Audacy Unpacks Audio’s Role in the Robust Retail Renaissance

Watch It OnDemand Now amp160Audacy39s most recent webinar which took place on August 12 featuring Paul Suchman and Jim McCloud talking with WarnerMedia Chief Strategy Officer Josh Walker and Macy39s Director of Audio Strategy and Planning Kristy CarrubaThe Retail Market TodayWe are in a postpandemic growth period as brands respond to the new normal amp8220The retail market is absolutely reboundingamp8221 Biemolt declared amp8220We work with brands that have reimagined their overall operation within the pandemic and are starting to thriveamp8221 This has resulted in increased demand amp8220specifically for reaching audiences in digital audioamp8221Business as usual isnamp8217t cutting it amp8220The impact of the pandemic was seen early onamp8221 Biemolt continued amp8220Those retailers that through the pandemic embraced ecommerce really changed their consumer journeyamp8221 They improved convenience and safety as consumers could shop digitally and then pick up their merchandise curbside at the stores themselves amp8220It was forced evolution in a significant wayamp8221 he saidBrickandmortar stores are adapting to the new experience of shopping amp8220The convenience of shopping online or curbside pickup is niceamp8221 Capuano said amp8220but there is still a future for brickandmortar For sure a lot of habits have changed but for retailers they are looking at omnichannel experiences which include their brickandmortar locations Some retailers have really focused in on experience Walmart even coined the term 39retailtainment39 where there39s a reason for going to the store Some stores have a bar or restaurant or a giant fish tank or bands playing so your retail shopping experience has changed a little bitamp8221Audioamp8217s Capabilities and Valueamp8220People are ready to get back out and shopamp8221 Capuano asserted amp8220And for advertisers their spending is now starting to pick up as demand increasesamp8221 Radio plays an important role in driving instore traffic she said amp8220You will see retailers that use radio in particular around sales events Labor Day weekend sales or even up into holidays and now it39s even a little bit more yearroundamp8221 She added that advertising in radio podcasts and other digital audio streaming platforms help brands engage a bit deeper amp8220Data is extremely important in targeting and attribution so that plays really nicely into what digital audio can provideamp8221 she notedAudio adds reach and engagement With all of the teleconferencing in the past year amp8220Audio is an engagement experience and in many cases is the new screenquot he explained quotAs my client said 39the new screen is no screen39 Audioamp8217s ability to reach the consumer not only from an engagement standpoint but to truly drive mid funnel and lower funnel activity is what many brands have seen with the use of audio holistically in the last 14 months of the pandemicamp8221Audioamp8217s Pivot to Address Marketplace ChangesData reigns supreme in audioamp8217s world amp8220Not only are we providing research illustrating the engagement that audio provides but as people are running their audio campaigns with us we39re establishing KPIs whether it is brand awareness or sales activity wherever in the funnel you want the outcome to beamp8221 Biemolt said Measurement of these KPIs is part of the partnerships Audacy has with key measurement companies whose data and metrics can be applied to clientsamp8217 campaign management amp8220Did they go to the store Did they go to the client site Did they make a purchase That kind of lean forward is where we39ve helped these brands amp8230 and illustrate in so many categories how audio can be effectively used in their marketing plansamp8221 he addedCakim showcased a study that Audacy is doing on return on audio spend amp8220Specifically in the retail category looking at all these national advertisersamp8217 media mix plans from the past three years we can see that the retail industry is currently 22 underinvesting in audioamp8221 she explained amp8220There is much room for growth not only from a sales perspective but also in efficiency and effectiveness We know that coupling overtheair and digital audio in these plans is critical There is tremendous opportunity in the marketplace for retailers looking to attract more audiences into customers in stores physical stores online stores curb side pickup whichever channel works best for them Audio can be a great way to turn a lead into a customer and convert the shopper from a looker to a buyeramp8221The Future of Audio and RetailWhen customers go into a brickandmortar store audio can provide amp8220a theater of the mindamp8221 noted Biemolt amp8220You don39t have to always see the product but be able to describe the experience you may get by going into the storeamp8221Cakim added that Nielsen just released a consumer insight survey in June amp8220where we saw perhaps counterintuitively that all forms of shopping increased instore online and curbside pickup What that means is that shopping is the new entertainment as people are getting ready to go back to normal Also 90 of audiences across the board and 91 of the radio audience said they39re ready to go back to normal With this enthusiasm and optimism comes this quest to shop and that39s a tremendous opportunity We39re not seeing a drop in curbside pickup We39re not seeing a drop in online shopping We39re seeing an increase across the board in all forms of shopping That39s what the Nielsen data showedamp8221For Audacy specifically Cakim said amp8220We also look into how valuable these shoppers are from an audio perspective Streamers for instance are really valuable shoppers across every single category They spend more than average according to MRI Simmonsamp8221amp8220I39m really excited about where audio is right now in terms of many conversations that we39re having with brands directly retailers and their advertising agenciesamp8221 Capuano said amp8220There39s a lot of interest in audio because of all the innovations Expansion into the digital audio space will only continue to growamp8221For Biemolt voice and smart speakers are contributing to amp8220the audio Renaissancequot that39s happening right now quotBrands are rediscovering audioquot he concluded quotFor consumers audio provides an escape and itamp8217s also an engaging medium Over the next two years I think that we39re just going to continue to see many many more brands use it at a higher levelamp8221Click the social buttons above or below to share this content with your friends and colleaguesThe opinions and points of view expressed in this content are exclusively the views of the author andor subjects and do not necessarily represent the views of MediaVillagecomMyersBizNet Inc management or associated writersamp160

SUBSCRIBE FOR FREE MEDIAVILLAGE CONTENT | BECOME A THOUGHT LEADERSHIP CONTRIBUTOR

Audacy Unpacks Audio’s Role in the Robust Retail Renaissance

Author

Publish date

Channel

Archived in

Charlene Weisler

"About That with Carl Mayer": Involved Media Connected Audience Fall 2024 Report (Episode 5) - By Carl Mayer

More Videos:

SUBSCRIBE FOR FREE MEDIAVILLAGE CONTENT | BECOME A THOUGHT LEADERSHIP CONTRIBUTOR

Audacy Unpacks Audio’s Role in the Robust Retail Renaissance

Enjoying This Commentary? There's More to Love

Charlene Weisler

Stay in the know with more from MediaVillage

TAGS:

"About That with Carl Mayer": Involved Media Connected Audience Fall 2024 Report (Episode 5) - By Carl Mayer

Cookies