A new study conducted by market researcher MESH Experience and commissioned by Cumulus Media found that heavy AM/FM radio listeners are three times more likely than heavy TV viewers to be in the market for a new or additional financial advisory firm. The study surveyed 300 individuals with high investable assets of $500k or more.
Overall, the study found that AM/FM radio listeners are far more engaged with the financial services category. Compared to TV viewers, AM/FM radio listeners:
- Are more likely to be customers
- Exhibit high familiarity with financial services brands
- Have higher brand favorability for financial firms
- Show higher ad recall
Upon hearing a financial services brand ad, heavy AM/FM radio listeners were four times more likely than TV viewers to act, whether by contacting the company, visiting the website, visiting a brand office, or opening an account.
The study also found that financial brands can experience a significant lift in reach with the addition of AM/FM radio to the media plan at the same spend, and that the average financial services brand would experience a +63% increase in reach with the addition of AM/FM radio to the plan and no increase in budget.
According to MESH Experience, the best AM/FM radio formats to target those with $500K+ of investable assets include: Oldies/Classic Hits, Classic Rock, News/Talk, Rock, and Top 40. The study found that Rock formats perform extremely well.
Are you ready to reach consumers with high investable assets? Contact SMI today to find out how you can advertise on radio.