A pair of newly released brand-lift studies by Katz Media Group offers fresh evidence that radio successfully drives customers to financial institutions. Katz says both unnamed commercial banks ran what it describes as “robust” radio campaigns nationwide last fall. In both cases, the banks saw a jump in the number of people interested in opening accounts. Katz says brand consideration increased an average of 20% among those who heard the campaigns.
Katz says its studies offer evidence that radio positively impacted key metrics for financial institutions.
“Listeners were receptive to banks using radio ads to promote their offerings and more likely to take action after hearing them,” it says in a blog post. “The radio campaigns successfully broke through and resonated among target consumers, leading to greater brand consideration in the near and distant future.”
Not only were listeners more likely to open an account with the respective bank after hearing radio advertising, Katz says they were also more likely to take other actions. Nearly two-thirds (64%) of consumers said radio advertising could encourage them to learn more about the bank itself, and about opening an account in the future.
Katz credits radio advertising for helping to grow brand consideration and the desire to learn more — and that listeners are receptive to financial ads on the radio. Its research shows more than eight in ten (84%) of listeners believe it is smart for financial companies to use radio advertising to make people aware of their offerings.
“With its mass reach, local influence, and receptive audience, radio is an ideal platform for these financial brands to make people aware of their offerings and grow consideration among consumers,” Katz says.
Bank advertising has shown some gains in recent weeks. Earlier this month, Media Monitors reported that Bank of America was the biggest mover on its list of radio advertisers when it jumped into the top ten. Last week, Bank of America ran 27,748 radio ads on stations tracked by Media Monitors. That made it the 13th biggest national radio advertiser. Capital One was at No. 32 with 15,967 radio ads, while Chase was at No. 64 with 9,447 ads.