Scott Wells, Clear Channel Outdoor’s CEO was interviewed September 8 on All Business with Jeffrey Hayzlett. The interview is 38 minutes long and worth listening to. Here are some brief excerpts.
On changes Wells has made at Clear Channel Outdoor: “Our mission is twice as fast is four times better…Outdoor has a reputation for taking a long time to implement changes. We’re looking to reduce cycle times down to a couple days…We respond to RFP’s within 24 hours…We’re not always 24 hours but that’s what we’re shooting for.”
Is digital better? “Our customers actually have a pretty broad range of opinion on that. The printed is powerful in terms of giving a great picture and you own the location 100%. With digital you get a portion of the sign. I would not say digital is better. Digital is more flexible, digital is faster and its really good for call to action…”
On divestitures: “We didn’t have to. We chose to. One of the things about this business is that it’s capital intensive. ..That’s a constant challenge. What we found was we were spending an inordinate of amount of capital in markets which were pretty different from what we were doing with data. It was still outdoor signage but the customer dynamic was different. They weren’t markets which were key to our national sales footprint…We’ve invested heavily in data. We’ve invested heavily in training sales people on how to sell mobile…It’s part of the focus…How you sell in the markets we divested is a lot more of a local sale…The sweetspot we’re looking for is more regional and national.”
On community partnerships: “The industry has helped the FBI capture 54 people off the most wanted list by showing pictures on digital signs…When the bridge fell in Minneapolis we used our signs to direct people around where the bridge was. It helped change the flow of traffic…We do a lot of things locally. Most of our branches have relationships with local charities where we’ll donate signs for them to auction off. Our biggest partnership with with Polaris which is an anti-trafficking initiative.”
Insider’s take: Wells is spot-on about the benefits of speed in today’s world. Insider wishes Clear Channel would also get leaner and shed layers. Kudos to Wells for making an effective case for the public value of outdoor when he talks about community partnerships. Wells tries to spin the divestitures but Insider isn’t buying. When you give almost all to proceeds from $500 million in asset sales to your parent so they can stave off a credit default you’re doing something you have to, not something you want to.
You can listen to the entire interview on the All Business with Jeffrey Hayzlett website.
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