The American Bankers Association previously polled bank marketers on which platforms they thought had the best return on investment. While the majority favored digital over radio, they may be misguided according to a recent case study conducted by Katz Radio Group.
The data demonstrates the significant influence radio advertising has on the financial sector, particularly in boosting consumer interest and engagement with banks. Focusing on two commercial banks’ radio campaigns during the fourth quarter of 2023, The study reveals how effectively radio reaches and persuades potential banking customers.
The findings indicate that radio campaigns are not only reaching large audiences but are also effectively increasing brand consideration. On average, there was a 20% increase in listeners considering opening bank accounts after exposure to the radio ads. This showcases radio’s capacity to enhance brand visibility and appeal significantly.
The study also sheds light on the audience’s responsiveness to radio marketing in the banking industry. 64% of consumers reported that radio advertisements spurred their interest in learning more about the banks and potentially opening accounts.
Additionally, the receptiveness to financial advertisements on radio was overwhelmingly positive, with 80% of listeners agreeing that it is smart for financial companies to utilize radio for advertising their services.
Banks aren’t the only groups in the financial sector using radio to great advantage. A 14-week radio campaign by a major Tax Prep Service, managed by Katz Radio Group across over 70 markets and more than 100 stations, was found to significantly increase web traffic.
Katz Analytics found that the campaign, featuring a mix of 90-second features, 30-second brand messages, and 15-second spots, led to an 11% surge in site visits, totaling over 870,000 sessions attributed to radio. The 90-second spots performed exceptionally well, generating 34 web sessions per airing, while the 15-second spots accounted for 57% of the radio-driven traffic.
