Digital changes fast and there are always new learnings and development in the space. It is certainly exciting, but we also know that it can be hard to keep up with sometimes.
That’s why at SoCast we are breaking it down for you.This week we are taking a look at three big news stories across the industry concerning digital. We’re giving you our thoughts and distilling the key takeaways for your radio stations.
In this article from Inside Radio, they expand on a new opportunity for radio to provide additional data to its advertising partners. Specifically, new data management platforms are emerging to allow broadcasters to connect radio ads to web traffic on an advertiser’s website. This allows advertisers to better track the ROI of their radio spots. Additionally, it allows radio salespeople to better demonstrate the value of those spots.
Both of these are an absolute game changer for radio. By tying radio ads to web traffic, advertisers can finally know exactly how much revenue a given spot is bringing in. Additionally, by understanding the purchase data of particular radio audiences, stations and dayparts, advertisers can make smarter purchasing decisions.
In time, this additional data will also likely lead to on-air ads being more relevant to consumers. Since advertisers will be able to know which audiences are more likely to buy from their ads and will have more audience data, they will be able to provide more relevant ads - a benefit to both consumers and advertisers. More targeted ads will also probably lead to higher ROI for advertisers, which will help radio maintain its competitiveness as an advertising medium.
“For the first time in the history of radio, over-the-air AM/FM radio is now directly connected with consumer purchase data.”
- Suzanne Grimes, Executive VP of Corporate Marketing, Cumulus Media
In this article, All Access goes into detail on data from The Smart Audio Report from NPR and Edison Research regarding smart speakers such as Amazon Echo or Google Home.
Here is the summary of the data:
- 7% of Americans aged 12 or older own a smart speaker such as Amazon Echo or Google Home
- 57% of owners have ordered an item through their smart speaker
- 73% have spent at least $200 in purchases through their smart speaker in the last 12 months
This is simply more evidence that voice-activated devices are a significant opportunity for raido, a topic that we already covered in a previous blog post. However, we must note that voice-activation is a relatively new technology and the radio industry has not yet firmly established the opportunity. Having said this, voice-activated devices do give radio an opportunity to recapture earshare in the home. In one sense, it is simply another listening channel which can increase audience reach.
At SoCast, we believe that voice-activation is a big opportunity for radio that your stations should be taking advantage of. That’s why we partnered with XAPPmedia to bring radio stations to voice activated devices. To learn how to get your radio stations on voice-activated devices, talk to a SoCast Specialist.
This article focuses on new research conducted by Edison Research and WNYC Studios revealing that word of mouth is the biggest driver of new podcast listeners, with social media in second.
The summary of the findings are as followed:
- Of podcast listeners, 29% report having first discovered podcasts through a personal recommendation
- Social media is the next most common method of discovery at 21%
- 84% of podcast listeners have recommended a podcast to a friend
- One third of WNYC Studios listeners share podcasts on social media
- 55% of the WNYC Studios audience is under 35 years old
Additionally, listeners tend to pay more attention to advertisements on podcasts than other media. 55% report “always” or “sometimes” paying attention to ads on podcasts, versus only 45% for radio.
We at SoCast find this research particularly interesting because it lends more evidence to the fact that podcasting is a significant opportunity for radio, which we already covered in a previous blog post. Much like with voice activation, podcasting is still a nascent channel for radio. However, with 57 million Americans listening to podcasts on a monthly basis and this number growing, there is an opportunity for radio broadcasters to grow both revenue and engagement with podcasts.
We suggest re-purposing your on-air content into podcasts such as morning show recaps to allow your listeners to access to your content on-demand and to increase overall audience engagement.
So, that’s our recap of what we believe to be the three biggest stories for radio in digital this week. Strengthening data for radio continues to be a big trend. Additionally, we are seeing more and more evidence of the value of voice activation and podcasts to radio. Even though these two opportunities are relatively new to radio, we believe that they will have a significant impact on the industry in the near future.
Do you need to improve your digital infrastructure to take advantage of these new opportunities for radio? SoCast provides an integrated digital platform to manage your websites, mobile apps and social media. We act as your technology partner to ensure that your stations have everything that they need to grow in digital. To learn how you can get started on the SoCast platform, speak with one of our Specialists.