Even the healthiest of relationships experience an occasional hurdle or hiccup along the way, and the relationships between SMBs and media partners are no different.
What a recent survey tries to get to the bottom of, however, is why those ad/media relationships simply “don’t last very long,” with high-churn rates despite overwhelming satisfaction.
“The survey results revealed a few key catalysts,” says inTandem’s recent press release about the intel it uncovered in its SMB advertiser report, including “a combination of rising expectations, evolving technology, and a fundamental gap between what publishers offer and what local advertisers actually need to succeed.”
“For media and publishing companies looking to grow, the traditional ad sales model isn’t enough anymore,” says the release.
Almost half (49.8%) of local advertisers said their top goal for working with a media or publishing partner was acquiring new clients and leads. (Brand awareness was second for 28.8%, and trust and credibility third for 13.2%.)
(Source: inTandem)
With lead generation so high, inTandem says “the top 3 services they currently consume from their media and publishing partners align perfectly,” including website building (46%), advertising space (34.8%), and paid social media ads (34.4%).
“Our survey revealed that they’re measuring media and publishing partners’ success using metrics like number of leads (37%), engagement rates (31%), and conversion rates (29%), but they’re not very lenient on time-to-value, expecting more leads or inquiries (45%), new customer acquisition (42%), and increased web traffic (36%) within the first 3 months,” the research says.
When churn occurs, the top reason given by more than a third (34%) was lack of results, followed by change in price or budget, poor customer service, lack of transparency, or a better offer elsewhere.
The research offers a few recommendations for encouraging longer-term engagement, including showing service value more instantly, expanding services to meet local advertisers’ evolving needs, and becoming “indispensable” to business operations.
“By implementing tools that SMBs use on a daily basis, such as a CRM that helps them manage and track leads and customers throughout their lifecycle, payment collection tools that reduce the chase after payments, and AI automations that smartly lessen the admin load,” the research says, “media/publishing companies can become an inseparable part of the local business’ operations, growth, and success.”
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