How Much To Advertise On Radio – There are many digital advertising options that businesses can use in today’s market. While methods like social media, PPC, and SEM may be your first thoughts when brainstorming ideas for your business, it’s important not to underestimate the effectiveness of old advertising methods.
Radio advertising can often be overlooked, but it is an effective and cost-effective local advertising channel for targeting a specific consumer market with a different communication medium.
How Much To Advertise On Radio
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Radio advertising can help your business reach an audience you might miss online or in print. Radio ads are short and simple and get your message across to listeners in a simple way.
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Radio advertising is great for targeting a market because certain consumers listen to certain stations and it can be fairly simple to identify those stations based on your target audience. Also, unlike social media ads and graphics, creating a radio ad is usually fairly inexpensive. Therefore, radio advertising can help your business reach a wider audience and increase sales, often for a cheaper advertising budget.
Radio advertising can be effective for all types of businesses. However, they have been shown to be more successful and increase sales in some industries than others.
Mass merchandisers and department stores are the industries with the highest ROI, followed closely by telecommunications providers. These stores and brands are often mentioned and offer consumers products or services that everyone probably needs at some point.
Therefore, industries that serve a wider audience, such as fast food services, often generate significantly higher revenues from radio advertising.
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The cost of radio advertising is usually calculated by multiplying the cost per thousand listeners (CPM). Although station and market affect the price, radio advertising often costs between $200 and $5,000 per week.
The price will be affected by the length, time, location and season of the ad. For example, a 60-second ad will cost more than a 30-second ad, and a late-night ad will cost less than an ad during peak hours. Additionally, advertising in a more populated market like Chicago will cost more than advertising in rural Illinois, and a more popular station will cost more because of its higher audience ratio.
As with all markets, depending on the local market, prices vary based on population and exposure, demand, production costs, etc. Below are examples of different markets and their approximate weekly costs for playing local markets 20 times a week.
It’s important to note that these costs do not include production budgets and will be affected by season, time of day and ad length.
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Radio stations typically offer 18 minutes of advertising time per hour, from which companies can buy 15 seconds, 30 seconds, or 60 seconds of commercial airtime.
Once your ad has been created and edited to the appropriate length, it’s time to choose the station to play your ad, the time you want to receive airtime, and how often to run your ads.
First, research radio stations and their audiences to decipher which stations will bring the best results to your business. Review what current commercials are playing on the station and request a media kit from the station when available.
The most popular and most expensive airtimes are morning and afternoon peak times. However, depending on the listing, this does not necessarily mean the best times to buy your business. Think about when your audience listens and go from there.
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After contacting one or two radio stations and signing a contract, negotiate prices based on the length of the ad and time slots.
Be realistic about prices. Consider tactics like creating a short 15-second version of your ad and a longer 60-second version to run at different timeslots to save money without losing audience at certain timeslots.
Once you’ve agreed with publishers, wait for your ads to run and track campaign results to improve the reach of your next campaign.
While we can’t necessarily go into a specific radio station checklist, there are obvious station genres that we all come across that typically attract similar audiences across the country.
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If you own a business, you’ve probably already identified your target market. This target market is a key factor in choosing a radio station.
Who is your customer? where are they from How old are you? What are your interests? what do they hear
Define exactly who your consumer is and place your ad where they will hear it.
As a starting point for your research, below is a simple outline of the demographics and types of radio stations that are often tuned into.
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Creating a radio ad is fairly simple and can be done fairly quickly and usually costs between $300 and $1,000.
There are several options when creating a radio ad, you can have the radio station create the ad, pay a professional production company to create the ad, create the ad yourself, or hire a freelancer. All options require the same general steps, but the process and cost will vary slightly.
If the government creates an ad for you, don’t forget to use the ad if it doesn’t meet your standards. Share all your ideas with the station so they have a good idea of the type of advertising you want to present to consumers. It is important to note that you may not use this ad on stations other than the one that created the ad.
Having a professional production company create your ad will probably cost more, but will yield the best results. The company will write the script together with you, choose the sound, music and effects, and write the advertisement. Ask the company to create a few ads to test their effectiveness.
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If you create the ad yourself, you are responsible for all creation and recording of your ad. Make sure your voiceover doesn’t sound too scripted and that you’re comfortable with your voice on the radio.
If you don’t have a radio voice or a voice that fits your ad, work with a freelancer. By working with a freelancer, you will essentially create the commercial yourself, but a freelance voice actor will write your script for you for a fee.
After creating an ad, it is important to track how well your ad is received and how much traffic it generates for your business. Determining the ROI of your radio ad can help you better plan future radio ads and budgets to increase sales and save money.
There are many ways to measure the ROI of your radio advertising, but some of the most common and easy to implement include using a personal URL, using a tracking phone number, prospecting for new leads, and measuring your sales while the ad is running.
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A blank URL is when you send listeners to a specific landing page on your website where they hear a link in your ad. You can track page traffic by using analytics tools like Google Analytics to track page visits and the most visited time intervals.
As well as a custom URL, give your listeners a specific phone number they can call. This will differentiate between callers who heard a radio ad and callers who heard about your campaign in some other way.
If possible, asking new prospects how they heard about you when they made a purchase or signed up for your brand is an easy way to track not only the ROI of your radio ads, but all of your advertising tactics. While this plan is a comprehensive test of whether all consumers are willing to take the time to answer this question, not all may lead to less accurate data.
This may seem a little obvious compared to others, but one of the easiest ways to track your ROI is to track your sales before you run your ad and while it’s running. While this doesn’t differentiate where the sales are coming from, such as radio ads or social media ads, it will give you an overview of whether your current tactics are driving sales and whether they’re worth your budget.
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Radio advertising can be a great tactic to attract customers and increase sales for your business. Since this is a cheaper method of advertising, it is worth trying with the possibility that it can grow your business with a low investment cost.
Now you know the benefits of radio advertising and how to start implementing radio advertising in your next campaign. So start researching local radio stations and brainstorming scripts that appeal to your target market.
Businesses that offer a dining menu keep customers in business longer and make more money. Oh, and did we mention it’s 100% free? Advertising with Bell Media is the best way to reach your customers, build your brand and achieve your business goals.
Bell Media is home to Canada’s leading media brands across multiple platforms: television, radio, out-of-home and digital.
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