solution 3 Failure to generate confidence inspire it s very easy to be a critic and point out what s wrong Stay focused on positive goals or where you want to be 4 Failure to stay within the allotted time Get to the point people don t want to listen to you ramble Or give them an amount of time that you need so that they know No one sets time requirements but if you both agree on a set number then you better not go over it 5 Failure to properly prepare and practice Stage Management Ti gs you re ability not to be a distraction meaning all the person should care about when you give a presentation is your idea 1 Don t use a microphone It looks stupid and sounds stupid and you often times don t know how to use it 2 Collateral materials or Handouts if you are going to hand anybody anything when you do it make sure people are following you by specifying each item as you talk about it EX item 2 on page 3 shows the mission statement that I want to talk abou 3 In terms of questions and interruptions is it ok to ask them to wait until the end Don t expect them to follow your rules Tell someone that you are going to cover something and then when you are going to allow them to ask questions EX Yea I hear you I m actually going to get to that next How do you stop questions Always be in control but don t be rude Don t let them take you to the budget until you re ready to be there but if they ask a question you better answer it and you better answer it clearly 4 Using a Podium You should have a place for your notes but you should only go there periodically Silence is a good thing gather yourself and stay on topic 3 3 1 Presentation 1 continued 1 Clean out your pocketsremove distraction Keep hands open Don t talk about being nervous If there is a mistake on your power point acknowledge correct and move on Have someone else proofread all your documents Practice with visuals ahead of time Create a checklist Closing Greenlight questions answer questions then make closing statement 4209 Going to get information about the client you are presenting to you don t need to do much research outside of what you are getting maybe some research on who their local competitors are 0 5 elements to include in your presentation Execute the opening 1 The Market anything relevant to the client now should be included what s going on in the market now that they need to know 9 demographic info competitor info current spending trends etc 2 Your medium How what we re going to do will deliver them quali ed audiences details and qualities of the medium we are offering 3 Problems andor opportunities here is who we can deliver and what we want to do 4 Questions and answers we can insert a questions portion at any time during the presentation If you don t know the answer to a question say you don t know keep in control of your presentation We can t control profits but here is what we can offer 5 The close Jeff we are ready to get started 4709 Using percentage of sales last year s sales or projected sales assumes that the market place is relatively stagnant which may work but if there is any change then you re not very exible to it This is how CocaCola has survived over the years As soon as someone gets near them with a similar product they ramp up spending on advertising and basically bleed you out by spending more money than you can afford The better situation for you would be for you to offer up alternative models Objectiveandtask model what are our reasonable objectives for this market Do this before talking about the budget Shift in dollars to online media is happening because it s cheaper maybe not because it s better Always selling on the cheapest does not always help meet the company s objectives We are not launching there marketing strategy because they ve already told us what that is we are offering them qualified audiences We are working for Austin monthly magazine


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