Utilizing KPIs for Balancing the Performance of Radio Station
Radio Stations are often considered as simple broadcasting centres, which carry out the task of transmission using the electromagnetic waves. Well couple decades back this definition might have held true but today radio stations are much more than broadcasting centres. A reason for this transformation is the fact the radio listening has been showing a drop since long as it faces severe competition from other entertainment sources; internet being the most potent one has lead radio stations to innovate. One of the ways by which this issue has been tackled is the "increase in interactivity" with the listeners. Radio is being made available on the already existing modes like mobile sets, TV sets and internet. Also, other programming options (such as game shows and providing more say in the matter that is discussed) are being thought to keep the customer base from shrinking.
As radio stations evolve the range of tasks they undertake also change and so do the number of complexities they have to deal with. In addition to countering the "loss in competitiveness" of this communication media, operating such an organization has other woes to be confronted. For instance, the technical part has to be flawless as loss of signals hampers not only the broadcasting but also the reputation of the station.
Moreover, the waves used for transmission can prove harmful, if one is exposed to these for a long time. This mandates following the guidelines, given by the governing authority, FCC (Federal Communications Commission in this case) to take care of the safety of employees.
Dealing with the numerous challenges of operating a radio Station demands an accurate and customized answer to "Performance Management" problems. An answer to this situation can be a BSC i.e. Balanced Scorecard. One can sketch the appropriate indicators on it to reflect the areas which need attention. These can be attached "Target Values" to prevent the organization from getting "off the track". A constant "Quantitative Vigil" can be kept on the way the group is moving to ensure that it is headed for the right "end".
Some of the perspectives which one can use to structure a "monitoring platform" are- Financial Perspective, Internal Operations, Music Formats and Technology.
Financial aspect can be taken care of by following metrics like revenues, membership cost, sales per employee and recording rates. Music Formats can be had with indicators like number of record companies, age-groups which are catered, services. Technology can be gauged using the KPIs like Specific Absorption rate, Off-Air Index, interactive platforms. Internal Operations can be obtained with number of employees, LPFM stations, live sessions and recording sessions.
Stating it all, one can sum up that tracking the movements of a Radio Station is an important function of the management group. This can be accomplished successfully by putting an easily understood and implemented solution like KPIs, as their inherent flexibility makes them capable of tracking performance of radio stations who are continuing to innovate.