Question

Topic: Advertising/PR

Radio Publicity Conversion Rates Estimates?

Posted by robin.polley on 12/15/2017 at 5:27 AM ET 250 Points
Hi,

we are a Start-UP bringing live linear TV online across borders and need to calculate the Cost Of Acquisition on request of potential investors. Apart from Social Media & SEO & SEA, we are considering RADIO PUBLICITY. We know the prices for e.g. 15-60s radio spots during prime time and know how many listeners we can reach but CANNOT FIND ANY REFERENCE on what the AVERAGE EXPECTED CONVERSION RATE IS as a result of the Radio Publicity.

In other words the Awareness is covered but we don't know how many listeners will also consider to go to our website and as a result of the radio publicity also convert to becoming a paying customer. We have searched the internet with 2 people for many hours. There seems nothing available that states as clear as expected conversion rates e.g. from Social Media. Please respond to robin.polley@zoala.tv (our Junior Business Developer). Any help on the matter is urgently needed not to miss our opportunities with the investors. Any link, paper, info, answer... is really appreciated.

The conclusive question is:

We assume that the awareness is the number of listeners, but what is then the typical consideration rate and of course the conversion rate?

Best regards,

Robin Polley
Junior Business Developer
ZOALA TV
To continue reading this question and the solution, sign up ... it's free!
SUBSCRIBE
Or, SIGN IN

RESPONSES

  • Posted by Jay Hamilton-Roth on 12/15/2017 at 6:59 AM Accepted
    Review these:
    https://www.quora.com/What-is-the-typical-response-rate-for-a-direct-radio-...
    https://www.rab.com/whyradio/faq17.cfm
    https://www.google.com/amp/blog.leightonbroadcasting.com/blog/is-radio-adve...
    https://www.insideradio.com/free/nielsen-pushes-radio-effectiveness-with-be...
  • Posted by Gary Bloomer on 12/15/2017 at 9:40 AM Member
    Talk to Randal Montalbano (MONMARK) on this forum.
  • Posted by robin.polley on 12/15/2017 at 9:52 AM Author
    Thank you for the quick reply! We are looking for a long-term campaign, but we want to get our potential customers as soon as possible into the conversion phase. Do you know the average conversion rate for radio publicity?
  • Posted by dubois on 12/15/2017 at 10:03 AM Accepted
    Call three or four radio station sales departments and ask them.
  • Posted by Peter (henna gaijin) on 12/15/2017 at 3:50 PM Accepted
    Super difficult question to answer, as there are so many variables. Some of which are:

    - how well targeted is the radio station and the time the ads are played to the people you want to reach? Another way to say this is "What percentage of the listeners would buy your product/service?" No station will be 100%. Most will actually be a small number. Finding stations or media outlets with a higher percentage is better for you.

    - what is the sales cycle for your product? Some products are ones that someone sees or hears about and just buys it (low involvement sales cycle). Others require people to research it and think about it before buying (a high involvement sales cycle). Changing TV service likely is a relatively high involvement sales process - not something most people do without thinking about it. If so, this would mean your conversion costs are higher, as people may have to hear more ads and see other sources of information (your web, etc.) before acting.

    - how well worded is your advertisement? Good messaging does better at getting people to respond, where bad messaging does worse. Along with overall messaging, how is the Call To Action (the wording at end that tells people how to act)? This has to be appropriate for your sales cycle, but also well worded to actually get the person to take the action you want.

    - what is the real market opportunity for the product? If you assume 10% of everyone in a market would use your product, but the real number is 1%, your conversion rate will be quite a bit lower than you expect. But if 50% would really use it, conversion rate will be higher. Quite often, entrepreneurs overestimate market opportunity.

    Jay provided some links above, and some of them included some numbers you could perhaps use for ballparks. Do keep in mind, these are guesstimates and probably won't what you see in real life, but at least lets you fill in a number to report. You can then hopefully move onward and start tracking actual results and optimize as you go.
  • Posted by mgoodman on 12/15/2017 at 4:34 PM Accepted
    Any number we would give you (in response to your question) is worthless. It depends on your product, your target audience, the effectiveness of the copy, the offer, your schedule/frequency, and probably a dozen other factors. Any "average" number -- if we had one -- could be more misleading than helpful.
  • Posted by Shelley Ryan on 1/23/2018 at 5:15 PM Moderator
    Hi Everyone,

    I am closing this question since there hasn't been much recent activity.

    Thanks for participating!

    Shelley
    MarketingProfs
BACK TO TOP

Post a Comment

Related Discussions

Community Info

Top 25 Experts
(Advertising/PR)