When it comes to perception vs. reality, what marketers may believe about radio’s measurability — or, as they see it, lack thereof — in marketing mix models isn’t often the case, in terms of maximizing return on investment.
“In today’s complex media landscape, marketers are constantly seeking ways to optimize their media strategies and understand which channels are driving ROI,” Nielsen Executive VP and Managing Director, Agency Solutions Dave Hohman says in the company’s blog. “Generally, television, digital, and social media receive the lion’s share of attention (and spend), [as] many marketers believe that audio, including radio, is difficult to measure in MMM because of its relatively lower spend.”
Based on its analysis of more than 2,800 national, local, and international campaigns across ad categories where the allocation to radio averaged a notable percentage of the total media budget, Nielsen found that when the relative weight of impressions is large enough to be measured, radio consistently ranks as a top-tier medium for ROI.
“Let’s set the record straight: radio is measurable, and when done right, it delivers,” Hohman says. As for other audio, he notes that “streaming audio also performs well, albeit behind broadcast radio. While measurable, investments in podcasting have been less common, and performance is not yet indicative of streaming audio.”
To help advertisers get the most out of radio, Nielsen’s blog includes a checklist of best practices, including: allocating a sufficient budget to assure adequate gross rating points; using as-run GRPs reflecting actual media delivery, to get a more accurate read of radio’s performance; evaluating delivery at the DMA level, to account for varying effectiveness across different markets; and, analyzing delivery on a weekly basis, taking into account varying conditions that can explain spikes or dips in performance.
“This granular level of analysis is crucial for understanding the true impact of [advertisers’] radio investments,” Hohman says. “We are committed to helping marketers make data-driven decisions that maximize the effectiveness of all of their media investments. With our proprietary models and extensive database of media performance, we can ensure that audio channels are accurately represented and contribute to overall marketing success.”
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