Kantar released its Media Trends & Predictions 2023 report and the future of radio looks bright. Some advertisers have already shifted from TV to radio, a less price sensitive medium, as a result of the rising price of advertising.
According to Inside Radio, “The World Federation of Advertisers forecasts advertising prices for advanced TV, which includes connected TV, streaming and VOD, will rise 10% in 2022 in the U.S. after a mere 3% increase in 2020. Paid CPMs (cost per thousand impressions) for social media platforms have also risen steeply since the start of the pandemic, up 33% between Q4 2019 and 2021.”
Advertisers looking for more efficient ways to spend their media budgets in 2023 should consider radio as a cost-efficient alternative to television. “Radio is a really malleable medium for advertisers that want to be nimble and react to the many variables that impact their customers,” said Christina Baeten, Director of Client Services at SMI. “We can develop and alter strategies that work around everything from seasonal changes to your business, to macroeconomic impacts that are facing your customers. Advertisers looking to engage with prospective customers during the daytime when they are on the move – whether your brand is DTC or B2B – should be looking at radio.”
According to the report, “Kantar’s data shows that campaigns are seven times more impactful among a receptive audience — making it strategically important to use real-world data on consumer attitudes to guide increasingly scrutinized investment decisions.”
“We’ve observed the same finding at SMI, where audience targeting and data have converged to yield positive results for our clients,” said Brooke Murray, SMI’s Director of Strategic Growth. “Simply making assumptions on what creative or media will resonate isn’t enough. We strategically plot a roadmap to scale and success with sequential, measured tests to garner specific insights key to each campaign.”
Kantar found that 63% of advertisers find it hard to generate insights on competitor media activity. At SMI, however, we regularly share competitive insights with our clients. “We use multiple third-party monitoring services for each audio channel to evaluate media spend and media composition, as well as competitor messaging,” said Murray. “We use the insights to evaluate our clients’ brand position, share of voice, and identify areas to improve results.”
“We monitor your competitors in a live dashboard that you have direct access to,” said Baeten. “We track down to the station level for radio and show level for Podcast – spend, number of airings, renewal rates, etc. What genres and shows/stations are they renewing? What are they saying in their creative? What offers are they using? We track it all for you and use this information in tandem with our own data to inform media and creative strategies and discussions.”
Are you ready to advertise on the cost-effective medium of radio with an agency whose insights will give your brand an edge? Contact SMI today.