Showing posts with label tough economy. Show all posts
Showing posts with label tough economy. Show all posts

Sunday, July 5, 2009

A Change For The Millennials

And maybe an opportunity for RADIO. Maybe.

Much has been written about the generational differences between Millennials and everybody else--particularly in the workplace. Organizations we told they must adjust to the new paradigm and change the way they manage these new employees as they begin their first or second job. It was said that this group of workers felt a sense of entitlement and had fragile and easily derailed self esteem. Then the bottom fell out of the economy and all bets were off. Companies then began reducing workforces, shuffling the decks, and looking any and all ways to stay afloat.

So now the Millennials are experiencing a dose of difficult reality, and, as you will read all this bad news may be just what the doctor ordered. Reality has set in and Millennials are stepping up and focusing their energy on hard work and innovation without the drama. Could this shift in thinking among the youngest in the workforce be just what radio needs? Can we, to use a 90's buzzword, leverage this new found energy and workplace reality to stock our radio stations with Millennials? That is if we can attract this work hungry group to get interested in radio and get those who control the purse strings to see something other than default in their future.

Written by a Millennial generation writer, Jonathan Lewis, this AdAge article is enlightening. I found it to be honest, blunt, and optimistic. It was worth my time and I hope yours too.

Bad News Could Be the Best Thing for Millennials

Viewpoint: Jonathan Lewis Hopes Economic Hardship Knocks a Little Sense Into His Generation


Jonathan Lewis
Jonathan Lewis

I hope you enjoyed it while it lasted, because the excess that fueled Generation Y and the current economic meltdown is fading fast -- along with, I hope, the most negative characteristics of our generation. Whether you've just graduated into the worst job market in decades, were recently laid off or shudder every time your manager calls an impromptu meeting, one thing is true: Like it or not, you and I are going to face some very difficult personal and professional decisions.

Do you remember when, not long ago, volumes of articles, books and even conferences were springing up attempting to teach the "old-school" business community how to best manage this upcoming and unique generation entering the work force? Authors used terms such as "entitled" and "narcissistic" to describe what they called the most digitally connected and self-focused generation to walk the earth. Ample advice was given on how to best manage our fragile self-esteem, fickle career decisions and, as freelance writer Carol Forsloff put it, resistance "to anything that doesn't involve praise and rewards." The only positive thing said about us was our intimate knowledge of technology, and even that is being eroded by the boomers' rush to embrace it (my mother-in-law just friended me on Facebook).

I don't know about you, but having to write the above paragraph about myself and my generation has me more than a little embarrassed. That's why I hope the current economy and accompanying hardships will do more than scare us. I hope they will knock a little sense into us too.

We're not the first generation to face tough times. If we can heed some of the following age-old advice and learn a thing or two from folks who have gone through this before, not only will we have a better chance to thrive through this hardship, we might just disprove a few stereotypes along the way.

1. Get over yourself
The only thing self-esteem gave us was a dangerous dose of entitlement. If we're going to come out of this downturn alive, we're going to have to remember one thing: No one owes us anything. We earn what we get, and that "earn" part involves time and effort. Our employers and interviewers don't care if their demands interfere with our lunch appointment or 8 a.m. workout. And frankly, we can't afford to have the world revolve around us anymore. We must take a bite of humble pie, prove our value and get over our collective selves.

2. Remember what your mama told you
There's a reason Robert Fulghum wrote "All I Really Need to Know I Learned in Kindergarten." He understood the value of mastering the basics. And chances are your mom did too. She sure didn't teach you to stroll in to work at 9:30 a.m. or take that extra-long lunch. And you can just imagine what she would say if she saw the apparel you deemed appropriate for work this morning. No matter what happens in the world around us, the fundamentals never change. Be professional. Work hard. Honor your word. Do unto others ... I mean, seriously, I know our generation doesn't emerge from adolescence until we're 25, but c'mon. Grow up.

3. Get off your butt and innovate
It wasn't buckets of cash or bailouts that pulled our grandparents out of the Great Depression. It was the hard work of a generation, a bloody world war and some of the most groundbreaking innovation the world has ever seen. Economies don't recover when generations sit on their hands hoping someone else will fix their problems.

According to author and speaker Alexandra Levit, Holly Hoffman took this to heart when she saw layoffs looming at the national newspaper corporation she worked for in Texas. Instead of lying low in team meetings, she decided to take things into her own hands. Hoffman explained, "As the bottom person, I knew that I would be eliminated unless I could directly tie my position to profits. So instead of just using the sales program I was given, I interviewed our field reps to see how we could improve it." Levit reported that "Ms. Hoffman's revamped sales program was expanded to three additional newspapers, earning her a promotion even as many of her friends were being laid off."

