October’s economic reports are giving us encouraging signals, but we expect a rebound in consumer spending to lag anywhere from several months to several more quarters. Your competitors are likely to remain on the sidelines, until clearer signals emerge, leaving the field wide open for a once-in-a-generation growth opportunity.
A large, consistent body of business research conducted on the recessions of the 1970′s, 1980′s, 1990′s and early millennium suggests that firms that start advertising aggressively now should be rewarded by above-average growth during the remaining downturn and, depending on how long they are advertising while competitors aren’t, above-average growth after the downturn ends.
MediaPost.com reported results from a Nielsen-sponsored study today that indicates that terrestrial radio has a dominant share of audio media usage (relative to online and personal audio players). The finding was somewhat surprising to its authors, since the study was conducted by the Council For Research Excellence – a group of TV and Ad Agency researchers – to measure the impact of digital media across TV, Computers, and Mobile devices.
The findings were quite conclusive: radio is second, only to TV, in daily reach (77% of all adults), over 1/2 of all audio listening is to local over-the-air radio, and over 80% of 18-34 year-olds still use radio for about an hour and a half per day, which is about 4-5 times the usage of digital alternatives. Read the MediaPost summary of this research here.
Sound is an incredibly powerful tool for tapping into emotions, the thought process, behavior modification, and even learning mechanisms. This is one of the reasons that radio marketing is so effective. But there are several other ways that sound affects the profitability of most businesses.
Exposure to the right sounds can stimulate workplace focus or creativity, it can make customers feel better while shopping in a store, and it can trigger positive brand associations in marketing applications. Exposure to the wrong sounds can drive customers away or cause significant losses of productivity in the workplace. Sound can be a game-changer that every manager should think about and this interesting video will help you get started.
How are you using sound today to enhance your businesses’ bottom line?
Each month, Access Points highlights a way for businesses to creatively and cost-effectively reach the large communities of radio listeners in their markets.
Most radio advertisers appreciate the power of a :30 or :60 second commercial for their ability to paint vivid pictures in the minds of listeners. The world’s leading brands have been building and holding market share with this strong tool for over 9 decades.
This isn’t the only way to cost-effectively harness the power of radio. For some businesses, like those that consumers are relatively familiar with, those that have very simple and credible differentiation, or those that are using other types of advertising concurrently, there’s another powerful and cost-effective option: sponsorships.
A sponsorship is simply a short on-air mention, consisting of what’s commonly called a ‘name and claim.’ (e.g. “…brought to you by Children’s Hospital, the Valley’s only juvenile-diabetes specialist”). Because the mentions are short, they can be economically inserted into radio programming without taking up valuable airtime. When the mention states something clearly differentiable, as does the example above, or it can have a very, very strong impact.
Attorney George Stein has one of the most well known professional service brands in Atlanta, as evidenced by both the size and the consistent growth of his practice.
The key to Stein’s stunning growth has been being known before he is needed. Like many other businesses, where the consumer purchase decision is triggered by a specific event (think car breakdowns, home repair issues, financial crises, or healthcare needs), Stein’s potential clients must make quick decisions after an encounter with the law.
When this triggering event occurs, consumers do one of two things: they either turn to a brand that was already top of mind (i.e. known before it was needed) or they start looking for solutions to their problem.
Stein invested substantial time and resources “trying to be found” in the first years of his new practice. These efforts left him far short of his goals. Stein was not one to settle for mediocre growth or profitability. His next move, in his own words, “changed my life.”
