Is Your Radio Show In The Business

 

Is Your Radio Show In The Business… of Business?

(Illustrated by Jeff McHugh) I once faced a temporary setback in my academic journey when I got suspended from business school for a semester. Lander University labeled it as "academic suspension," suggesting that I needed to shift my focus from the local radio station to more diligent studying.

Despite this hiccup, my passion for radio persisted, leading me to eventually graduate from the University of North Carolina’s Bryan School of Business. In my current role as a talent coach, I've discovered that some seemingly mundane business school principles can surprisingly enhance the vibrant and exciting process of creating a successful radio show. Here are a few concepts worth considering:

1. Process Management

Think of your show as an assembly line, where ideas enter one end and emerge as assembled radio or podcast products at the other end. This is akin to process management.

An example from Ford Motor Company's history illustrates this point. When Henry Ford produced the Model T, he famously declared, “Any customer can have a car painted any color he wants so long as it is black.” Why black? Because black paint dried four hours faster than other colors, making production more efficient.

Apply this concept to your content creation process. Identify areas where you can save time, enhance reliability, and improve quality. Experiment with small changes, measure improvements, and streamline your daily production routine.

2. ROI (Return on Investment)

Just as you carefully consider where to invest your money for maximum returns, a successful show is judicious about investing every second of airtime. Certain content yields better returns in terms of Nielsen ratings and podcast listens.

Consider the return on investment when choosing content. For instance, compare a show that spends three segments discussing a freeway backup due to a stalled car with another show, like Big Boy’s Neighborhood, which invests three segments in listener stories about uncovering infidelity on their partner’s mobile device. The latter likely has a higher ROI in terms of time spent listening, emotional impact, and listener retention.

This principle extends beyond on-air activities. Evaluate the opportunity cost of spending time on non-essential tasks, like delivering doughnuts to the office, versus investing that time in creating compelling on-air or digital content.

3. Opportunity Cost

Think of FOMO (Fear of Missing Out) in a business context as opportunity cost: the cost of choosing one opportunity over the potential benefits of the best alternative opportunity you might miss out on.

Consider a scenario where you spend $100,000 on a new Tesla. This expenditure means you've foregone the opportunity to invest that money in an index fund, contribute to your kid’s college fund, or start a small business. What would have been the most impactful alternative?

I once coached a radio duo in Canada who dedicated hours to creating daily sketch comedy videos for social media. Despite their creativity, the videos garnered minimal views. They realized that this effort was costing them the opportunity to have a top-ranked radio show with a broader audience. By reassessing their priorities and focusing on the show, they achieved consistent success.

In summary, many successful shows and hosts seamlessly blend fun, spontaneity, and creativity with thoughtful consideration of ROI, process management, and opportunity cost – lessons they may not have learned in a traditional business school setting.