Over an eight-year period, seven consumer studies commissioned by the Cumulus Media | Westwood One Audio Active Group® found that audio listeners are a valuable source of in-market financial consumers, delivering substantial impact on both the top and bottom funnel for financial service brands. The studies assessed the total effect of AM/FM radio and podcast campaigns.
Key Findings:
Audio listeners are significantly more likely than TV viewers to own investment assets, be in the market for financial services, and show an interest in financial services.
Despite high TV spending by financial service marketers, TV viewers show low brand equity for financial service brands and weak interest in the category, primarily due to the older demographic of TV audiences.
According to MRI-Simmons, heavy podcast and AM/FM radio listeners are the ideal target audience for financial brands as they are more likely to be premium clients willing to pay for financial services.
Case Studies:
MESH Experience: Among consumers with $500K+ in investable assets, heavy AM/FM radio listeners are three times more likely than heavy TV viewers to be in the market for new or additional financial services.
Top Funnel Impact: AM/FM radio campaigns have shown strong results in growing top-funnel metrics such as awareness, favorability, and consideration for financial brands.
MARU/Matchbox Study: A study of consumers with $1M+ in investable assets found that over six months, an AM/FM radio campaign produced double-digit lifts in most brand equity measures.
Engagement with Financial Services: Heavy AM/FM radio listeners are more likely to be active investors and more engaged with the financial category than heavy TV viewers.
Financial “Thrivers”: Financial “thrivers” are 44% more likely to be heavy AM/FM radio listeners. These individuals are willing to take investing risks and view investing as important.
Investment Across Asset Classes: Compared to TV viewers, audio listeners are more likely to have investments across a broad range of asset classes and are more likely to invest in major financial brands.
Harris Poll Brand Tracker: A Westwood One NFL AM/FM radio campaign demonstrated significant brand equity impact, far stronger than the impact seen among TV viewers.
Overall, despite massive TV advertising investments by financial service marketers, TV audiences show weak brand equity and interest in financial services, largely due to their older age demographic. In contrast, audio listeners exhibit a stronger connection with financial brands, making them the ideal audience for such campaigns.