How do you reassure your advertisers that your broadcast ads are as effective as web ads at driving consumer response?
- It’s a myth that it’s easier to show the effectiveness of online advertising versus broadcast advertising
- Being able to show online engagement after an ad runs helps broadcasters demonstrate to their clients that their ad campaigns have been effective
- An AI-enabled solution lets you give clients near real-time attribution data, including unscheduled spots
It’s no secret that during difficult times such as these, advertisers are looking to put their dollars where they’re most effective.
Since the pandemic began, broadcast TV consumption has risen an average of 40% across all generations and genders. Radio still commands $14 billion in ad revenue and reaches 92% of the U.S. adult population every week, while TV ad revenue is at $70.6 billion, reaching 90% of the adult population, according to Nielsen.
However, the effectiveness of those advertisements is still notoriously difficult to prove. Since online ad campaigns are easily trackable because clicks lead directly to advertiser websites, advertisers may choose to put their ad dollars into online advertising rather than broadcast.
So, how can broadcasters get their clients to keep advertising with them? To find the answer, I turned to two industry experts, WideOrbit COO Tim Swift and my colleague Paul Cramer, managing director, enterprise software solutions, Veritone. Our webinar “Strengthen Relationships. Secure More Ad Dollars. Catch more ZZZs.” explored the methods by which broadcasters can prove attribution to their advertisers and keep those relationships strong.
Using an attribution solution
To show that broadcast advertising is still immensely effective, broadcasters need to employ smart, innovative tools that use AI to tie their campaigns to digital action. A tool such as Veritone Attribute demonstrates this by correlating audience response on advertiser websites to broadcast advertisements.
Veritone Attribute lets you see correlation between an ad running and a lift in activity on that advertiser’s website. Working together with WideOrbit’s WO Traffic ad management and trafficking platform helps automate and streamline the process of transferring spot log files. This lets you better measure ROI faster and see which portion of ad dollars are working.
“We know that helping marketers and advertisers achieve their objectives, that’s simply the right thing to do,” said WideOrbit COO Tim Swift. “When that occurs, it’s good for them; naturally, it’s then good for the broadcasters; and it’s good for the other constituents within the industry. So, it’s this process that really creates repeat business and reduces what ultimately most of us know is client attrition.”
The cost benefit
It costs five times as much to acquire new customers as it does to keep an existing one, according to a general rule of sales. Studies have shown that even a 5% increase in customer retention can grow profits between 25% and 95%.
Simply put, by building loyal customer relationships, you avoid paying as much on new acquisition costs.
How it works
Using Veritone Attribute in conjunction with WO Traffic gives you one plug-and-play solution that helps you dig deep into broadcast advertisements and see how much of an increase in web traffic ads are driving. It works by linking an advertiser’s visitor numbers over specified time periods after an ad runs and then visually demonstrating lift caused by that ad.
You can break this down for your advertisers by which elements are driving the most lift, including day of the week, daypart, ad length and type of creative, for instance. It helps you then not only prove to your advertisers that their investment is working, it helps you work with them to utilize their spend intelligently.
Such transparency leads advertisers to spend more on what’s working, cut out what isn’t and, ultimately, keep spending money with you, now that they know they’re getting the best ROI possible. For example, one car dealership held a holiday sale, for which they ran a radio advertisement that urged listeners to visit their website for details. The data showed the dealer saw a 47% increase in web traffic due to that ad. The same dealer used another ad without mentioning the website and only saw a 14% increase in web traffic, leading to the revelation that urging listeners to visit their website was key.
“Having those types of insights where you can go back to the advertiser and be truly consultative around their goals, we never had that visibility before because the only touchpoint after the sale used to be the invoice, and that was so delayed it was more just proof of performance,” said Paul Cramer, managing director, enterprise software solutions, Veritone. “… It never added all the qualitative information that we’re now able to deliver to these clients.”
The power of AI
By employing AI technology, the data you get from the solution goes beyond what you can see from typical analytics and broadcaster data, and is able to show the differences between organic mentions, live (or unscheduled) reads, prerecorded spots and in-content placements in driving lift. You can organize them for your advertisers and represent them visually for maximum impact, using such features as geofencing for specific markets to get even more specific.
The solution also saves you time by helping you automatically create branded PDFs and presentations to share with your advertisers. With specialized encryption technology, you’re able to offer these capabilities securely, using only the information you need from advertiser websites.
Ultimately, using an AI-enabled solution such as Attribute with WO Traffic helps you go that extra step to providing the value proposition of broadcast.
“Broadcast never had an effectiveness issue,” Cramer said. “… We can start to change those preconceived notions about the industry thanks to technologies like these.”
To find out more about Veritone Attribute, including how WideOrbit customers can get a free trial of Attribute, watch our free webinar, “Strengthen Relationships. Secure More Ad Dollars. Catch more ZZZs.”