We have seen a few firms that have had tremendous success with paid radio and TV shows. We have also seen more firms fail with these same initiatives. The difference between those that fail and those that succeed comes down to a few factors:
- Successful firms make the radio/TV show the central focus of their marketing plan, not merely a part of their marketing mix. All other marketing campaigns complement this strategy (e.g., educational workshops, social events, podcasts, videos, books).
- They mentally commit to the show indefinitely, not just for a few weeks or months.
- The shows are on a consistent schedule, usually daily or weekly.
- They constantly integrate a call to action in their show, such as registering for a workshop or signing up for a complimentary retirement review.
- The show reaches the same demographic as the firm's ideal client (e.g., retirees).
- The advisor host usually has an outgoing personality and loves to be on the radio or TV.
- The host is willing to make the personal sacrifices it takes for a successful show. This usually means giving up weekends or forgoing flexibility in their schedule.
- The firm gets corresponding spots or advertisements to promote the company.
You should not consider a paid radio or TV show if:
- You are considering it only on a short-term or limited-engagement basis.
- It is not part of your core marketing strategy.
- You are paying to be a guest on someone else’s show unless it is a long-term cost-sharing partnership opportunity.
- It is something that was recently presented to you and not something you have been considering for some time.
A general rule of thumb is if someone is reaching out to you to offer you a TV or radio show over a short period of time, the opportunity probably benefits them more than it benefits you. Instead, you should look at how radio/TV plays into your overall marketing plan and then reach out to media outlets that make sense for your strategy.