Last week, Account Manager Kat headed to the RadioCentre’s “Tuning In” conference to hear all the latest developments in audio advertising. This year’s theme was Audio: The Secret To Growth. As an agency that specialises in helping businesses grow, we were excited to hear more about the most recent research in this area.
Radio offers a huge and growing opportunity for advertisers.
Here at AJ, we’re already convinced on the power of radio and podcasts. However, hearing new data from the likes of Radio Centre, Les Binet and System 1 really brought home the scale, growth and potential of audio.
Matt Payton, CEO of RadioCentre, spoke of the huge growth forecast for the industry. Most notably, podcasts are expected to rack up 140 million hours of listening per week by 2030 (up from 92 million currently).
Commercial radio has also seen weekly listeners grow 5 million in the last decade. Figures now top 40 million and this isn’t expected to slow down any time soon. The recent rebrand of Kiss by Bauer is proof that radio brands are ever-evolving. It’s this commitment to evolution and drive to reach to new audiences, that shows audio’s ability to adapt and future-proof its offering.
Great creative is essential for radio advertising success.
As a full service agency, we know first hand the importance of good creative. Marketing effectiveness expert, Les Binet shared insight on the potential effects of a well thought-out, expertly produced ad. He noted that good creative execution can boost your campaigns effectiveness by 10-12 times. Binet also reiterated the importance of building a story. Only 5% of consumers are actively shopping when they’re exposed to your advertising. This means your creative needs to work hard to have impact . To build a lasting connection, it’s essential that your radio ad should make people think or feel, start conversations and really capture people’s imagination.
Traditional media delivers on trust
On a topic close to our hearts, Andrew Tindall delivered some amazing data on how audio advertising can boost trust. Including audio in a campaign can boost trust by up to 81%. Audiences see mediums like TV and audio as very public and accountable. With a podcast for example, the hosts name is attached to it, so their reputation is too by default. Combine this with the halo effect brands receive from the host and you’ve got a powerhouse of perceived authenticity.
Donna Burns, Head of Insight at RadioCentre, shared some brilliant research about the effects of shifting PPC and Paid Social spend into Audio. Reallocating just 20% of PPC budget into audio can boost ROI by 16%. Moving 25% of paid social budget into audio can cause a 25% uplift in ROI.
Burns also spoke of the distrust consumers have for PPC and Paid Social links. Fearful of scams, over a third of consumers are unwilling to click on PPC and Paid Socials links. This low level of trust in the medium means your digital campaign may not be as effective as you think. Of course, digital has its place, but adding trusted media to your mix improves results.
Interested in adding radio to your media schedule? Get in touch or find out more here.