As you draw up your marketing budget for 2018, you probably already know that radio is a great way to go for targeting B2B and making your mark on the airwaves.
Since your next move will include a decision on how much to spend, remember that with radio advertising—and its proven ROI of $6 for every $1–it’s not so much a choice of how much to spend as how much to invest.
Here’s some information on radio spending that should help you narrow down your decisions and provide inspiration for your next best steps in planning for 2018.
How much does radio cost? It depends!
- Although “It depends” is not the answer you may want to hear, there are many variables to consider in the radio market. But rest assured that radio remains a less expensive choice than other media, while offering maximum results.
- Radio costs are related to the specific station you choose for your target market, the time of day you select to get your message across and the number of times you choose for the ad to run.
- Less is not more when it comes to radio—more is always better. Depending on your audience and its popularity during a specific time frame, you may have to spend a little more. But, gaining the right attention of the right people will definitely pay off. Research shows that radio recall is greater than other sources nearest to purchase time.
- Familiarize yourself with the different run times available throughout the day. These are called “dayparts” and will have alternative pricing related to specific time frames. You’ll want to consider your target market and when they’ll be more likely to be listening to the radio—before work, in the car driving to and from work, during the day, or evenings. Remember, you can make any size budget work in radio especially if you are flexible in the day parts. Prime day parts, like AM and PM Drive, tend to cost more. However, if you’re flexible on the time your ads run, you can get a greater value and greater results. This is especially true in a three-shift market like Joplin with multiple casinos, manufacturing plants, and hospitals, people are always in their cars listening.
- Dayparts include:
- A.M. Drive Time — 6 a.m. to 10 a.m.
- Midday — 10 a.m. to 3 p.m.
- P.M. Drive Time — 3 p.m. to 7 p.m.
- Evening — 7 p.m. to Midnight
- Over Nights — Midnight to 6 a.m.
Set aside enough now—and be flexible!
- Brands that choose to devote 20% or more for radio advertising can see an 8% or more ROI, so it just makes good (dollars and) sense to find room in the budget. And to further boost that bottom line, you’ll want to maintain some flexibility to devote even more spending power when specific campaigns are performing well.
- To get the most radio bang for your buck, why not plan ahead and take advantage of long-term radio pricing? Most stations can offer more competitive pricing when you plan ahead—money you can save now and spend later on down the road. Radio pricing can be compared to airline pricing.
Remember—you are paying for the audience (not the commercial)
- If you choose to go with Zimmer for your Joplin marketing (and we most sincerely hope you do), all costs associated with the creative side of your radio ad and its production are included. You only pay for your radio time, the cost of creative and production are completely free.
- The right radio station has the ability to both produce your spot AND run it. This not only saves you money, but is more efficient in the long run—which saves you time (and even more money).
Make sure to do research
- Take some time to find the right station for your advertising needs based on your target. You’ll want to closely match the market to the target and tailor your message for best effect. Your advertising representative will be able to help you make final selections.
- Consider your target’s listening habits and establish the right rotation schedule—one that won’t waste your valuable resources. Knowing that radio is on 24/7 and reaches an adult audience of more than 90% weekly should offer some confidence that you’re making the right move. This is especially true since Joplin is a three-shift market.
Radio—an affordable, impactful advertising opportunity that can create huge returns on investments. And although specific numbers for ROI may be difficult to pinpoint dependent upon which business or industry you’re in, as well as your promotional plans, remarkable results have been reported.
In some instances of extremely targeted and engaging campaigns, $20 to $1 investments have been noted. In other radio advertising programs, goals have been matched and exceeded by more than 100%. And with radio raising awareness for business campaigns by more than 100%, it’s always important to leave room for radio in the budget and be flexible for future efforts.
Radio’s rewards are waiting for you. Make your plans now for radio success in 2018.