Arbitron, Dial-Global, Premiere Radio Networks, and Westwood One are joining forces. The new collaborative initiative is geared towards improving how radio is used in Marketing Mix Models, which are used by advertisers to see how product sales are driven by differing forms of media.
MediaBuyerPlanner supplies the pertinent details:
The initiative is designed to help radio claim a larger share of marketing spend, according to Arbitron. The groups involved say the project will ensure that best practices and available data are employed when determining the value of radio to an advertiser’s potential investment, allowing advertisers to understand the link between radio and product sales.
“Premiere fully supports this long-awaited effort to improve the metrics and tools for understanding, planning and executing audio campaigns,” said Charlie Rahilly, president of the newly created National Advertising Platforms Group of Clear Channel Radio. “We’ve always known from our clients that the medium has worked. Through this initiative, we have a terrific opportunity to validate that statistically.”
More detail in the data is always a good thing. With 236 million people per week listening to radio (as reported by Radio Ink Magazine) the medium obviously retains is long-standing leverage, better and more granular statistics supporting that are needed for the modern advertising market. The establishment of best practices in gathering and analyzing that data is essential for those numbers to carry any meaning.
The four companies will be funding the initiative while they also work with leading marketing Mix companies on using the information generated to fine tune their media analysis. Every step we take in this direction is a good one. The more data we have to work with the better. The impact and effectiveness of radio are often downplayed in certain quarters, nothing combats that sort of talk better than hard numbers.
As Arbitron’s RADAR 103 report prepares for public dissemination on December 14th, we are already getting tidbits of info from it. The same Radio Ink article listed above notes on the weekly reach of radio programming: “That’s 92.5 percent of people 12+, and includes 90 percent of 12 to 17-year-olds.” That’s the big picture. Now it’s time for this new initiative to provide the detailed info supporting the effectiveness of that reach.
As usual, my bet is on radio!
Tags: Arbitron, Charlie Rahilly, Clear Channel Radio, data, Dial-Global, initiative, Marketing Mix Models, metrics, National Advertising Platforms Group, Premiere Radio Networks, radio, RADR 103, statistics, Westwood One