If we are going to do more than just survive in this environment, we must step up to the plate, put our green pencils to recycled paper and innovate our way to success.

4. Things will never be the same
Our nation's rush to borrow its way out of debt has more than a few economists worried. And you can bet your Euros it's our generation that will pay for this mess. The era of "Bad credit? No problem" is over, and the luxuries we've taken for granted are slipping away. We're inheriting incomprehensible debt, unsustainable social programs and leaders who think the way to fix the problem is to keep doing more of the same thing. You and I have to come to terms with the knowledge that more trouble is heading our way, and hiding from it won't make it disappear. Like any major challenge, you can't deal with the problem until you admit that you have one.

5. Berlin or bust
Our grandparents faced a similar situation during their generation's greatest challenge. The Great Depression and WWII fostered hardships we can't even imagine -- yet. It was the excesses of their parents' generation, embodied by the Roaring Twenties, that fueled their hardships. Their response: Stand firm, work hard and help a neighbor.

And now we're faced with a similar choice. Our grandparents could have thrown in the towel and resigned themselves to their poor lot in life, but they didn't. They rose to the challenge and earned their place in history as the Greatest Generation. So what will our response be? Will we wait for someone to swoop in and fix our problems, or will we build off our strengths, harness the incredible tools at our disposal and pull ourselves up by our Nike shoestrings? With a little old-school work ethic and innovation, we can take our new-school technology and show our critics, and the world, what our generation is really made of.

It's yet to be seen if this worst-case scenario will end up being the best thing to happen to our generation. But one thing is certain: The choice is ours.

Wednesday, February 18, 2009

Web Coupons for Radio?

With radio advertising revenue in steep decline, here's a suggestion that could be attractive to dormant advertisers. It's also a terriffic on air and on-line opportunity for radio stations to build web traffic for station and affiliated sites (and on-line sales too).

According to eMarketer and comScore, the coupon category and specifically coupon web sites experienced 32% growth between October and November of last year. Consumers are always looking for good deals and one can imagine with some many people feeling the pinch of the current economic conditions this is more true than ever.

Top 10 Website Categories Among US Internet Users, Ranked by Growth in Unique Visitors, October & November 2008 (thousands and % change)

Radio has a long history of helping advertisers move product off shelves--something retail advertisers very much need right now. Advertisers could use ad time to direct listeners to special coupon sites (stand alone and linked from the main station site) to get great deals on merchandise they need and want.

Wednesday, May 28, 2008

Radio 2009 Not So Good?

In this afternoon's Inside Radio update they reported:

Analyst: Tough radio economy into 2009.

Stanford Research analyst Fred Moran says rising energy costs, the credit crisis and a slumping housing market have combined to create a recession for the consumer which will "pressure advertising demand" through next year as budgets "tighten" to align with softening consumer spending.

If this analysis is correct it will be another tough year for those on the front lines at radio stations all across the country. More personnel cuts, even smaller or non-existent marketing budgets, smaller or non-existent research budgets, and the continued and inevitable loss of innovation when it's needed the most.

Just as we were beginning to deal with the onslaught of new media platforms and changing attitudes we were also beginning to make those cuts -- a perfect storm of sorts.

There were many among us who underestimated what was about to happen; after all we survived and thrived as the Walkman's, 8-track's, CD's attacked. We weren't going to stop the new media train but we did less and less to slow it down and react appropriately to it. Even today, there are STILL broadcasters who doubt the severity of seismic shift that has taken place.

2008 is barely half over and already we are being alerted to a shaky 2009. As mind-numbing as this is, at least we have a head start on thinking about how we can productively deal with what might confront us in the months ahead.

Now is the time to plan ahead and figure out how innovation can figure into your equation--no matter what that the financial situation is going forward. Here's a few thought-starters:
  • How can we better connect with and reward our most loyal listeners?
  • How can we be more than a easy to replicate jukebox?
  • How can we be better story tellers in order to capture the imagination of our listeners?
  • How can we make the "same old-same old" not so stale?
  • How can we develop content good enough that listeners would consider podcasting it?
  • How can we demonstrate to our clients that not only should they spend money with us, but it will be the best money they will spend?
For anyone interested, I would be happy to set up short-term projects and assist you facilitate these vital meetings and develop your strategic plan. Honest and frank analysis plus creative and innovative solutions to your specific issues. Feel free to give me a call [952.401.9067] if you would like to discuss.