How Audio Takes Consumers Down the Funnel to Purchase
If you stay in the business for long enough, you’ll witness the old become new.
The idea of the funnel for marketing is back with a vengeance. Instead of battling advertising agencies over the concept, Audacy has shrewdly produced a report that explains the benefits of audio across all levels of the funnel.
The “funnel” concept is usually associated with E. St. Elmo Lewis, who, in 1889, suggested that consumers go from interest to awareness, then desire, and finally to take action. It is absurd that significant agencies are portraying radio/audio as a medium that operates in”the top of the funnel.”
In the “State of the Audio Industry: Fuel the Funnel” report, Audacy challenges that proposition by giving examples of how audio/radio is used at every level. (Unfortunately, once dogma has become integrated into advertising agencies, particularly with younger buyers, it is best to demonstrate how your medium is integrated into the system rather than arguing the validity of the theory of marketing that is currently in use).
“State of the Audio” provides a comprehensive overview of the effectiveness of audio. It is crucial to tackle this as, according to Forrester, 61% of advertisers are looking to improve their “full-funnel advertising investment” and claim it’s “an important or crucial importance over the next twelve months.” If buyers of ads aren’t convinced that audio can help guide them to the next level, then the medium is likely to suffer.
In addition, in this presentation, the industry is given a substantial change in the terminology that is relevant to the current media buyer.
“Audio holds the distinction of being the undisputed leader in brand building channels that work their magic through the combination of huge reach and adored and trusted celebrities,” according to Paul Suchman, the chief marketing officer of Audacy.
“But in the event that you think of audio as an entertainment option that’s great for generating conversation but not driving conversion, think twice. The reality is that the game has grown significantly over the last few years, and audio has become an all-purpose device.”
Through precisely targeted advertising, genuine influencers whose followers are following them throughout channels and using advanced measurements, he claimed, “marketers are uncovering the most secretive media strategy audio’s power to create the funnel to its fullest.”
I like how Paul describes the personalities on air as influencers; this is a reality. I’ve made this point numerous times because it’s the way of the moment, understood by young consumers, who make choices about thousands of dollars of spending.
Three things to consider about what’s at the very top
- Radio is a reach device. Audacy states that audio is able to reach 95 per cent of the U.S. population.
- Make use of storytelling over “call for action” -It’s a better way to present commercials for the advertising industry. The study suggests “campaigns that are warm to the heart.”
- Podcasting on a large scale using message-to-mail addresses is a good idea. Buyers are able to listen to lots of podcasts and see talent reading commercials live. They are aware that this method is efficient.
“Mid-funnel” essential takeaways are the precision of the right target, the frequency, entertainment, and trust. The “lower funnel” discussion is focused on the audio being a true partner that accompanies the consumer all day long, creating loyalty and providing key performance indicators.
It won’t take time to go through “State of Audio,” and even if believe in the direction that the theory of funnels isn’t true, this presentation provides an educational opportunity for anyone aware of the need to change the radio’s position to advertisers.