A crucial skill in marketing is knowing what types of ads work best for each stage of the sales funnel, as well as finding and filling the gaps. Long-thought to be top-of-funnel-only, we here at Genius Monkey have found that audio ads have become extremely flexible in the modern age, and can help you propel your customers through every part of their purchase journey. Let’s take a look:
Turn Up the Radio
Who would’ve thought that radio would continue to be such a powerful tool in our modern-day, internet-driven world? But that’s exactly what we have: Pew Research reported that 83% of Americans over the age of 12 listened to terrestrial radio in a given week in 2020. Add in music streaming, satellite radio and podcast services, and Inside Radio reports that you’re reaching 99% of adults in the United States every month.
The overwhelmingly broad scope of audio is the secret to its top-of-funnel power; audio’s penetration into people’s daily routine lets you get your name out to a massive audience without being too pushy or intrusive. Our data has shown that adding audio to your ad strategy can improve brand recognition by 21%! Getting your name in their heads is a great first step, and you want to use this chance to move them along the funnel. Make sure to include a simple, tantalizing call-to-action so they can have an invitation right along-side your name in their brain.
Of course, precise targeting should be a part of the strategy from the very beginning. A powerful programmatic platform like Genius Monkey can precisely pin-point your target demographic, giving your brand the best chance to make an impression without wasted ad spend. On average, users of the Genius Monkey platform enjoy an effective CPM of $21-$37, while the industry average is $38-$50. The state-of-the-art tools that make these prices possible also allow you to track these potential customers at the individual impression level and guide them into the next stage of the funnel.
The Streaming and Podcast Potential
This middle portion of the funnel is where the audio of the digital age gets serious: ad frequency and information. We’ve seen that a person averages over one hundred impressions before they convert, so you’ll need to keep your message top-of-mind with frequent, varied ads that sprinkle in additional information about your brand. Music streaming is a great place for this, since there are about 3.6 ad-supported streamers for every subscriber who pays to avoid ads.
Music isn’t the only place for audio; over a third of the U.S. population regularly listens to podcasts, which brought in over $1 billion in ad revenue in 2022. Whether you opt for baked-in, pre-roll, or any other type of podcast ads, you’ll have bought yourself a captive audience; 68% of consumers are more willing to consider products or services after learning about them on a podcast. By tracking the kind of podcasts your target demographic listens to, you give yourself a chance to truly dive into the details of your brand.
Closing the Deal
The final step in the sales process is personalization; making the customer feel like your product can fix their very specific wants or needs at the lowest price. As the funnel narrows, you can target extremely niche audiences who are ready to make a purchase. If you sell lawn chairs, you can get your advertisement on the radio of a dad on his way to the store to get things for the summer barbeque. The right time and right place gives the best chance at conversion.
Sometimes the right time and place isn’t enough to convert on the first go, and that means re-engaging people through retargeting. If someone visits your site but doesn’t purchase anything, you can push a discount via an ad offering to their Spotify playlist. The right programmatic tools even let you retarget visitors to your competitor’s site! Picture a user who abandons their cart due to high shipping costs, but then they hear your ad offering free shipping mid-way through their favorite podcast.
Creating the Plan
The modern age lets you into the lives of your future patrons more than ever before, but that power and potential necessitates proper planning and preparation. From multiple ad varieties to securing the best ad space, Genius Monkey is an tried-and-tested programmatic platform that can help you take advantage of all the good stuff audio advertising offers at the lowest prices in the industry. Get in touch with us today to see just how big a difference the right platform can make!