We're in a time where broadcasters with the top five stations in a market are finding themselves on an ever-evening playing field where tenths of a point make the difference between being top five and out of the top 10. At a time when satellite radio and downloading are immediate threats to radio's audience, why do broadcasters refuse to continue to pour the money that they once put into radio to compete?

There are, in fact, several reasons: * Wall Street demanding more from the bottom line * The bad economy * No need to pour money into radio to improve ratings when you own the majority of leading stations in a market.

While understaffing and lack of research or outside experts are two of the biggest problems, one key that can make an immediate ratings difference is outside marketing, and yet that is being cut dramatically. I asked Mercury Research president Mark Ramsey a key question about the value of marketing: Do we think marketing our station makes us money, or is marketing a waste? Do we, in other words, think marketing doesn't work?

He replies, "The less money we spend advertising and marketing our stations, the more we're saying we don't believe marketing and advertising works. Surely, if it worked we would spend more money on it, right? If it worked, we would throw money at it, right? Not everyone feels this way, of course. Some folks feel that advertising and marketing, done well, can work and make them more money than it costs to advertise. Those people are called our clients, and God bless every one.

"If I tell you an investment of $1 will return more than $1, you call that a sound investment, right? Should we expect any less of our marketing? Certainly not. Then there are stations that say they're spending too much money, even if it works, because they've exceeded their budget. But why do we set a marketing budget before we define our marketing goals? That makes no sense whatsoever. In order to achieve your goals you need to budget accordingly, not vice versa. Lofty ratings goals and nonexistent marketing resources are the same as surrendering your fate to the flukish whims of Arbitron. When the ratings fluke up, you'll conclude you never needed marketing anyway. When they fluke down, you'll conclude there's product trouble.

"The value in marketing your station is that you regain control over the Arbitron swings and empower yourself to swing them in your station's direction. So spend money on marketing, but only where you can make it pay off. And spend plenty. Your market ranking will thank you."