Recently, marketing has been harder than ever and as marketers expect more results out of their ad agencies. Despite the challenges, radio is saying current and progressive by using new technology for data and buying systems, attribution analytics and research which proves ROI (return on investment). Radio’s new improvement in data analytics have made it a hot seat in advertising once again, as agencies and marketers are becoming increasingly interested in its power and ability.
Now that there is more data available, radio becomes a more viable part of a marketing mix because there’s more accountability and proof of return on investment as well as attributed sales. Due to the fact marketers need to show their clients that their media mixes are working to increase sales, traffic and buzz, now that the data is available for radio, it becomes a larger and more important marketing medium, even in the face of digital media.
Lots of large companies and contenders in the radio space collect data across an ad’s lifespan from conception to execution and beyond, in order to show clients the impact the ads and campaigns have had on the target audience. As larger companies do this, more opportunities are opening up for smaller agencies as well, now that the word of radio’s advantage and comeback is here. Many Marketers believe it is smart to have a diversified marketing mix and that now that radio has stronger analytics software it is all the more viable and important to a mix. This information from analytics gives marketers and advertisers better info to target specific demographics and collect data on how well the reached those audiences.
Some major corporations are even segmenting and separating their audiences so instead of a typical demographic approach, they they can buy in terms of a behavioral audience, in order to better plan media campaigns. This helps agencies work smarter and not harder to make the best buys for their clients and can target consumers based on location, behavior and more.
Data has changed across the media landscape as technology has enabled this, so that clients can learned about sales and payoff outside of that to best market their products. This is especially important to radio because there’s a lot of data coming in from back-end campaigns. The technology has enabled broadcasters to attribute their ads correctly and give credit where credit is due, even prior to a purchase. Some radio companies are even offering ROI guarantees or have worked with firms to help deliver data to clients.
While a lot of ad money is shifting in the digital space, with these new tools, advertisers expect a return to radio, now that attribution is a lot more measurable and there is an ability for agencies to get deep and encompassing data and get it efficiently, This ability was one of the major draws that made digital media stand out against traditional media, but now there is a shift back to radio putting it in the hot seat once again, now that it has more data to prove its chops.
New Data Analytics Are Increasing Radio Buys
One of the largest problems facing radio is that some companies believe broadcast radio and traditional media have effectiveness problems. However, this is a misattributed attribution issue because in the past radio was harder to measure, so people turned to weaker, more expensive alternatives that were more measurable.
Lots of radio’s share of add shared have moved to digital media but as the impact of audio expands in more streaming services, podcasts and more, combined with the data initiatives radio is looking more viable than ever to put money back into. Just like there’s social media “influencers” today, the disc jockeys of decades past were the original influencers and the shift to radio is helping propagate and prove that by returning to old, tried and true roots.
Lots of radio groups also are using this analytic ability and technology as a selling point to clients who are used to similar tools to analyse digital media. A great example of emerging analytics software is RadioActive Media’s exclusive software, RAMalytics, which provides a clear “X-Ray” type of analysis of previous, current and future radio marketing campaigns. This exclusive new tool allows our agency to finally measure an advertiser’s lift in website traffic following a radio spot, in eight minute increments. Armed with an analysis of consumer movement, RAMalytics gives clients a clear understanding of their most successful creative and day part executions, as well as the immense impact of radio in an overall marketing mix. It is a measurement tool designed to illustrate the ROI and effectiveness of marketing campaigns, and how radio does drives website traffic in a synergistic way. If interested, feel free to contact us at RadioActive Media!
The new toolkit is making radio a lot more competitive in the ever-evolving media landscape and gives it the power to not only have broad reaches, but also new targeted approaches, to make it even stronger.