There are more marketing channels, mediums, and opportunities than ever before. That means that as a business owner, and thus as an advertiser, deciding where and where not to advertise is a BIG choice with BIG implications.
The problem is that, when faced with this decision, many dealers decide to spread their marketing budget around. Putting a little here and a little there—spending a little on radio, a little on listing sites and a little in cable. Essentially they spray their marketing budget across all of the mediums and channels, and pray that something works.
But what we’ve found is when you spread your marketing budget out like this, it makes all of your efforts less effective. That’s because by dedicating just a fraction of your budget to a medium, you rarely reach the threshold of frequency necessary to break through the static and get the attention of your audience.
Instead, I recommend maximizing one medium first in order to see real results. And in a lot of cases, the medium I see make the biggest impact is radio. You may be surprised to learn that “the old man of media channels” is still a consumer favorite, offers the best bang for your buck, and dominates in several key metrics. Here are just a few examples of that:
A few years ago, when Neilsen acquired Abritron, they were able to expand their scope to more accurately measure and compare all media platforms. As a surprise to everyone, radio reached more consumers than social media, smartphones, television, and every other channel out there! In fact, radio’s audience continues to grow with more than 243 million people over the age of 12 tuning in each week!
Amazon recently did a study to determine how effective radio, TV, and online advertising were at driving purchases. Of those exposed to radio ads, 52% made a purchase. That compares with 48% of people who saw ads online and 39% who saw TV ads.
Neilsen recently matched credit and debit card purchases to exposure of radio ads, and in every measured category they saw dramatic returns on ad spends. On average, radio delivered $14 in incremental sales for each dollar invested in advertising.
So, if you’ve never considered radio or believe it is a dying medium, you may want to reconsider. It offers more reach, more influence, and better retention than most other mediums, giving you a better return on your investment. Sure, there may be some younger and more attractive choices, but when it comes to a proven track record of success, radio is at the top of the list. Of course, the viability of radio as a solution to your dealership’s needs will depend on lots of things, including your goals, market and current situation. For the best recommendation, it’s smart to get on the phone with an expert who can advise you what mediums are the best fit for your current situation.