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Radio Tops In ROI...

Monday, May 14, 2018

The radio business - make that any business, is all about return-on-investment. What am I getting for what I spend? If you can guarantee X amount of listeners for each ad a marketer is buying better than any other medium, you win. "Radio has always provided great ROI for the reach it delivers" claims Paul Cramer, Managing Director Of Enterprise Radio Solutions at Veritone. Cramer adds this: "When you invest, you measure ROI and now radio is able to provide the same real-time data, analytics and transparency that data-driven mediums like digital are able to provide"...

At a recent MediaPost conference, one of the panelists offered his opinion that we have left the "exposure age" and are now in the "age of outcome". The RAB radio post, RM, Radio Matters combined some successful radio ROI stories that I'd like to share with you:

  • Dial Report (powered by NextRadio): A local automotive dealership learned that among those who heard their spots, 1 in 10 planned on purchasing a car in the next 6 months AND their radio efforts increased dealer visits by 69.8% over the course of the 13-week campaign,,,
  • Thanks to advancements in AI (artificial intelligence) everything happening in a radio broadcast can be quantified. Through Veritone's proprietary platform, radio stations are able to provide full transparency on playout of both spot and native campaigns. Here's a recent example, a major market children's hospital purchased radio for the first time. The radio stations were able to provide the agency with data throughout the campaign that quantified the full reach and delivery of both spot and live-read creative. They far exceeded the pre-campaign estimates and the agency was able to determine that their radio campaign was very efficient given the ROI it delivered. Radio is now a regular part of their marketing mix...
  • AnalyticOwl, a leading attribution analytics partner has proven that over 90% of campaigns that include live reads are the top generators of response. One auto dealership in the Southeast leveraged their strong response from a morning show radio personality to drive response in midday, afternoon and evening by airing recorded versions of the morning live read. The live reads were the top 6 ads over their entire quarter based on listener response...
  • Nielsen has been able to accurately measure the return on ad spend for marketers by linking radio listening data to the actual transactions of more than 125 million consumers and 80% of all American credit card holders. The results are consistently positive and in line with findings from other media like TV and digital and based on a dozen studies of various products and categories, radio's average return for every dollar of ad investment was $10. One grocery advertiser achieved a $23 return...
  • Creative plays a key role in determining the degree of ROI and data from Veritonic's proprietary pre-market creative testing platform has revealed that audio branding is key to success in the radio medium with spots that had an audio logo scoring 5% better on average than spots without an audio logo...
  • Location data is about knowing where someone goes and in what order they travel from place to place and like other mobile and digital platforms, radio is helping partners to use location to enhance behavioral profiles and connect online ad exposure with real-world activities. We know from U.S.A. TouchPoints data that more than half of adults 18-64 have shopped in a retail location and been in-car during the same thirty minutes in any given week. According to Nielsen trends and insights, the share of in-car listening is growing with 82% of drivers tuning in to AM/FM radio while in the car...

Understanding what motivates consumers, the ability to know what messages work best among whom, striking the correct balance of media and quantification of touches with precise points in time and place are the outcomes that everyone in radio strives for and is ready to deliver...

I(n)M(y)H(umble)O(pinion):

  • The combination of evolving data sources available to radio, if used correctly, will keep the medium around forever...
  • I don't see any other 3-year old thoroughbred beating Justify in either the Preakness Stakes or Belmont...
  • The Mormons & the Boyscouts should not be invited to the same party...
  • The good news for Celtics fans is Boston eliminating Philadelphia. The bad news is facing the Cavs next...
  • ANDROID has become generic for devices whether they're really Android or not...
  • Emma and Liam are fancier than the top names for newborns the year I was born (Mary and James)...
  • DOG SHOOTS MAN IN U.S. WHILE HORSING AROUND is my favorite news headline of the year...
  • We need more independent news services like ProPublica...
  • I'm convinced that the royal family had the wrong address for me when they sent out invitations to THE wedding...
  • I guess Kevin can wait...

 

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