I Can Hear Your Business Grow
February 8, 2024
Are you expecting this blog to provide you with a list of the hot categories for this year? Well, you won’t get that. You will see a different area in which you can grow revenue this year. Keep reading for a different perspective.
According to a recent Borrell Associates survey of local advertisers and agencies, nearly seven in ten local advertisers plan to keep budgets the same (69%) and over one in five (21%) plan to increase their spending this year. While 31% of direct buyers bought radio in 2023 (7th ranked), 61% of local ad agencies bought radio (5th ranked).
Social media and events/sponsorships topped the list for media usage, 56% and 55% respectively with direct buyers. More than one out of four (28%) of direct buyers say they plan to increase spending on social media, and 16% will increase spending for events/sponsorships.
So here is the new growth opportunity for radio: events/sponsorships. Radio has always done a very good job with this, so why not push your events this year as a way to get into the advertising budget? The Borrell survey also stated that buyers keep trimming the number of media vendors they use. The average is 3.9, yet multiple buyers reported only using one vendor.
If we demonstrate our strengths in traditional media (over the air) as well as events and sponsorships, we can show how this combined approach will deliver results for the advertiser. Profile your listeners for buying potential for the product or service and include a great event or sponsorship idea, and you will increase your chance of closing the deal!
If you want to read the full survey, it is here.
At Research Director, Inc., we are experts at finding the right story to tell about your listeners. We are her to help you … just give us a call
-Karen Morriss, Director of Client Services