There are numerous factors which impact the cost of any radio advertising you undertake, so sometimes it can be hard to determine whether or not the end result was all worth it. However, radio, as a medium, is still a very effective and cost efficient option. Let’s take a look at why.
Research has shown that brands who use radio advertising have the strongest return on investment. Used on its own, it was found that brands who used radio advertising had an average ROI of 17%, compared to online at 14% and 13% for TV. But remember, this is just when used alone without any other advertising amongst other mediums. When paired with online the ROI jumped to an average of 23% and with TV, an average of 21% ROI. When looking at your return for this medium, the cost of radio advertising most certainly provides back what you put in.
Radio advertising is what is known as a high frequency medium with a big possible reach. It provides your brand with exposure to a much greater audience at the same time and, if multiple spots are booked, there is the potential they can hear it more than once. One of the most popular booking spots for radio are the drive programs, when people are traveling in their cars to and from work. This is also a time when your audience is not being distracted by other mediums such as the TV or being online, so you have a much greater likelihood of captivating them with a strong call to action too. Although you may feel that radio advertising can sometimes be an expensive investment, ask yourself how many people are seeing you print ads, or even your TV commercials, compared to the reach and frequency combination of radio.
A Strong Call To Action
There is so much that can distract your audience from your advertising messages as they go about their day to day lives. But that is why radio is such a good choice. Radio advertising often catches people when they are in a position to follow through with a purchase. If the advertising is about a current promotion for example, your audience will be more inclined to act on that when they are on the move, rather than when they are being stationary at home. As well as this the creative aspect of radio advertising can help you to develop your positive brand image, while helping your audience to connect and interact with it, often leading them to follow through with your call to action. So yes, while some radio advertising options can seem to cost more than you anticipated, the creative freedom and direct message you can send to your audience is one of its features that makes it such a successful medium to use.
There are a number of factors that will influence the cost of radio advertising, however the above features of the medium are the reasons you should consider the investment. In combination with other mediums, or on its own, radio will not cost you more than what you get back in return.