With so much growth going on in the digital arena and so many options in radio listening, we've been asked - is it still an effective medium? Though digital media is growing at a phenomenal pace each year, radio is still a very effective medium, dollar for dollar.
Radio audience numbers may be lower than they were on many local and national platforms, but often so are the rates. Stations 10 years ago that wouldn't consider selling remnant rates (severely discounted rates on unused inventory), are now offering them to agencies and larger clients. Therefore, have you really lost anything? You might have a smaller audience or not much of a changed audience and are often paying significantly less that you would have during better times.
Today we're getting great results for our clients on both a local and national level. With the lower rates and/or added value (i.e. sponsorships, bonus spots etc...) we're able to buy spots at more radio stations for the same cost. In addition, here are some of the great benefits of radio: production costs are very low (compared to television and video production), very quick turnaround time (can be on the air within 1 week's time), reach a highly targeted demographic, often low CPM (cost per thousand), and almost instantaneous response. We often see response beginning within the first 1 – 3 days of the start of the campaign. In addition to direct response, radio is an excellent way to brand your product or service at a far lower cost than TV.
Though some might say the heyday of radio may be over, we forsee plenty of golden years ahead.
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