"Advertising is totally unnecessary," says Jeff I. Richards. "Unless, you hope to make money." Professor Richards is the chair of the advertising department at Michigan State Univeristy.
If you are a Maine small business owner who wants to make the money the professor promises, then which ad medium works best...Portland radio? TV? Digital?
After considering reach data and return-on-investment analysis, media expert Doug Schoen wrote in Forbes magazine, "It’s quite clear that we should all be paying more attention to radio, its reach and potential to help our businesses. It’s doing the job with expert efficiency."
"Nielsen data shows radio actually has the most reach among American media consumers," said Mr. Schoen. "Ninety three percent of adults listen to the radio each week as compared to 87% who watch TV, a substantive difference."
Mr. Schoen was further impressed by a study by IPSOS which revealed that 52% of consumers who heard ads for Amazon's Prime Day on the radio made a purchase. "That compares with 48% of people who saw ads online and 39% who saw TV ads," he observed.
A primary reason radio advertising works so well for Maine small business owners is listener loyalty. In this era of over-abundant media options, the typical radio listener, according to a recent Nielsen study, spends 87% of their time listening to just 3 radio stations.
Compare the loyalty of radio listeners with the loyalty of TV viewers. The typical household, has access to 206 TV channels and will spend measurable time with 20 of them. No loyalty here.
Determining Your Customers' 3 Favorite Radio Stations
In most cases, a business owner's favorite radio station is not their customers' favorite radio station. Nor is the station with the most listeners.
To determine which Portland radio station is likely to be the favorite of the best customers, the business owner must first define their best customers.
According to The Small Business Guide To Effective Radio Advertising it is extremely important to define "best customers" in terms of socio-economic characteristics and buying habits rather than by broad age or gender characteristics.
So, for instance, if you were the owner of a small business who sells energy-efficient heating systems to homeowners in York and Cumberland County, then you could use qualitative information from Nielsen to determine which 3 Portland radio stations are the favorite among listeners who plan to make that type of purchase within the next 12 months. In this case, according to Nielsen, those stations would be (in order), Rewind 100.9 [WYNZ]; WCLZ; and Coast 93.1 [WMGX].
In another example, a Certified Financial Planner in Freeport is looking to market specifically to people who are planning to retire during the next year. Nielsen's qualitative information identifies Maine Public Radio [WMEA]; WGAN; and Rewind 100.9 [WYNZ].
In both of the examples above, the three "favorite" radio stations reach at least 68% of all of the consumers who have been defined as the business owner's ideal customers. Most interestingly, in neither case are the 3 "favorites" among the stations with the most overall listeners.
Identifying Customers' Favorite Stations Pays Off For Business Owners
Many Maine small business owners understand the value of identifying their customers' most favorite radio stations. This includes Stacy Dodge, owner of Bill Dodge Auto Group. Her company runs 8 dealerships throughout southern Maine including brands such as Kia, Infiniti, BMW, Cadillac, and Hyundai.
"We have been using radio as a primary marketing source for about 10 years now." said Ms. Dodge. "We have seen very measurable results and are able to target our audiences more effectively."
Ms. Dodge goes on to say, "With radio we are more effectively able to market specific brands to a specific audience which is sometimes harder, and more expensive, to do with other mediums. Radio is a very cost effective way to get your message out to the people you want to hear it."
Quality data is essential for helping to identify customers' three favorite Portland radio stations. Reputable radio account executives can provide Maine business owners with the necessary information.
More Advice For Maine Small Business Owners
- Maine Small Business Owners Choose The Top 10 Articles of 2017
- Shocking News: Nobody Listens To Portland Radio Any More
- 5 Laws Maine Small Businesses Need To Know When Advertising on Radio
- Maine Consumers Remember Small Business Ads Heard On Portland Radio