Audio advertising is a new way for businesses to reach a wider audience, thanks to the popularity of podcasts and streaming media. Before you decide if audio advertising is the right choice for your company, learn about its history, benefits, top trends, and how to get started.
COVID-19’s impact on society can be seen in the daily commute that many Americans make to work each day. People used public transport to commute to work and were able to listen to podcasts or use their favorite streaming services.
Despite these challenges, the digital music industry has been resilient, especially in the audio advertising sector. more than 70% of adults between 25 and 54 stream music, news, podcasts, and other content every month. This creates ample advertising opportunities for businesses.
Audio advertising gives businesses the ability to insert awareness campaigns and ads that are not limited to visual media. These ads can be placed before or after music streaming, news, or podcasts.
Types of audio ads
- Preroll: Audio ads that are played before a streaming session.
- Midroll: Audio ads that are played during a streaming session.
- Post-roll: Audio ads that are played in the background of a streaming session.
Audio is the most popular media format. This makes it an excellent opportunity for businesses to market their products and marketing services in Miami.
Businesses have many options to invest in audio advertising, especially with the explosion of podcasting and streaming content.
Audio Advertising is on the Rise
Radio advertising, also known as on-air advertising, was the first form of audio advertising in the 1900s. Radio stations increased their advertising offering to make a profit as the decade progressed.
study.com states that “radio advertising” was first established in 1922 when AT&T started to sell toll broadcasting options. This allowed businesses to finance or underwrite a broadcast and have their name mentioned on the air.
Nearly 90% of American radio stations broadcast ads and commercials over the next ten years, during the golden age of radio.
In the last ten to fifteen years, there has been a shift in this industry. With the decline of talk radio stations and more consumers investing in podcasts, satellite radio, voice search technologies, or other premium options that allow them to make a living from audio advertising, the market has seen a shift.
Businesses of all sizes need to consider the options and look at the advantages of audio advertising, as it is evident that digital audio consumption has seen significant growth.
Audio advertising has many benefits
- Personalized media: Audio content has been an immersive and personal experience. Advertisements are more effective when consumers feel a connection to the content they listen to.
- Availability One of the greatest benefits of digital audio content is that listeners can listen from anywhere at any time. People can also listen offline, in addition to many devices. Businesses have plenty of opportunities to place their ads.
- A variety of genres and formats are As mentioned previously, audio advertisements can target many formats and genres. Advertisements can be created by businesses that target podcasts and music streaming services.
- Targeting with high precision: Businesses can also target specific genres to reach their intended audience. Advertising can be targeted by businesses at certain times of the day, in specific stations, or by geographic location.
Audio advertising has its disadvantages
- No visuals: An audio advertisement has no space to display or demonstrate a product/service. Seeing is the best way to communicate with buyers.
- Limited listener attention It’s difficult to monitor engagement, especially when skip buttons are easily accessible to listeners.
- Audience fragmentation Companies have difficulty reaching large audiences because of the sheer volume of audio content available. Your message may only reach a select number of listeners.
- Clutter The audio advertising market is overcrowded with the number of podcasts, radio stations, and streaming services. It is not easy to break into the market.
These are just some of the many advantages and disadvantages of audio advertising. Businesses must stay on top of the latest trends in this industry.
Three Audio Advertising Trends For Businesses
1. Interactive Audio Advertising
Interactivity is a key factor in the rise of audio advertising.
Smart speakers and other voice-enabled technologies allow brands to encourage listeners to respond to advertisements by simply using voice commands.
These prompts encourage users to act immediately.
This engaging advertising allows businesses to track conversions more accurately and measure their effectiveness. What percentage of people used the coupon code to subscribe to a new teabox subscription? Based on the number of people who interacted with this particular ad, your business can track it.
Consider how your audio advertising campaign could be more effective by encouraging interaction with your target audience.
Advertising costs: The cost of creating an interactive audio ad is dependent on the location and the streaming outlet.
2. Podcast advertising
Podcasts are community-driven, even though they have a global reach. Brands can take advantage of a trusting relationship that develops between listeners and hosts.
Podcast Insights reports that there are more podcasts than 2,000,000 and this number is rising each week.
Podcast hosts who endorse a product will often encourage listeners to purchase it, especially if they include a coupon code.
A podcast listener is more likely to pay attention to advertisements because of the relationship they have with the host and the entire team. They are more likely to be relevant to the audience.
A lifestyle podcast, for example, is more likely than a news podcast to promote products that appeal to this demographic. A human resources podcast could have ads that promote a recruitment service.
Advertisements should be authentic and not appear out of place. This will not alienate listeners.
Start by researching podcasts that are relevant to your target audience. Then, start reaching out to podcasts and buying spots.
Advertising costs: The average cost to advertise in podcast advertising is $18 per 1,000 listeners. A 30-second ad costs $0.
3. Audio advertising synchronized
Audio advertising is similar to other forms of advertising. It works best when it’s partnered with another partner. Audio ads that are connected to other advertising media can reinforce the message and provide a seamless experience.
A mobile video advertisement can accompany an audio advertisement on Spotify, or any other music streaming platform. This interactive visual can increase brand awareness and generate more interest in the intended party.
Advertising costs: Budgets for synchronized audio advertisements must include the audio, video, and music costs. It is most likely to be the most costly option, depending on the undertaking.
There is tremendous potential in the audio advertising industry. It is time for your company to evaluate if it is a good fit for your overall marketing strategy.
Audio advertising: A good investment for businesses in 2022
The audio advertising industry will continue its evolution as it attracts new listeners to podcasts and voice-enabled devices.
Businesses interested in audio advertising should think about how they can adapt to this new medium.