Back to Basics: Selling with Qualitative Data: Part 1 – Basic Terms
April 7, 2022
Ever wonder which qualitative estimate is best to use in selling? Well, we will answer that question in the next two articles in our educational Back to Basics series. We’ve covered the basic terms for quantitative data (which refers to how many or quantity), so now we will shift gears to review basic qualitative terms. This refers to the quality – or characteristics – of a consumer group.
There are three main terms we use for selling with qualitative data: Target Persons, % of Target, and Index. Today we will focus on the first two estimates. Let’s start with Target Persons. This represents the number of people who meet a specific criteria, such as college-educated or planning to buy furniture. It’s called Target Persons because we are focusing on a target group of consumers. Consider this as your cume for qualitative data. It’s a great way to show how many potential customers your station can reach for the advertiser. Example: “Our station reaches XX,XXX potential furniture buyers for your store.” Replace the XX,XXX with your Target Persons estimate and “furniture buyers” with your desired category/criteria, and you have a great simple sentence to use in your selling efforts – particularly for local direct advertisers.
Once you have Target Persons, the % of Target is calculated (target persons divided by total persons). This represents the composition of the “target,” which is usually your radio station, yet might also reflect the market or a specific consumer group (potential furniture buyers). Your headline might look like this: “XX% of our listeners are planning to buy furniture this year.” % of Target (or composition) helps to demonstrate how efficient your station is in delivering the advertiser’s desired consumer. Also consider converting the % to number of people. Example: 20% could be stated as “1 out of 5 listeners.” Just divide 100 by the percentage and round to a whole number. It’s that easy, and now you are talking stats in a relatable way for the retailer. This tip is particularly good to use when the percentage is lower than 20%.
Qualitative data is a great tool for selling your radio station, and now you have the basic tools to help you close more business. If you need a little more help, you know where to find us. Stay tuned for next month’s article in which we will discuss the best use of Index in selling.
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-Karen Morriss, Director of Client Services