Audio has so much going for it, yet many advertisers do not fully understand what it brings to the table and how it can work for them. With a deep focus and expertise in audio in both creative and media strategy, this is what we do.
I have a favorite restaurant in the area I live in.??The food is incredible – I would say some of the best in its category.?The décor and ambience is perfect.?The service is always spot on.?And what you get for your money is a relative bargain as compared to what you may get at other restaurants that it competes with. But what always amazes me is that when I ask people in my area if they go there, many tell me they haven’t - but yet they go to other restaurants in the same category.?They know of this restaurant - but since it doesn’t have the cache or visibility that some of it’s competitors do, they never go in it. Essentially, this restaurant never really toots its own horn. ?And while I would really like to keep this place as my little secret, I let others know they should try it.?And once they do, they tell me they love it, and like me, they keep going back for more.?Usually I hear “how is it I have lived here for so long, and never been here?” Yesterday, WARC and Audacy, Inc. released some great research that shows while audio consumption is incredibly high – almost 24% of all ad-supported media time is spent with audio each day– it’s share of total media spend is disproportionately low – at only 8.5%. Read that again. The research that was conducted not only demonstrates this low consumption to spend ratio, but it also speaks to why this delta exists - despite audio’s ability to drive impact in attention, brand lift, and ultimately moving product. Why does it exist? Well, essentially if media were the restaurant business, then audio would be that restaurant in my town - audio just hasn’t told its own story the way it needs to be told. Audio constraints in spend come from perceptual issues from advertisers and agencies around being a secondary medium in achieving campaign KPIs, that it adds virtually nothing into media mix modeling, and it is difficult to purchase, plan and integrate, and that it isn’t measurable. All of this is simply perception and just not reality – and there is plenty of evidence to debunk each of these beliefs. It’s clear as day that audio doesn't have prioritization with advertisers and agencies, and there is a lot of work to be done to turn that around.?But I believe that with the proper story, expertise, and the right discipline and focus, that audio can become a big priority with advertisers.?Moving the needle here and my passion and belief in the medium is the reason why I started Resound last Summer. Kudos to Audacy for taking the lead with WARC and publishing this report with updated, actionable data. Now its time to get audio as a main course on the menu. #audio #advertising #media #mediaspend #measurability #ROI