In parts 1 & 2 of our 3-part blog series, we walked listeners through radio's initial struggle as we saw the industry move through a huge transition. Now, with the former weaknesses identified, it's clear where radio's strengths are, and we're seeing the industry take advantage of digital opportunities.
What digital advertising opportunities are available to radio?
According to Zenith Media Consumption Forecast 2018, 24% of all media consumption is happening on mobile. RadioMax’s “Best Tips & Strategy For Mobile Advertising” Blog Post identified best practices and trends in the market and referenced Single Grain’s article on the concept of mobile advertising spanning four general categories: Text, Image, Call-only, and Mobile App Promotion ads. However, when you take a deeper look, there are 7 main options to choose from:
- Text ads
- Banner ads
- Interstitial ads
- Call-only ads
- App install ads
- App engagement ads
- Universal app ads
All of the above options are favorable among advertisers, however, it's essential to be strategic for the ads to be effective. RadioMax, a leader in mobile and digital advertising solutions for radio stations, has developed an effective tool to help radio stations not only capture digital advertising dollars, but provide an entertaining user experience that drives impactful listener engagements and interactions that digital marketers and advertisers demand.
John Wanzung, CEO at RadioMax explains it like this:
“The mobile app we provide to stations includes ‘smart ad’ technology. Smart ads allow the listener to have a visual and interactive experience on the station’s mobile app when an audio spot plays. At the exact time a commercial or promo plays over the airwaves, the station’s app is triggered to show more info/details about the call-to-action happening in the audio spot. It allows the user to take immediate action on what they are hearing, with meaningful and impactful responses...and it is all tracked and measured.”
SmartAd Technology and RadioMax’s in-app advertising can help to increase your ad revenue by unlocking a new contextual ad inventory that displays automatically on smartphones. This allows for more accurate audience data, memorable activations & unique campaign executions that take radio advertising to a powerful new level.
Statista shows an increasing trend in radio spending, with the projected amount to reach an excess of $18.8 billion by 2021. In a projection shared by Radio Ink, mobile will make up 43% of all ad spending by 2020, and that amount is projected to double the amount of money spent on Television advertising which translates to $141.36 billion in 2022.
What does this mean? It is absolutely necessary for a station to have a comprehensive mobile app with the ability to effectively advertise digitally to your listeners.