One Big Idea by Harrish M Bhatia: Mutual cooperation by radio brands to show true potential for advertisers

25 Jan,2013

By Harrish M Bhatia, CEO, 94.3 MY FM

 

The potential of radio as an advertising medium is by far the most underutilized in the country. Given a level playing field, radio has the potential to garner 8-10% of the advertising pie, which is a global norm in developed markets. However, with short-sighted policies, long delays in phase III and the lack of credible wholesome measurement tools, the medium has not been able to compete ably with other media vehicles. Many professionals still include radio in their plans at the last moment to highlight the probability of their idea being campaignable. Moreover, media spends are not proportionately allocated to radio even though it has outgrown other media in time spent, especially in non-metro markets.

 

At this crucial juncture, radio players now need to combine forces, taking this challenge head-on to showcase the strengths that the medium has to offer and how radio can provide superior value to advertisers.

 

Instead of competing on price, there is a need to focus on creative hard selling of the medium’s unique strengths like customized communication to address local market needs and ‘radio properties’ that contribute significantly in brand building. It is also imperative to highlight programming innovations which seamlessly integrate the advertiser’s brand without compromising on the entertainment quotient ensuring that the communication remains relevant and engaging. Lastly, radio players need to come to consensus on adopting a common measurement tool that can support and verify the credibility that radio offers.

 

In a competitive category where higher salience in the consumer’s mind is of utmost importance, radio can play a critical role in occupying a dominant share of mind via higher frequency and faster turnaround time. Working together, the industry can present a stronger front and showcase the true potential of radio.

 

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