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New Report Shows How Radio Can Grow Digital Advertising And Make Buys Stronger.

With local digital advertising revenue expected to hit $84 billion in 2024 – a $6 billion increase from 2023, according to BIA – and with that business making up 22% of 2023's radio revenue, based on Borrell-RAB's annual report, the timing is perfect for Marketron's just-released report, “5 Easy Ways to Grow Digital Advertising in 2024.”

Another plus for radio when it comes to digital ad sales: one-third (32%) of local companies buy digital advertising from radio stations, more than from other media, according to a Borrell survey.

“Digital advertising makes radio buys stronger and vice versa, amplifying ad spend returns for your customers and increasing your overall revenue,” Marketron's report says. “While you’ll always be a radio-first media company, you can’t overlook the boost digital advertising sales can bring your organization.”

The report notes four ad categories which should be priorities which, Marketron says, “either reflect a forecasted increase in spending, or align with trends”: restaurants and food and beverage, real estate, retail, and health care, each of which show increased local and/or digital ad spending.

“There are specific, unique drivers for 2024, with many dollars flooding local mediums relating to the upcoming elections,” the report says. “However, there’s more fueling growth, including continued optimistic economic reports, new jobs created, rising consumer confidence, and the shift of linear TV viewers to streaming.”

Marketron also suggests stations tap into new revenue with businesses outside their ideal demographic buyers, which, it says, are “great to know, but don’t let them box you in when prospecting for digital customers. Being able to offer them spot ads is one thing that makes you stand out. However, it doesn’t have to limit your prospecting. You can even have conversations about how radio spots have significant reach and will complement digital.”

The report recommends that stations develop multi-tactic, longer-term ad campaigns with “3-6-5 proposals,” as in, scoping three digital tactics for a campaign lasting at least six months with a minimum budget of $5,000. “If companies use at least three ad types, they have a better chance of catching someone’s attention and being more memorable,” it says. “The campaign duration of six months gives it enough time to perform. A minimum of $5,000 is necessary to sustain a six-month campaign across three tactics. In addition, you should complement digital with radio spots. Having both ad types provides reach and targeting, and radio lifts the performance of digital.”

Additionally, Marketron recommends stations expand revenue possibilities by prospecting and pitching to restricted categories with lots of potential, such as political, cannabis and alcohol.

Marketron's report can be accessed HERE.

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