Thursday, January 04, 2007

Inventing The Future


In his monthly message, Greater Media's Peter Smyth, addresses issues that Broadcasters must address. He continuously proves himself to be the one of Radios great leaders.
Here's his latest musing:

Hello,

This month, I want to spend time reflecting on the future of Greater Media.

As we turn the page and begin 2007, I want to share some thoughts about our business and its future. We all know that the radio business is being challenged as never before to rethink and reinvent itself once again. These reinventions are not new to radio; the industry has reformed itself after the advent of television, and again during the FM revolution.

Now, we are challenged to remake ourselves in light of the interactive technology that has woven itself into our world. Every business, not just radio, is facing this same task. The internet has redefined the ways we acquire information, the way we shop, the way we communicate. We're in a great evolution from mass marketing to individualized, personalized and customized marketing. This is an exciting and challenging journey and one that we should approach with enthusiasm. Radio can and will be a part of this evolution, but it is on our shoulders to make that happen.

In the past three years, more that 100 million dollars of radio advertising revenue has disappeared from our Greater Media markets. These dollars, which were once used to fund ad messages to broad audiences, are being redeployed to the internet in more personal, one-to-one marketing efforts. Advertisers are rethinking their approach to media marketing and are questioning their media mix. They have every right to do so, as they look to maximize their return on their advertising investments.(MORE)

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