The radio industry seems to be facing challenge to survive in this rapid era of digital revolution. Holding onto listeners along with advertisers has become difficult as the industry needs to build new digital marketing strategies to retain their customer base.
Gordon Borrell of Borrell Associates said, “Some of the radio companies are figuring out new digital offerings to provide their all-time listeners. They are trying to research on the local media to understand which way to choose.”
However, there still exists certain radio organisations which view digital to be a mere sideline. Understanding the specific digital marketing offerings should be a priority, Borrell informs. Putting forward radio along with the entire range of digital offerings will drive in sales and prove better than its competitors. These offerings will work for radio advertisers, thus, enhancing its foothold in the market.
Borrell talks about the 5-year forecasts which show a 3.8% annual decline overall. From $11.8 billion to $9.5 billion by 2022; this is what the report predicts for the radio industry. To avoid such downfall, the radio sector needs to apply the right product selling strategy.
They are still reliant upon banner ads on spots and sites which the advertisers do not demand much. As a result, the entire industry of radio needs to go for the digital marketing services that will incur a healthy revenue growth. It will directly compliment their campaigns making sure they survive well in their domain.
Radio stations which will maintain their focus on marketing digital products aggressively will gain more revenue from the digital media. Experts say, it will be not before 5 years, that the radio industry will see a good digital revenue gain to offset their present losses. People who can view potential digital opportunities to increase their market from a different vantage point are required to lead the current radio sector.