How Broadcasters Can Be Data-Savvy This Holiday Season
Radio and TV stations need data to help them compete for holiday ad spend.
Summary:
- Using data shows advertisers that broadcast is highly effective at reaching more customers and providing a high ROI
- You can upsell host-read ads by showing they’re more effective than prerecorded ads
- Using attribution tools helps you get the data you need to compete with digital ads
It’s holiday season, when advertisers kick it into high gear. It’s estimated 30 percent to 35 percent of retail advertising budgets alone are allocated for the fourth quarter.
Even with a dampened market due to the COVID-19 pandemic, a lot of spending is still happening this holiday season. The NRF forecasts that the rebounding economy will push holiday sales during November and December up between 3.6 percent and 5.2 percent over 2019 to reach between $755.3 billion and $766.7 billion.
This increase in spending is great news for media platforms of all kinds. But with radio and TV losing ad dollars to digital as advertisers look to cut costs and be able to account for how their campaigns directly drive consumer action, broadcasters need to be data-savvy to capture the most advertising dollars they can during this holiday season.
Send your customers relevant studies
“Did you know 41 percent of consumers say TV advertisements will help decide their holiday purchases, according to a recent study?” “Did you know that 14 percent of heavy radio listeners are planning to ramp up their 2020 holiday spending, compared to 10 percent of adults overall, according to Nielsen?”
Sending an email with data to back up your claims can quickly grab your advertisers’ attention and let them know their ad dollars will directly impact consumers’ holiday spending.
Reference key statistics
It’s true that radio and TV still reach 90 percent of U.S. customers, as we included in our Uplift study. It’s also true that broadcast ads can drive 3 to 10 times the response rate of leading digital tactics, according to our study.
Referencing these statistics in your communications with your customers can help them see the effectiveness of their campaigns with you. Download our free infographic if you’d like something handy to work with.
Use data to promote host-read ads
Prerecorded ads are less expensive than host-read ads. That’s because in some cases, they’re less effective — host-read ads are twice as effective as pre-recorded ads, according to data from the Uplift study.
It’s recommended to have a mix in spot type though by showing your advertisers that spending a bit more budget on a host-read advertisement will give them a better ROI — particularly during the holidays, when customers are looking to spend.
Create urgency
Anyone who has cringed at hearing holiday music in October knows — the holidays start earlier than ever. Use data to create urgency —Nielsen reports that 93% of consumers are reached by AM/FM radio during holiday weeks. Let your advertisers know: They don’t want to miss out.
Emphasize ROI
According to multiple studies, AM/FM radio generates anywhere from $12 to $16 of retail sales for every $1 of radio advertising. Estimates vary for TV, but a study by Cumulus Media and Westwood One put it at $13.51 to $1.
Finally, use an attribution solution
Using statistics to make your case only goes so far. Your advertisers might know that radio and TV ads help them generate awareness of their product, but an attribution solution can help them actually see consumer action online after running an ad on TV or radio — something you could not otherwise prove.
Right now, our Radio Revenue Solution lets you use our radio attribution solutions for free. The solution includes Discovery, our AI-powered application for campaign analytics that provides in-depth and near real-time visibility into sponsorship tracking, spot delivery and in-content discovery; and Attribute, our award-winning, AI-enabled ad performance analytics application that correlates website interaction with ad placements, including scheduled spots, organic mentions and live reads. The cost of the bundle is covered by a minimum commitment to VeriAds, our premium, full-service spot network that delivers recurring ad dollars from unsold inventory to trusted national partners.
Our AI-enabled solutions are also available for TV stations and networks to deliver ad verification and provide ad performance analytics. Using these solutions can help you compete with digital advertising, which has built-in analytical capabilities, enabling you to capture new customers and keep existing ones coming back.
Contact us today to schedule a demo and start capturing more of those sought-after holiday ad dollars.
Further Reading
How Attribution with AI Can Uplift Broadcast TV and Radio Advertising
5 Reasons Why Ad Attribution Can Boost Broadcast Advertising
Veritone Unveils SaaS Enhancements to Expand Nielsen Audience Data and Intelligent Analytics