The Impact of Audio in a Media Plan: Audacy's Idil Cakim Reveals Results

quotWe partnered with Neustar for this analysis and they were able to look at more than forty media mix models across industries auto financial services telecom retail and large national clients to give us a perspective on how audio was placed in these plans and what the scenario would look like if audio received more investment and how it would optimize these plansquot said Idil Cakim Senior Vice President Research and Insights Audacy quotWe were always curious about the impact of audio on returns and this gave us an opportunity to look at it from a highlevel perspective and in a broad way and also understand how audio functioned in a media mix which is a lot of our clients39 realityquotAudio Amplification Study Key FindingsAudio Adds Impact One of the major findings of the study was that even a slight shift in media spending into audio can have a profound positive impact on the campaign quotAudio is currently underinvested and that underinvestment might be 15quot Cakim noted quotIn some industries it could be more than 50 But it is currently underinvested and that spells out a missed opportunity for a lot of marketers and advertisersquotThe study found that it doesn39t take much added audio weight to make a big impact quotWe found that an average of a 12 shift from other media to audio yields a lift in audio ROAS return on ad spend of up to 23quot she revealed The study also found that both overtheair and digital advanced this finding quotThere is tremendous value in combiningquot she addedAudio Works Fast and Lasts Cakim noted that when audio was added to a plan its lift impact was immediately felt quotIt peaked within two weeks across industries some even fasterquot she said quotSo you get results fairly quickly but it was also eyeopening to see that the results lasted a long time up to 21 weeks Imagine investing in dollars that are giving you a return in one to two weeks and that you are seeing the impact of those dollars on your brand image on your intention on walks into stores and eventually on salesquotExamining and Defining Lift and SuccessquotSuccess was defined as sales for the purposes of this studyquot Cakim explained quotBut sales can mean different things to different organizations Sometimes they count units sometimes they count dollar amounts The data scientists at Neustar normalized the data to make sure that we could just look at it as a revenue driverquotThe results of success confirmed Audacy39s hypotheses that quotWhat we saw day in and day out was the scale of the impactquot Cakim said quotThat was eye opening We could tell you that audio deserved more dollars and that audio created impact but seeing that scale was really affirmingquotBenefits of Audio Regardless of the PandemicWhen asked if the results were impacted by the pandemic Cakim explained that the study looked at media plans from 2018 through 2020 which included months that were impacted by the pandemic Neustar felt it was important to capture this period as it not only affected marketing effectiveness and returns but also consumer behavior In summary the analysis captured the most recent trends in audio performance relative to other media including changes to the marketing landscape brought on by COVID19quotThe beauty of audio is how nimble it is and how it seeps into every moment in a day especially now as people change schedules and habitsquot she said quotWe are in a bit of a different time now Rush hour has changed work habits have changed but audio is consistent in all that change It39s with you when you wake up it39s with you when you are on the go and it39s with you when you are seeking that alone time and want to focus on a topic of interestquot she noted proving that audio deserves investmentCakim also said that certain advertising categories are especially underinvested in audio quotAuto was the most underinvested categoryquot she said quotSo they benefit the most from moving dollars to audioquotLooking ForwardThe pandemic has changed human behavior and this shift can positively impact the future of audio consumer usage quotI think we are at an incredible juncture point because during COVID we saw changes in behavior adoption of technology and media consumption that we perhaps would have waited years to take placequot Cakim asserted quotSmart speaker listening surged as had the increases in athome listening The podcast surge is something incredible that has sped up I think we are only going upward and forwardquotSmart advertisers must understand quotwhat really moves the needlequot she continued quotAudio is more than just digital pure plays That is part of the ecosystem for sure Media is more than just bingewatchingquotCakim recalled that in a separate study Alter Agents Audio Amplification Engaged Impressions Survey August 2020 Audacy found that consumers tend to tap into seven different media sources in an average week quotIt is beautiful chaotic and challengingquot she concluded quotIt39s great that there are so many touch points but it39s also hard to break through You have to be mindful going into it The future of audio is that we see it earning its fair and proper share in the media mix and being leveraged more effectively and efficiently by marketers because it is growing in both overtheair and digital channelsquotClick the social buttons 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 writers

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The Impact of Audio in a Media Plan: Audacy's Idil Cakim Reveals Results

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Charlene Weisler

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