How to Measure the Effectiveness of Your Radio Ads
Ideal radio advertising typically brings in an ROI of 12:1, which means that the profit gained from the ad is twelve times the amount of money invested to create it. Although radio advertising is generally very successful, some brands struggle to figure out how to measure the impact of their radio ads. Here are a few ways to do just that!
Use KPIs to Measure Success
Knowing whether or not your radio ad campaign met a specific goal is a simple way to measure your success. By deciding on a specific Key Performance Indicator, or KPI, before beginning your campaign (such as increasing sales, brand awareness, or overall traffic), you can identify whether or not your KPI was met after airing the ad.
Radio ads helped Kunes Country Ford of Antioch reach their KPI goal of increasing sales. The company moved from selling 40-50 cars per month to selling approximately 200 cars per month as a result of implementing radio ads.
Adjusting ad creative to better reach a particular target audience is another strategy that can result in higher foot traffic. A Chicago Volvo dealership brought in more female shoppers by creating radio ads that appealed to women, which boosted the dealership’s overall sales. Being aware of whether or not your campaign succeeded in helping you meet specific goals can help you determine what aspects went well and what areas should be adjusted for future campaigns.
Offer a Discount Code to Track Ad Effectiveness
By offering a discount code that is specific to your radio ad, you can track the number of people that make a purchase as a result of hearing your ad. Providing this discount code tells you that a specific customer either heard your ad themselves or got the code from a friend or family member who heard the ad. Although it is not possible to guarantee that every person who hears your ad will remember or use your discount code, using this tracking method provides information about the minimum number of people who made a purchase that is directly connected to your ad. Knowing this minimum number can help you determine whether or not your goals for the campaign were met.
Surveys to Measure Brand Awareness and Perception
Taking surveys can help you learn more about how many people know about your brand and what they think about it. Running the same survey before and after your radio ad campaign can help you determine how the campaign affected the general perception and public awareness of your brand.
Brand awareness is a KPI that can be more difficult to measure than others, as it is more subjective than learning whether sales increased or not. Surveys allow your target audience to provide specific feedback about how much they know about your brand and their opinions about it.
The Power of Radio Advertisements
Radio ads can be used for a variety of other reasons, such as its exceptionally strong reach. Between work, commuting, shopping, and other activities, many people listen to as many as 16 hours of radio in the background during the day, which creates a much larger window for hearing your radio ads than TV commercials and other types of ads. Radio ads have also been around longer than digital advertising, and they would not continue to be used if they were not successful.
By taking steps to measure the success of your radio ads, you can gain a significant amount of data that can be used to identify areas in which your current radio marketing strategy is succeeding and ways in which it can be improved for future campaigns.