With the 2011 Grammys upon us, it’s only natural that we start thinking about the role radio plays in society, from the beats of pop music to the hyperbole of talk show hosts. In that context is the rapid evolution and spread of digital formats. Since the emergence and improvement of several technological and digital innovations such as high-speed broadband, social media networks, as well as 3D and interactive television, advertisers have learned to use these avenues to effectively reach consumers.
However, one platform that never gets outdated is radio. And advertisers remain steadfastly loyal to it as a way to reach potential customers is radio.
Fortunately, radio continues to bring a substantial amount of advertising revenue – $17.3 billion, according to the more recent 2011 State of the Media report compiled by the Pew Research Center’s Project for Excellence in Journalism. With 241.6 million people still tuning into the 100-year-old + technology on a weekly basis, radio is still a viable option. The medium does well when attracting consumers to a product or service for many reasons including reachability, price, and that “stickiness” factor.
According to Arbitron’s In-Car National Study, “Americans spend nearly 20 hours in their cars per week and travel more than 200 miles… and spend 18 hours and 31 minutes in his or her car per week.” From an advertising standpoint, this is a gold mine. It’s the perfect opportunity to reach consumers. Instead of sitting in silence or listening to the revving of their car’s engine, some of these people turn on their radios for entertainment and information while travelling to their destination. Therefore, advertisers can air their commercial spot knowing that it will reach a great percentage of radio listeners and ultimately increase awareness plus attract buyers to their product or service.
Additionally, advertising on radio is relatively inexpensive. Compared to a television commercial, which can take months to shoot and cost tens of thousands of dollars to produce and air, a radio spot can be created for less than $1,500 in less than a month and air on an array of radio stations for a week to the tune of at least $2,500, according to an article published by Strategic Media, Inc.
Also, consumers are able to become more familiar – and even memorize – a spot because they hear it so often. And in several cases, they are more likely to recall the spot when it is time to purchase the advertised product or service. Take for instance this popular radio commercial spot.
Well, since airing the spot across various radio stations across Florida, the company’s brand flourished, many listeners of the ad became familiar with the company because of the catchiness of the song, and the firm received an increase in inquiries about its services. While digital is on the cutting edge, radio continues proving that it’s still a rather effective revenue generator despite the heavy competition.