5 Reasons to Advertise on Audio Now
Posted on: March 24, 2020
COVID-19 places us at an unprecedented time in history: a recession may be looming, and more Americans than ever before are working from home. As consumers’ radio and podcast listening habits shift to reflect these changes, advertisers have even more reasons to advertise on audio.
1. People are listening to more podcasts
In response to social distancing directives by health and government officials, radio and podcasting have become important means of connection, and listeners are tuning in more.
One podcast advertising agency reports some of the publishers it works with have seen a double-digit increase in podcast downloads, according to Inside Radio.
Another reason for the surge may be an increased number of people working from home, which is the #1 place podcast listeners tune in. According to Edison Research, nine in ten reported listening to a podcast at home during the month prior to taking their survey--nearly three times more than those who listened to a podcast at work or while riding public transportation.
2. Radio listeners are tuning in more
As news surrounding COVID-19 unfolds, people are increasing their media consumption, including radio.
According to Westwood One, nearly one in five (18%) of heavy AM/FM radio listeners, those who listen to more than five hours of radio each week, say they will be listening to even more AM/FM radio as a result of the Coronavirus outbreak.
3. Companies who advertise during a recession come out ahead
Brands who cut back on their ad spend lose their “share of mind” with consumers. Alternatively, brands who increase their “share of voice” typically see an increase in “share of market” that results in increased profits, according to Forbes.
Top brands who have utilized a recession to gain traction in the market include Post cereal, Amazon, Toyota and Taco Bell.
4. Advertising rates go down
The cost of advertising drops during recessions, enabling marketers to reach more consumers for less.
5. Less Competition
When competitors cut back on their ad spend, the “noise level” in a brand’s product category can drop, according to Forbes.
This can allow for brands who are advertising to re-position their brand or introduce a new product.
In tough economic times, the impulse is to cut back on spending wherever possible. However, research shows that continuing—or even augmenting—your ad spend during a recession may result in increased sales during the recession and after.
If you’re considering whether advertising in today’s climate is the right for your company, give us a call. We’ve got answers.