How Radio/Audio Can Succeed in Tough Ad Market

In these difficult times the audio industry has a unique opportunity according to MediaVillage founder and media ecologist Jack Myers In a presentation to Radio Advertising Bureau members quotHow to Grow Radio Revenues Cultural Economic and Marketing Solutionsquot Myers said radio broadcasters need to play up their local ties including popular DJs and hosts community involvement and value Download the presentation belowquotRadio has an opportunity to recreate unique marketing opportunities on localism and content and to rebuild its competitive positionquot Myers saidAudio companies are wellpositioned to deliver for their clients Myers noted A recent Myers Report survey of 700 advertising and agency executives on perceptions of 72 media sales organization across nine categories including trust and reliability innovation client satisfaction and communication Respondents gave high marks to several radio and audio companies including NPRNPM Pandora Spotify iHeartMedia and EntercomBut audio needs to do a better job communicating that value Sellers need to get into the marketplace and communicate their opportunities Myers said There39s an uphill climb as many brand managers and agency execs may not fully appreciate the possibilities with audio which range from working with local radio stations and personalities to digital options including digital streaming and podcasting In fact radio39s digital offerings are a driving force for the industry attracting new ad dollars and creating growth opportunities a rarity for legacy mediaYet many in the ad community may not be familiar with audio39s evolving story For many media managers and executives the industry is a relatively new space Sixtytwo percent of media professionals have less than eight years39 industry experience and only onethird of chief marketing officers have marketing experience or education according to The Myers Report data And brand managers spend just 2 percent of their time on mediaquotAs an industry we have to take a stand for increasing the importance of media decisions and the medium is the messagequot Myers saidTo advance their case audio sellers should communicate those positive attributes Myers suggested At the top of the list is radio and digital audio39s trust and reliability Audio is a brandsafe environment where companies know exactly where their ads will run and select the content or personalities they39ll be associated withRadio and audio also need to stump for a larger slice of ad budgets and creative spending Myers said To do that play up all the opportunities that radio can deliver including both local overtheair and digital audio and to reach diverse audiences including minorities and older consumers 55plus It is critical for brands and agencies Myers said quotto recognize the value of brand equity of content that advertising is associated with not just the impressions being delivered but where they39re being deliveredquotOf course everyone is operating in a very challenging advertising market According to The Myers Report39s latest forecasts total 2020 ad spending will fall between 14 percent and 20 percent compared to 2019 levels Myers projects the ad market will not begin a meaningful recovery until 2022Among categories audio is suffering major revenue losses with spending down about 20 percent to 25 percent yearoveryear However these declines are in line with other media including local TV cable and broadcast networksAs the ad markets slowly recover Myers urged radio and audio companies to invest in education both within their organizations and externally As an industry Myers said that advertising and marketing lag behind other sectors in these areas quotCompanies that invest significantly in education and rethink their PR and promotional output in an educational context will be the next generation of leadersquot he addedDownload Jack39s presentation quotHow to Grow Radio Revenues Cultural Economic and Marketing Solutionsquot below Contact Maryannmediavillagecom if you have trouble with the free downloadClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillagecomMyersBizNet

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How Radio/Audio Can Succeed in Tough Ad Market

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How Radio/Audio Can Succeed in Tough Ad Market

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The Myers Report Sales Organization Performance on Audio 2020

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

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