Bid4Spots, an online reverse auction marketplace for unsold radio ad inventory, is debuting PowerBidder, a technology that expedites the bidding process for radio stations.
In the Bid4Spots model, advertisers create auctions early in the week for ads they would like to run the following week. Radio stations bid against each other (bidding the price down) to win an advertiser’s spot.
The more auctions in which stations compete, the better the chances are of winning auctions and selling last-minute airtime, the company says. PowerBidder enables general sales managers with multiple stations to enter their rates on one bidding screen and immediately apply them to multiple auctions.
With PowerBidder, sales managers enter the total number of radio spots they wish to sell across any number of stations, along with the gross dollars per spot for each daypart. PowerBidder determines which ads the stations should bid for to sell the most inventory.
Additionally, the company says it has marked its first year in operation with achievements such as completing 1,000 auctions and reaching the $2 million milestone, awarding auction winnings with that aggregate value among its participating radio stations.