By Joe Bayliss
May 12, 2016
Is radio dead? Are listeners fleeing to online radio platforms? Is radio getting overloaded with too many financial advisors?
There are 3 reasons why I still love radio for financial advisors.
One: It Works. You can’t argue with results. This medium continues to consistently generate leads for financial advisors. For many, it’s the primary marketing engine that drives their business. I see advisors pour money into various other media platforms (cable tv; direct mail; digital) with little to no results.
Two: The presidential election is driving record levels of listeners to radio’s spoken word formats in years. That can have a positive short term and long term effect on radio. This bigger audience translates into a bigger opportunity for more people to hear your message. The only downside of the election is the influx of political advertising that could (temporarily) drive advertising rates higher in some markets.
Three: If we were trying to reach a younger target demographic, I don’t know that terrestrial radio would be the answer. But we’re trying to reach baby boomers. And boomers grew up listening to radio. They actually know there’s an AM band on radio. And old habits die hard. They regularly use radio’s spoken word formats to get local news, traffic, weather and entertainment.
Financial services is a competitive category. So that forces everyone to step up their game. I don’t hear a lot of incredibly compelling radio show content or commercials. (In fact, most of it is really bad). And that means there’s still a lot of opportunity to rise to the top.
I don't think the question is if radio is dead. We know the medium works well. We see the results every day. I think the question is really the same with any other marketing vehicle...
How will you rise above the noise?