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With the spotlight focussed on the sector this year we have put together a short article on how important radio is for personal finance brands.
Recent research by Radiocentre found that radio is a highly relevant and effective medium for personal finance brands, highlighting the following four points:
1. Radio ROI for finance brands is strong
Radio return on investment is particularly high for financial advertisers with a return of up to £2.30. This strong performance could be down to the way radio reaches beyond the in-market audience and its ability to build an emotional connection with finance brands. Radio’s ability to drive online response is imperative to this sector, particularly with the recent growth of online banking.
2. Radio drives online response for insurance brands
Insurance is now mainly bought online and with the effectiveness of radio driving online response, a recent study shown that listeners exposed to the radio campaigns are 70% more likely to browse advertised insurance brands. The second-best performer in the study with a 116% uplift in brand browsing was also an insurance brand.
3. Radio has a strong uplift effect across all metrics for finance brands
An ongoing effectiveness research study by Radiocentre underpins how radio has a huge uplift effect on awareness, brand relevance, and consideration for finance brands.
4. Radio reaches people when engaged in household admin
Radio is often in the background, whether you are cleaning or sorting out life admin, messaging gets to consumers with very little intrusion. Listeners are more likely to be more alert to messages relating to their personal finances when carrying out household admin such as insurance, mortgage, or loan repayments.
It's not all about radio..
Consumers are reading less and listening more with the huge growth of video and audio content on mobile devices. Naturally, people are seeking more self-help tools and financial marketers can't ignore the power of podcasts. Big financial brands such as Natwest and Goldman Sachs have added audio to there content marketing to maximise engagement, so why should your brand miss out? With corporate communication often outdated, bring a natural way of communicating with target audiences through direct and interactive engagement.
Voiceworks have created podcasts across a number of key sectors, from education and retail to housing and public sector. Take a look at some of their recent work here.