Radio mogul John Dickey talks about how he built one radio station into a $2 billion media company.

12-5-2016, Entrepreneur.com -- You may not know John Dickey by name, but you may have heard of the company he and his brother started in the '90s: Cumulus Media. The duo bought a radio station in Atlanta then continued acquiring stations until their business, which has an estimated net worth of $2 billion, became the nation’s second largest radio company.

The brothers' journey began after college, when they founded a media buying consulting company. Dickey has seen the media industry turn upside down, and continues to stay on the cutting edge with digital video. He was recently named the new CEO of Ora TV, a digital broadcast network co-founded by billionaire Carlos Slim and broadcasting legend Larry King.

Related: 10 Ways to Build Trust and Credibility With Your Customers

I sat down with Dickey to learn how he navigated the ups and downs of a changing landscape and ended up on top. 

1. Find and fill a need.

It's worth noting that the Dickey brothers majored in English and history -- not business, entrepreneurship or broadcasting. They did have a knack for business and statistics, and after college they decided they wanted to start consulting businesses, so they searched for a need and discovered that most small businesses didn’t have access to market research data and were making misguided media buys. They formed Stratford Research going door to door to small businesses with a great hook that spoke to the pain point of the potential customer.

“When you said, 'Would you like to know which half of your marketing dollars are wasted?' They found a way to give you 10 minutes.” Dickey says.

2. Look at both sides.

The Dickeys achieved massive success later in part because as consultants, the brothers realized they could serve not just media buyers but also media properties selling ad space. Their knowledge of how to invest marketing dollars into television, radio, print ads and direct mail put them in a unique position to advise media companies on programming decisions. This addition led to continued growth of Stratford research for 15 years. Dickey realizes they entered the industry at an opportune time, but timing is only part of the equation.

“We got lucky and we were pretty good,” he says.

3. Don’t give in to marketing FOMO.

Dickey says it’s common for busy owners to just buy into what’s hot or trendy, or even simply what’s being pitched to them by a “marketing expert.” Don’t let the fear of missing out rule your marketing dollars. Trust your instincts, Dickey advises. When you see a marketing opportunity, ask tons of questions and make a strategy and avoid jumping on every new platform.

“To use a military metaphor, there’s nothing wrong with standing still if you don’t know," he says. "Where you blow a leg off in a minefield is if you keep walking when you don’t know what you’re doing.”

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