The Wizard Writes: New Akron Technology Center

Posted by Wizard of Ahs , Monday, May 17, 2010 at 1:00 PM

Wizard of Ah's produced the ground breaking ceremony for the new Akron Technology Center held on February 18. Bridgestone CEO Mark Emkes along with Governor Ted Strickland, Lt. Governor Lee Fisher and many other local and state officials symbolically broke ground at the center's future site on South Main Street and Firestone Boulevard.

Construction on the $100 million dollar technical center began in April and is slated to be completed by the end of 2011. Bridgestone had originally contemplated building the tech center near their national headquarters in Tennessee. A public finance package provided by the county, city and state ultimately convinced Bridgestone to stay in Akron. The 240,000 square foot facility will help keep at least 1,000 high-tech jobs in Akron.

Watch highlights of the ceremony on this Akron News Now video-

Tip Of The Week!

Non-Traditional Revenue

Have you ever heard the term "nontraditional revenue"? If you’re not immersed in radio and TV ad sales, you’re most likely not familiar with that industry buzz phrase, more commonly referred to as NTR. But the concept, when applied to your business, can add bottom-line income to your existing revenue streams.

A little history first: A number of years ago, when radio stations were being snapped up and co-joined into large, publicly traded radio groups, there was an urgency on the part of the parent companies to justify the high acquisition costs and demonstrate profitability to their shareholders. But traditional revenue for radio stations (ad sales) was limited for two good reasons. First, the price stations could charge for commercials was determined by ratings and day-parts in each particular market—something the stations had no control over. Second, there was a finite inventory available on any given day, which also limited the amount of income stations could generate.

So they decided to get creative. Part of a radio station’s promotional activities included sponsoring events staged by promoters. When an ad package was purchased by those promoters, the radio stations had to provide additional free commercials, live mentions, on-site talent appearances, and any number of other giveaways. In return, the stations were given signage placement, a space at the event and an on-stage opportunity--but very little else.

It didn’t take long for station marketing directors to notice the promoter’s revenue streams, which included parking fees, gate admissions, booth sales, beverage sales, print co-ops, sponsorships and the like. The marketing directors felt that since the radio stations provided the event visibility and were generally perceived as “owning” the event, they should grow, own and promote virtually identical events. So they did, creating entire NTR departments within their radio groups—and they've prospered ever since.

Over the next few weeks we’ll cover the Top 5 ways to apply the concept to your own company to help generate additional revenue.

1. If your business is one that serves the consumer service industry, such as a bridal gown store, a caterer or a florist, then create a bridal show at a local hotel for you and other noncompeting bridal service providers, such as DJs, tux companies, photographers and printers. You'll generate admissions and booth revenue, plus you can use aggregate exhibitor money to buy advertising that you wouldn't normally be able to afford.

New Akron Technology Center
Posted by Wizard of Ahs , Monday, May 17, 2010 at 1:00 PM

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