Peter Smyth Advocates 'Reinvention' Of Ad Sales
March 3, 2009 at 11:28 AM (PT)
In the latest installment of his "The Corner Office" blog, GREATER MEDIA CEO PETER SMYTH calls for a dramatic sea-change in how radio sells advertising. His cast his support to the adv agency-inspired "Reinvention Project."
"It is time for radio to change the way it is sold," he wrote. "As we find the transactional radio business contracting, is an opportune time for our industry to reexamine the way we do business and adjust it for the 21st century.
Citing the Reinvention Project, created by the AMERICAN ASSOCIATION OF ADVERTISING AGENCIES (4As) has been hard at work over the past year on the Reinvention Project, SMYTH noted, "They advocate that all media be bought, sold and negotiated on an apples-to-apples standard --- cost per thousand (CPM). This would be a huge sea-change for the advertising industry, and would greatly simplify the business process that hampers our collective growth.
"I believe that the radio industry should join in this project and support it fully ... as radio stations transform into local media outlets, common language and measurement for negotiation will serve us well."
Read the entire dissertation here.