§ SEPTEMBER
05, 2017
Radio, one of the oldest forms of paid
advertising, is still a heavy hitter in the marketing game, especially when it comes to marketing financial services. But, it’s not for everyone. We
interviewed Kurt Carberry, President of North Star Media Group and
DMI's radio partner. We asked Kurt to weigh in on the two reasons why
radio might not be for you and three reasons why you should consider it.
1. Radio is expensive.
There’s no sugarcoating it. If you want to
reach the largest possible audience surrounding your office, you need to
pay to reach them, and in order to push your audience to respond, they need to
hear your message consistently. So, you’re going to need to pay to ensure
consistent time and a broad reach. Repetition is the mother of retention.
One way to lessen the cost of a radio show is
to work with a company that buys loads of time on stations across the
country. Since they do more business with a station, they’ll have a stronger
relationship and obtain a better rate. Not to mention, since they’re constantly
buying time on hundreds of stations they’ll know a good rate when they hear it,
while you going it alone won’t have that advantage.
2. Radio takes time to
see results.
The reason it takes time to see results on
radio is you’re building a relationship with your audience. It takes time to
build that relationship. Your audience needs to hear your message frequently,
and they need time to respond.
However, once you invest the time and money,
one client (in many cases) will pay for a year’s worth of radio time.
While expense and time are important cons to
consider when developing a marketing strategy, you also need to weigh the pros.
With radio, you’re likely going to see very positive return on your investment.
Here’s why:
1. Radio has an
expansive reach.
Radio is the #1 medium in the country. Though people might
think it’s old fashioned, 93% of people 50+ years old still listen to radio on a regular basis.
People listen to radio more than they watch TV, go on Facebook, or read the
newspaper. Radio reaches consumers on air, online, onsite and on demand. Radio
is resilient. Its accessibility continues to expand through Podcasts, adding to your
website, etc. It’s the largest reaching media in the country.
Radio also allows you to target your message geographically, demographically and by household income. So, you aren’t haphazardly sending your message out and hoping it reaches your target audience’s ears. You can directly target them.
Lastly, with radio you can be talking to up to
1,000 people at a time, depending on the reach of the signal. They’ll still
experience that one-on-one intimacy, as though you’re right there in the room
with them.
2. Radio delivers
instant credibility.
Radio’s core strength utilizes the power of
the spoken word. Hearing a human voice builds trust and drives business,
providing personal experiences with a person or brand. Listeners tend to feel
strong personal connections with radio station personalities. They listen to
them every day and get to know them, so they see them as friends.
Consider other forms of marketing, like direct
mail or online ads. If you send out a direct mailer and the recipients are
interested, they’ll visit to see who you are, but if you’re on the radio, when
they visit they KNOW who you are. You’ve already established a relationship
with them. People hear your voice. They get to know YOU. So, by the time they
pick up the phone to call you, you’re already a friend of theirs.
3. Radio calls for
direct response.
After establishing credibility, you see direct
response. In fact, North Star Media sees a client conversion rate typically in
the 70th percentile. Radio is the perfect venue to send
somebody to your workshop or to drive them to your website, because it creates
a sense of urgency. Radio allows your message to be delivered one-on-one, and
works best to drive website traffic, because you can consistently mention your
website during your show.
Hearing a voice on the radio is not like
receiving a piece of mail. You can’t disregard it or the opportunity will pass.
That’s the benefit of a medium that is so fleeting. On the radio, your message
is surrounded by traffic reports, weather reports, news headlines, and sports
scores. Everything has an instant relevancy, and that increases the sense of
urgency. Being surrounded by other time-sensitive content gives your program
the sense of impermanence. If your listener waits too long, they’ll miss you.
You’re relevant with radio.
Radio is not for everyone. It takes commitment
to invest the time and resources required to do it well. Radio is not a quick
solution to bring in more leads. You’ll need to allow the time to develop your
program’s personality and style. You’ll need to invest to reach the largest
number of your target audience possible, which is why partnering with a company
might be worthwhile. Using radio for marketing financial services takes time
and money. But, the return on your investment are undeniable.
If you are interested in learning more about
developing your own radio show, download our Radio Marketing Strategy
Guide or call Dave Fanara, CMO of DMI, to find out if a radio program
is the right fit for you. Check back next week for Part 2 of our Radio
Marketing Series, with Kurt Carberry.
BECKY NIELSON -
STRATEGIC MARKETING COORDINATOR
Specializing in content development, social
media marketing and strategy, Becky brings over 10 years of work experience to
the DMI Marketing team. After graduating with a Bachelor’s Degree in English
from Saint Anselm College, Becky’s career encompassed a wide variety of
industries, including financial services, education and marketing. She brings a
unique perspective to the Strategic Marketing team that in turn helps advisors
and agents develop their marketing strategies. When not writing or tracking social
media metrics, Becky enjoys traveling, reading and quality time with friends
and family.
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