Is Radio the #1 Medium to Bring Back Customers as Business Reopen ?
Radio is by far one of the greatest mediums to connect advertisers to the target audiences that they seek.
For many decades, radio stations across the nation have been community fixtures that have delivered successful results for their advertisers. This is because no one knows or understands the market better than radio who has a bond and trust with their listeners.
The coronavirus pandemic has thankfully only strengthened the connection between listeners and their favorite stations, as audiences have turned to the radio for entertainment and information purposes. Many listeners also used radio to stay connected after being cut off from their social outlets.
According to Statista Research Department, they expected 18 percent of heavy radio listeners in the United States to listen to more radio because of the coronavirus outbreak, and 79 percent said that they would continue to listen to the same amount during the pandemic.
Now that the pandemic is easing, and businesses are opening their doors again, radio ads could be the surefire way to bring these businesses fully back to life. Especially since a staggering 272 million Americans listen to the radio each week according to Nielsen. That is a huge chunk of the country’s population tuning in.
Restaurants, entertainment venues, gyms, retailers, and many other businesses that had to close their doors and/or pulled their ads during the COVID-19 shutdowns, are now eager to strengthen and build their connections with customers.
Much of the country appears on track to reopen in the coming weeks. As of May 20, the states that had imposed a stay-at-home order or shelter in place had lifted the restrictions of businesses and public spaces.
57% of US small businesses are now fully operating as the country reopens says Kabbage, an American Express company, who found that 57% of the over 550 surveyed small businesses were fully open.
“The shift to online has reset revenue expectations across small businesses,” the Kabbage report said. “Prior to the pandemic, respondents said their average monthly online sales represented 37% of total revenue. As of February 2021, these numbers jumped to 57%, a 54% increase in less than one year.”
Bank of America CEO Brian Moynihan has also recently said that consumer spending is 20% higher this year than it was in 2019.
“People got a lot of stimulus money and they’ve been spending it,” Moynihan said. “The unemployment rate is coming down and people are going back to work. People can go to amusement parks, they can go on an inside-the-U.S. trip, they can go out to eat. You’re seeing everything open.”
President Biden said in March, “Over a year ago, no one could’ve imagined what we were about to go through, but now we’re coming through it, and it’s a shared experience that binds us together as a nation. We are bound together by the loss and the pain of the days that have gone by. But we’re also bound together by the hope and the possibilities of the days in front of us.”
Spending categories continue to recover, and Americans are scrambling outside again to shop, eat, workout, see movies, and find entertainment. Advertising will be a key for businesses to thrive in this post-Covid-19 environment.
As the audio marketplace evolves, big billion-dollar brands and many small businesses are awakening to audio-based advertising solutions. Radio stations can offer better value and more reach than any agency can provide.
The pandemic has also sped up the speed at which we are “going digital,” giving a new power to many online industries. For this reason, combining radio with digital advertising could be the best methodical one-two punch strategy that could bring businesses back to the hustle and bustle of the 21st century.
After being closed for over year because of the pandemic, the U.S. is coming back to life and radio, along with digital advertising, may be the best way for businesses to recapture or maintain a competitive advantage.
90 percent of Americans use the internet. The potential power of radio and digital advertising together is quite clear. Bringing these two powerful advertising platforms together could boost brand awareness, expand reach, drive customer action, and strengthen brands.