Radio is an immediate medium with high engagement levels. Immediacy and engagement are two critical factors for any lead generation programme. Yet radio has consistently failed to deliver quantifiable lead generation on a cost per acquisition basis.
The general consensus is that you can’t measure lead-gen on radio, the conversion rate is too low and that it’s way more expensive than a digital-only approach.
Clients in the financial and insurance sectors have used radio to generate measurable leads at a cost per acquisition (CPA) rate comparable to other successful channels.
The key is to take a highly disciplined approach following a tried and tested formula. The first mistake most advertisers make is to get confused over what the objective of the radio campaign is. Is it lead generation? Or is it brand advertising?
This isn’t surprising as lead generation typically sits in a very specific, digital-only part of the marketing department. Radio usually wouldn’t even come on to their radar as a potential lead generation channel. Radio is the preserve of the brand manager and they don’t have a lead generation mandate. So, you can see why most lead gen campaigns on radio lose their way. They end up trying to do too many things instead of focusing purely on generating leads.
Successful lead generation on radio should capitalise on the high degree of trust that exists between presenter and listener. Grudge purchases aren’t grudge when a friend recommends it/them.
Then create a real sense of urgency for the listener to respond now. Incidentally, a 2018 Ultimate Media study showed that adding a radio presenter influencer to a lead generation campaign delivered 20% more leads.
Radio’s other great quality is its flexibility, a quality it shares with digital channels. If something doesn’t work, you can test and tweak it until you get the response rate you need.
Ultimate Media have developed a proven six-step formula for lead generation on radio. This is based on managing well over 250 lead-gen campaigns on radio for a variety of clients.