Four actions Media Ad Sales leaders are taking in response to COVID-19
The COVID-19 pandemic combines the life-altering scale of a natural disaster and the severe disruption of a sudden, sharp economic downturn in a single event. For revenue leaders, the challenges are particularly acute. Alexander Group recently surveyed 255 sales organizations to better understand how they are responding. The initial survey ran from March 17 to March 20, 2020. With the advertising market facing a unique set of circumstances, what actions are media ad sales leaders taking?
1. 48% of media organizations are expecting a severe impact (>15% decline) to revenue.
2. Media companies are already planning more aggressive action in terms of headcount. 24% of media survey respondents report that they will be reducing headcount vs 6% of total participants.
3. Yet many companies recognize the importance of adding talent. 40% of media organizations were moving forward with their hiring plans as of March 20th.
4. 68% of media organizations were considering sales compensation changes. Based on Alexander Group’s ongoing discussions with revenue leaders, those changes are still under consideration.
COVID-19 presents a constantly evolving and uncertain environment for media organizations. Revenue leaders need to address the health and safety of their employees, manage short-term disruptions in the business and be prepared for when market conditions improve.
To better understand how companies are navigating this difficult time, the Sales Leadership Flash Survey will launch again on April 6, 2020.
Alexander Group is also available to answer any questions or provide additional insight on how organizations are managing through and eventually, out, of this crisis. Please contact us.
Ready to connect with other media revenue leaders? Consider joining Alexander Group’s Media Advisory Council (MAC). MAC sessions bring leading media firms together for interactive discussions to share best practices, network with peers and hear phased/actionable approaches to increasing revenue.
The next virtual MAC sessions are scheduled for April 8 & 15 (10:00 – 11:30 AM EST / 2:00 – 3:30 PM GMT). Attendees will hear media-specific findings from Alexander Group’s latest Flash Survey and discuss their impact on account segmentation/prioritization, value propositions, roles and resource realignment, customer success, sales compensation/quotas, and sales enablement.
About the Authors
Matt Bartels is a principal in the Chicago office. Matt is a leader for the firm’s Media and Implementation & Change Adoption practices. He also has widespread experience in a variety of industries, including technology, manufacturing and health care. Matt has a proven record of working with clients to develop actionable growth-oriented strategies, go-to-customer transformations and productivity enhancements. In addition, Matt is an expert in global and domestic sales compensation design. He is a leader in the revenue growth space, and a frequent speaker and author of thought leadership content.
