Digital Audio and Streaming Video deliver better than average return on advertising investment, according to recent reports from Analytic Partners.
Paul Sinkinson, Managing Director at Analytic Partners will speak at this week’s HEARD Conference in Sydney, outlining findings from the company’s most recent reports.
The Analytic Partners’ 2023 Genome Report recommends an omnichannel approach to advertising. “Media channels work together and complement one another… data indicates that as we increase the number of media channels, return on investment (ROI) increases,” says the report.
Consumers “expect more connected and consistent experiences across channels and touchpoints” from advertising messages that are consistent across a good marketing mix of media platforms. “It’s critical to recognize that while digital is good, digital alone is a mistake.”
Analytic Partners specialises in optimising marketing spend through wide research. Another learning from the research is to “lead with brand messages. Across our database, we see brand outperform product or promo messaging 80% of the time.”
“Brands looking for growth must recognize that clear lines between online and offline media engagement are blurring. Brands must take a true omnichannel approach that reflects the environment in which they and their customers are operating.”
Recent data from the ANA identified that at least 23% of the $88 billion annual marketing spent on programmatic advertising is a waste. Analytic Partners’ ROI Genome data reveals that unlocking the upside of programmatic media requires a mix of digital and traditional brand advertising placement.
“Emerging media channels such as Digital Audio (e.g. Podcasts) and Streaming Video deliver above average ROIs, yet their share of marketing spend remains low… marketing activities, which effectively drive both online and offline sales channels, can further scale. While it may be tempting for business leaders to think about marketing in siloes, consumers do not,” says the report.
Analytic Partners measured the synergies of media channels and found that ROIs could be increased by combining online and broadcast media. Combining radio and online video or radio and paid search resulted in increases of ROI between 5-10%. The combination of tv and online video was the most effective synergy with increases in ROI of about 35%.
The research shows that radio advertising is very effective for bricks and mortar stores, while podcasting if effective for e-commerce as well as bricks and mortar stores.
The Analytics Partners return on investment index shows the largest amounts of spending on linear tv and paid search, but suggests that there is room for growth in spending on Digital Audio and Streaming Video due to the strength of these media channels.
Brands should adapt their spend to support the changing environment with a growing focus on ecommerce, “Take a consumer-centric view, encompassing both online and offline channels, measuring holistically across the full route to market,” advises the report.
Paul Sinkinson will be a featured speaker at this week’s HEARD audio marketing conference, run by Commercial Radio and Audio in Sydney.
radioinfo is a proud sponsor of HEARD.