When you think of cutting-edge advertising methods, the radio may not be the first thing that comes to mind. However, radio remains an effective advertising medium despite being an older technology in an internet-based world. On average, over 80 percent of adults listen daily, and as of 2020, Americans average 99 minutes of listening per day.
Because of its continued popularity and the time people spend listening while driving, radio advertising is an incredibly effective way to market your brand. Think about your commute — how long do you typically spend in your car, and how many radio jingles get stuck in your head by the time you get there?
What is Radio Advertising?
Radio ads are one of the easiest ways to market your brand because of the variety of options available. In the US alone, there are over 15,000 stations. Many stations advertise that they want to promote your businesses, which brings up the question — how do you get your ad on the radio?
The way radio advertising works is simple. Advertisers pay commercial radio stations for airtime, and the radio station broadcasts the advertiser’s commercial to its listening audience in exchange. The air-time, cost, and type of advertisement may vary, but the process stays the same.
Not only is radio advertising effective when reaching an audience, but it is also cost-effective as well. Time slots and ad length are important factors that may affect pricing, but the average radio CPM (cost per 1,000 listeners) tends to be between $12-$16 for an advertising spot.
When creating a radio ad, there are a variety of approaches to take. Practical examples include live reads, sponsorships, and jingles. Keep in mind that the cost of your ad will increase depending on what you spend on the talent to create the commercial.
Who Should Use Radio Advertising in Their Media Strategy?
Every business can use radio advertising effectively, but some companies sell over the radio better than others. If you are wondering if radio would work well for your business, consider these factors.
Does your business have a high brand recall? Businesses with names that are easily recognizable or phone numbers with patterns are great candidates for radio advertising. If you can turn your name or phone number into a jingle, you will maximize your radio advertising potential.
Businesses with highly segmented offerings also tend to be effective radio marketers. If your target market aligns with the average radio listener, radio has excellent potential for your brand. When planning to run a radio ad, perform market research to see what time slots align with your target audience.
Another way to identify if your brand is a good candidate for radio advertising is its ability to tell a story. If you can attach a story or testimonial to your radio advertisement, your effectiveness will increase significantly.
If you are looking for inexpensive advertising, radio advertising is a good option. It costs less per thousand impressions when compared to television or even digital marketing channels like Facebook Ads or Google Adwords. In fact, a majority of businesses use radio ads because they're less expensive than other forms of advertising. On average, a 30-second spot on the radio costs just a fraction of a TV spot or print ad -- at least half as much.
Each brand is unique, so do not rule yours out until you have created goals for your marketing campaign. Once you know your target audience and the focus of your campaign, you can determine if the radio is an effective medium for your business.
How Do You Measure Radio Advertising Effectiveness?
If you advertise through local radio stations, you will not have a data analytics page like you would through internet marketing. However, it is still possible to track your effectiveness by taking a few basic steps.
Once your radio ad is running, be sure to track your sales. If your ad directs customers to a specific product or service, pay attention to those items in particular. Your sales numbers for those items should increase the longer your ad runs.
You can also choose to ask your customers when they interact with your brand if they came because of your radio ad. If your brand runs primarily online, you can develop a short survey for customers to take at checkout to see if they heard of your product through the radio ad.
You could also set up a separate webpage for your ad campaign. Not only are you able to monitor web traffic this way, but you also gain the ability to increase your campaign exposure because of the site. This strategy smoothly transitions your campaign from the radio to the web in an easy step.
How to Get Started With Radio Advertising Today?
When it comes to creating an effective radio advertising strategy, you could put in the effort to do market research, analyze the perfect time slot, and deal with the radio station on your own. Or, you could contact us today at MBI. Our team of experts has years of marketing experience and would love to help you create an integrated media campaign that grows your business.