Close More Sales Using Closing Ratios
December 1, 2022
Do you ever find yourself struggling to show an advertiser your station’s efficiency in delivering potential consumers to their store? Do you wish you had a way to show the purchasing power of your listeners?
The answer is simple…use Closing Ratios!
Closing Ratios reflect the percentage of your listeners who shop versus making a purchase. Shoppers are those that visited the store. Purchasers are those who bought something during their visit to the store. In Tapscan software, you can run a Shopped vs. Purchased report (using Scarborough data) that provides all the shopping and buying data you need to show the efficiency of your station.
Here is a sample of the data you will see in a Shopped vs. Purchased report based on your station.
In this example, the radio station listeners shop most at IKEA (97,004), as well as have made the most purchases there (63,848). IKEA also shows the highest Closing Ratio. Almost 66% of this radio station’s listeners who have shopped at IKEA have made a purchase. That’s incredible! That’s a great way to show efficiency of the advertiser’s campaign investment on your station. You are documenting less waste of their advertising dollars, while making an impact on their bottom line.
You can also use the Shopped vs. Purchased report for prospecting. Look at a list of stores to determine which ones your listeners shop more frequently and have the highest Closing Ratios. Which of these retailers are not currently on the air or not spending much money on your station? Also consider the percentage of your listeners that shop at a specific store. This helps show the retailer that your station reaches their customers. Put together a sales one-sheet on the advantages of partnering with your station to help the retailer increase sales. You will be their hero…and close more sales.
-Karen Morriss, Director of Client Services